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Category: Financial Management

Getting to Know BMT

Getting to Know BMT

Brenner, McDonagh & Tortolani, Inc., (BMT) Management and Financial Services, has brought a wealth of services to Christian Brothers Services’ (CBS) members since becoming an independent division of the company in 2017. CBS and BMT share a synergy that allows BMT to thrive as a team in advancing the missions of the faith-based organizations it has always served, while also allowing CBS to offer its members BMT’s premier consulting services. For religious institutes in need of assistance with the management…

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Teach Your Employees a Financial Magic Trick

Teach Your Employees a Financial Magic Trick

I was always fascinated with magic tricks. I could never figure out how the trick was performed, even when the magician revealed the secret. However, there is a financial trick that everyone can learn, and there are no secrets or magic involved. I will show you how an employee can have $1,029 deposited into their 403(b) account for only a $261 net after tax contribution, using the Savers Credit. The Savers Credit is a dollar for dollar tax credit, provided…

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Sometimes, more is less

Sometimes, more is less

There is an economic principle called the economies of scale, which states the larger something becomes, such as a pension plan, the more efficiently it can be administered. This is the principle to which all of the Plans administered by Christian Brothers Services adhere. For example, in the Christian Brothers Employee Retirement Plan (CBERP) the cost of recordkeeping, actuarial, legal, plus other expenses for almost 30,000 participants is not 10 times greater compared to another defined plan of 3,000. The…

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