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SPOTLIGHT: WEALTH MANAGEMENT
2011 Giving Guide
INSIDE
Advisers offer ways to protect
investments from the next Madoff,
Corzine.
®
. . . . . . . . . . . . . . . . Page 17
DeCeMBer 5, 2011
www.njbiz.com
Christina Mazza
INSIDE
Naturally lower rates
Businesses back natural gas pipeline
extensions, saying lower rates will
make state competitive . . . . .Page 5
New day for new banks
Taking up
the sword
for football
at Rutgers
Knights of the Roundtable say
sports donations improve state
State’s strengths help de novo community banks stay afloat. . . . Page 5
Growth pipeline
Edison plumbing supplier reports
flush sales from recent bouts of extreme weather. . . . . . . . . . Page 12
Holiday traditions
Find out which executive looks forward to letting his hair down and
celebrating. . . . . . . . . . . . Page 12
Opinion
■ Editorial: Port Authority pulls a fast
one on toll hike dollars. . . . . Page 14
■ Corner Office: Creating jobs without relying on incentives. . . . Page 15
■ NJBIZ Poll: Bergen County’s blue
laws . . . . . . . . . . . . . . . . Page 15
Robert Mulcahy, left, and Finn Wentworth
founded the Knights of the Roundtable,
a fundraising effort by business executives
to support Rutgers’ football team.
Lists
CEO Compensation. . . . .Pages 22-23
Defined Contribution Plan Administrators. . . . . . . . . . . . . . . . Page 25
$2.00
BY ANDreW KItCHeNMAN
RUTGERS UNIvERSITy football has been
whipsawed in recent years, as its goal to become a national power is countered by increasing pressure on state funding. But a
group of statewide business leaders — including the university’s former athletic director —
are advancing a plan to provide supplemental
funding to support the football program.
Former athletic director Robert Mulcahy
and real estate executive Finn Wentworth
have up-close knowledge of the state’s difficult fiscal situation — they served together on
Gov. Chris Christie’s transition committee
examining gaming, sports and entertainment.
At that point, they began weighing alternate
sources for funding Scarlet Knights football.
“It became very obvious to us that there
was going to be a tremendous pullback in
public financing in areas around the state,”
including state universities, said Wentworth,
founding managing principal of Normandy
Real Estate Partners and former president of
yankeesNets.
> See rutgers on page 6
■
■
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As incentives sunset, solar development at crossroads
End to federal program may put squeeze on startups, industry warns
BY JAreD KALtWAsser
THE SOLAR INDUSTRy has been here before.
Just like last year, the industry is seeing
a year-end rush as clients hurry to sign solar
installation contracts before a key federal in-
For address or name corrections, fax label to (732) 846-0421
grapevine
centive expires at year’s end.
Just like last year, the industry is pushing
for an extension of the incentive, which helps
commercial solar clients instantly recoup 30
percent of the cost of their systems.
grapevine
Considine mulls future, Scarlet fever hits MSU
president and it could be AC/DC for annual chamber event. . . . . . . . . . . . . . . . . Page 13
And just like last year, the solar industry
is growing rapidly despite a sluggish wider
economy.
There’s only one key difference — last year,
the push for an extension was successful. This
year, industry insiders aren’t so optimistic.
> See sOLAr on page 8
®
Around The State
Courtesy of Pennrose Properties
Construction of the 14-story
New Street Apartments is expected to take about 14 months.
Seeking changes to
Grow N.J. incentive
A
coalition of advocacy groups last week called for changes to the
Grow New Jersey incentive bill as the measure worked its way
through the Legislature with bipartisan support.
The recommendations, from groups such as New Jersey Future and
Plan Smart NJ, include extending the expiration date of the original
Urban Transit Hub tax credit program from January 2013 to July 2014,
which would allow the date to coincide with that of Grow New Jersey,
which would use $200 million worth of Urban Transit Hub credits to
promote suburban development.
The coalition also called for maintaining the half-mile radius in
which sites around the state’s nine urban transit hubs are eligible for
incentives, rather than extending it to a mile, as proposed under the
new bill. Pointing to widely supported research, the groups said people
are more likely to drive, rather than walk, if they are more than a halfmile from a train station or to a job.
The groups also included the American Planning Association’s
New Jersey chapter, the Regional Plan Association and the Tri-State
Transportation Campaign. – Joshua Burd
Businesses blast new
workers’ comp bill
Pennrose plans next New Brunswick project
P
hiladelphia-based Pennrose Properties is preparing to break ground on its latest project in
New Brunswick — a 14-story apartment and
retail building at George and New streets.
The project, dubbed New Street Apartments,
calls for 104 units and about 5,000 square feet of
light ground-floor retail, said Tim Henkel, Pennrose
senior vice president.
Henkel said the company, which is building the
project with New Brunswick Development Corp.,
expects to break ground this month at what is the
site of a former mixed-use building. Construction is
expected to take about 14 months, he said.
Pennrose has five properties in New Brunswick,
including the 13-story Skyline Tower, in the city’s
downtown, and three age-restricted buildings. The
firm also is developing the New Brunswick Wellness
Plaza, which will include a 49,000-square-foot supermarket, a fitness and wellness center, and a parking garage.
“We like New Brunswick because of its location,” Henkel said. “We like that it’s on the Northeast Corridor. And we love it because of its transitoriented nature and obviously the institutions. …
It’s got a good employment base and great growth
potential.” – Joshua Burd
Lack of subsidy won’t stop LS Power’s new plant
L
ess than a year after the state created a subsidy
to spur construction of new power plants, a
company that lost out on the subsidy has announced plans to build its new plant anyway.
LS Power said last week it has secured financing
to build a new 738-megawatt power plant in West
Deptford. The company said construction will start
early next year, with the natural-gas-fueled plant beginning commercial operations in 2014.
LS Power had applied for inclusion in the
state’s new Long-Term Capacity Agreement pilot
program, but the Board of Public Utilities chose
three other generators instead. LCAPP was created
in January, and seeks to spur the construction of
new power plants by offering a potential ratepayer
subsidy.
Officials said the plant should create about 650
construction jobs and result in $107 million in payments in lieu of taxes to West Deptford and Gloucester County. – Jared Kaltwasser
Business groups are opposing
a measure that would increase
workers’ compensation for the
loss of function of a hand or
foot on the job, citing the increased cost.
The bill would increase the
number of weeks workers could
claim for full compensation,
from 245 to 300 weeks for the
loss of function in a hand and
230 to 275 for the loss of function in a foot.
Michael Egenton, senior
vice president of the New Jersey
Chamber of Commerce, said the
bill would lead to greater costs
for employers, who would pass
the cost to workers.
Michael DeLoreto, government affairs director for the
New Jersey Food Council, said
employers are concerned about
injured workers, but the added
workers’ comp would “certainly
impact the bottom line of those
companies, and their ability to
grow or create jobs here,” DeLoreto said.
The bill was released Nov. 28
by the Assembly Labor Committee, and already has been passed
by the Senate. – Andrew Kitchenman
N.J. charities among
25 TD grant winners
Three New Jersey charitable
organizations were among 25
chosen last week by the TD
Charitable Foundation in its
sixth annual Housing for Every-
one grant competition.
Each organization will
receive $100,000 in grants from
the foundation — the charitable
giving arm of Cherry Hill-based
TD Bank — to support affordable-housing initiatives, including new unit creation, energy
efficiency and capacity building
projects.
The competition invited
nonprofits from Maine to Florida
to submit proposals outlining
their affordable-housing initiatives. New Jersey winners were
Habitat for Humanity of Bergen
County, Jersey City Episcopal
Community Development Corp.
and Volunteers of America Delaware Valley Inc. – Mary Ann Bourbeau
State adds new tools
to Jobs4Jersey site
Employers’ job openings are
matched with job seekers’ skills
through a new service offered
through the Department of
Labor and Workforce Development’s Jobs4Jersey.com site.
OnRamp, the new service,
guides those looking for a new
job through a series of steps
to build a resume. It then uses
the information to match the
resumes with jobs drawn from
2,400 websites. In addition, it
provides workers with information on the qualifications of
those who were hired recently
for the types of jobs they are
seeking.
Lt. Gov. Kim Guadagno attended the launch of the service
at the Mercer County One-Stop
NJBIZ (ISSN 1540-4161) is published weekly except year-end and one extra issue in December by Journal Publications Inc., 1500 Paxton Street, Harrisburg, PA 17104. Subscriptions: $64.95 per year. Periodicals postage paid at Harrisburg, PA and at
additional mailing offices. POSTMASTER: Please send address changes to: Journal Publications Inc., 220 Davidson Avenue Suite 302, Somerset, NJ 08873. Call (866) 288–7699 to subscribe and save $10. — Vol. 24 | No. 49
2 December 5, 2011
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®
Photos by Christina Mazza
Months of Housing Supply by County
SUSSEX
BERGEN
R
DS
UNION
ET
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SOM
ERS
HUNTERDON
HU
E
ESSEX
ON
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MORRIS
Horizon launches
mobile outreach
MERCER
Horizon’s Blue to You van, which features computers with research on health
and wellness programs, will make regular
stops at senior centers around Ocean County.
SALEM
U
C
EN
LO
D
G
M
rapid
response
OCEAN
A
ES
TE
R
ATLANTIC
CUMBERLAND
PE
M
AY
8-12 months
12 months
CA
booths to provide answers about
plans and claims. The campaign’s goal is to use face-to-face
time to make complex insurance
products easier to understand.
“We believe we need to get
much more consumer and member focused,” said Joseph Albano,
vice president of consumer and
senior markets. “The company
has historically been focused on
the employer group … obviously,
that dynamic shifts incredibly
with health care reform and the
advent of health insurance exchanges.” – Melinda Caliendo
BURLINGTON
MONMOUTH
C
As it prepares for the implementation of health care reform
in 2014, Horizon Blue Cross
Blue Shield of New Jersey has
launched a mobile outreach
campaign aimed at consumers,
the first step in a pilot program
that could lead to retail stores.
The Blue to You van is
a customized, multifunction
vehicle that will make regular
stops at senior communities and
events in Ocean County, which
has a large population of seniors
and high concentration of Horizon members, according to the
insurer. The wheelchair-accessible van features computers offering guided research on health
and wellness information, plus
two semi-private consultation
PASSAIC
A
W
Career Center, noting that the
state consolidated all its job sites
into Jobs4Jersey.com earlier this
year. She said employers have
told her that they stay in the
state due to their work forces,
but they have difficulty matching their openings with job seekers, which OnRamp is designed
to address. – Andrew Kitchenman
Around The State
Correction
A listing in the Nov. 21 edition
of Executive Moves listed the incorrect title for Daniel Izraeli at
Bollinger Inc. He has been promoted to chief financial officer.
n
The number
of for-sale
homestoinbe
New
Jersey
is equivalentintothe
12.5
Unsold
housing
continues
most
problematic
months
of
sales,
non-seasonally
adjusted.
Middlesex
County
has
the
central and northeastern part of the state. Overall, the number
lowest unsold inventory, with 9.8 months, while Cape May County has
of
in New Jersey
is equivalent
to 12.5 months of
thefor-sale
highesthomes
unsold inventory,
with 24.6
months of sales.
sales, non-seasonally adjusted. Middlesex has the lowest unsold
inventory, with 9.8 months, while
Cape
County
has
the
Source:
OtteauMay
Valuation
Group Inc.,
www.otteau.com
highest unsold inventory, with 24.6 months of sales.
What do you need from your accountants and advisors? We
all know what the minimum requirements are—nothing short
of excellence.
So, how do you choose?
At Marcum, for more than 60 years, we’ve known that the
difference between being a service provider and a trusted
advisor isn’t just about capabilities—it’s about the instant
access to those capabilities. With 23 offices and resources
around the world, your Marcum professionals are at the ready
to see you succeed.
Success is a choice—choose Marcum.
Follow us on Twitter
@marcumllp
Go to Marcumllp.com/response
to Discover the Marcum Difference
ASSURANCE • TAX • ADVISORY
International Member of Leading Edge Alliance
www.njbiz.com
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December 5, 2011 3
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Natural gas pipelines fuel debate over energy future
Advocates: Projects would help business win better power rates
BY ANDREW KITCHENMAN
NATURAL GAS HAS moved to the forefront
of New Jersey’s energy future, with backers
and foes clashing over the implications of
the booming industry.
Both the recent debate over fracking at
the Delaware River Basin Commission and
emerging fights over expanding four natural gas pipelines in the state are feeding the
feud, with business groups saying natural
gas is a reliable and potentially cost-saving
energy source.
Tennessee-based TGP is moving forward on two pipeline expansions, the 300
Line and Northeast Upgrade, which will
cross northern sections of the state. Meanwhile, Transco has proposed the Northeast
Supply Link project in Hunterdon County,
and a Spectra Energy pipeline is planned
for Hudson County.
ers with improved access to the market.
New Jersey’s pipeline and (local distribution company) infrastructure is likely to be
strengthened by these new pipelines.”
New Jersey Petroleum Council Executive Director James Benton said the state
already is benefiting from natural gas expansion, and noted some New Jersey companies are serving as suppliers for Marcellus shale drilling.
“We have to make sure we’re as com> See PIPELINE on page 9
The lines were viewed positively in the
draft energy master plan proposed by Gov.
Chris Christie’s administration.
“Shale gas is expected to increase substantially in the decade ahead, and may
continue to capture increased market share
for decades,” the draft plan reads. “There
are a number of competing new pipeline
proposals that are expected to expand
pipeline deliverability into New Jersey and
the New York metropolitan area, which
would provide Marcellus shale gas produc-
Christina Mazza
N.J. market is
a strong spot
for new banks
De novo lenders have better
success rate than rest of U.S.
Mergers between larger lenders left customers suddenly part of banks
they were unfamiliar with, which has driven demand for new community
lenders, says Randy Hanks, president and CEO of First Choice Bank.
www.njbiz.com
BY KEN TARBOUS
DESPITE THE FAILURE of 5-year-old First
State Bank, of Cranford, in October, most
of New Jersey’s newest state-chartered
community banks continue to grow, as
the latest startups seize marketplace opportunities and benefit from outrage
against big banks.
“As counterintuitive as it sounds,
these economic times have been an outstanding time to be a
brand-new community
bank that is well-capitalized, that has no assetquality problems, and
that is able and willing
to lend money,” said
David J. Hanrahan,
president and CEO of Frank Sorrentino III
Capital Bank of New Jersey, in Vineland,
which opened in 2007. “One result of all of
the bank shenanigans over the past few
years has been to put a bright light on the
contrast between big banks and community banks.”
Capital Bank’s founders initially
raised $20 million. As of Sept. 30, the
bank had equity of $25.6 million, assets
of $242.9 million and deposits of $212.8
million.
Hanrahan’s bank, with branches in
Gloucester, Cumberland and Atlantic counties, is one of the state’s 17 de novo banks
— state-chartered institutions opened within the past seven years and subject to closer
scrutiny by regulators.
The lack of bank failures has a lot to
do with the state’s strength compared to
regions hit harder by the recession. New
Jersey’s marketplace “has held up better
than Georgia, the Carolinas, Florida and
Nevada, and all those areas,” said Donald J. Musso, president and CEO of bank
consulting firm FinPro Inc. “When you
> See BANKS on page 11
njbiz
u December 5, 2011 5
Hackensack steps closer to reopening Pascack
Valley location.
The approval faces a likely legal challenge from its opponents. Executives from
both Englewood Hospital and Medical
Center and Valley Hospital said the reopened facility will draw away patients,
and cause them millions of dollars in annual losses.
The planning board voted 5-1 to approve Hackensack’s certificate of need application, after state officials recommended
the action.
“The staff believes that HUMC North
is appropriately sized, and will not significantly impact the other regional providers,
because it will allow Hackensack to shift
some of its volume from its main campus
to the facility in Westwood,” said John A.
Calabria, director of health facilities evaluation and licensing for the state.
Hackensack President and CEO Robert
rutgers
obviously gone way beyond what most
coaches do.”
Mulcahy points to Schiano’s focus
on academics as a reason for offering
additional support. The Knights of the
Roundtable largely consists of figures
who aren’t Rutgers alumni, including
Wentworth and Mulcahy, as well as Jon
F. Hanson, principal of real estate firm
The Hampshire Cos. and a top sports
adviser to Christie, and power broker
George Norcoss, chairman of Conner
Strong Cos. Inc.
Mulcahy said the team’s academic record under Schiano as one of the top four
universities in Annual Progress Report
rankings — along with Stanford, Duke
and the Naval Academy — appealed to
the Knights.
“There’s a mentoring of these student
athletes, and their success in the classroom
is terribly important” to Schiano, he said.
The Knights of the Roundtable raised
$100,000 this year. Its goal is to raise
$250,000 through 25 members next year,
and $500,000, with 50 members, in 2013.
For their donation, members of the group
will meet Schiano twice each year, once
briefly on a game day and again at a dinner in the offseason.
Another roundtable member is William Gormley, managing partner of law
firm DLA Piper’s Atlantic City office and
a former state senator. Gormley said he’s
been involved with Rutgers athletics since
sponsoring the 1991 bill that expanded
the football stadium and led to the construction of the Atlantic City Convention
Center.
“It’s an example of north and south
working together to get things done that
are very important for both regions,”
Gormley said, linking the earlier effort to
the football support.
Current Rutgers athletic director Tim
Pernetti, who replaced Mulcahy, said the
group is generating excitement.
“This is a tremendous example of New
Jersey people investing in a New Jersey program at Rutgers that focuses on the balance
> Continued from page 1
But it wasn’t until the devastating
spinal injury to defensive tackle Eric
LeGrand — and the support head coach
Greg Schiano showed to his injured
player — that Mulcahy and Wentworth
became inspired to move forward with a
private funding plan.
In June, the two launched Knights of
the Roundtable, a group currently consisting of 10 New Jersey business leaders who
each provide $10,000 annually to support
to the program, plus Brian Leonard, an
NFL running back who played at Rutgers.
Contributions are made to Rutgers’ foundation, with Schiano deciding how to
spend the funds.
Schiano “gave dignity to what was a
horrific event and could have been a real
tragic era,” rallying support for LeGrand
after the injury, Wentworth said. “We
really needed to do something in the
community to support a coach who’s
The first members to join the
Knight of the Roundtable:
Ray Chambers
Tony Coscia
Dexter Earle
David Farris
William Gormley
Jon F. Hanson
Brian Leonard
Robert Mulcahy
George Norcross
Peter Simon
Finn Wentworth
6 December 5, 2011
u
njbiz
Garrett said the hospital would save lives in
nearby towns and increase the capacity for
medical residents. He also said the project
would provide hundreds of permanent hospital jobs, as well as temporary construction
jobs and nearby economic development.
But Englewood President and CEO
Doug Duchak said declining hospital admissions in Bergen County show the hospital isn’t needed, and would harm neighboring hospitals, like his.
“It’s going to result in lots of layoffs and
various other cuts in service,” Duchak said.
Englewood attorney James Hirschhorn
said the hospital would appeal an approval
in court.
Audrey Meyers, Valley president and
CEO, said allowing the facility would “cause
irreparable harm to health care facilities in
Bergen County.”
The application received the support of
Robert Garrett, Hackensack president and CEO
several legislators and local elected officials,
who said the health of residents near Pascack Valley was at risk from delays driving
to other facilities.
State Sen. Gerald Cardinale (RCresskill) said the drives to other hospitals
have hurt volunteer ambulance squads and
“put an extreme strain on the ability to
maintain these volunteer services.”
E-mail to: [email protected]
On Twitter: @Kitchenman
Mary Iuvone
BY ANDREW KITCHENMAN
Hackensack University Medical Center’s application to reopen Pascack Valley
Hospital as a full-service hospital was approved last week by the State Health Planning Board, clearing a key hurdle to the facility’s reopening.
The fate of the Hackensack University
Medical Center North project now rests in
the hands of state Health and Senior Services Commissioner Mary O’Dowd, with
state officials saying she will likely make a
decision on the Westwood site by the end
of the year.
The nonprofit Hackensack UMC filed a
joint venture with Plano, Texas-based forprofit LHP Hospital Group Inc. to operate
a 128-bed facility at the Pascack Valley site,
which closed in 2007.
Hackensack currently operates a satellite emergency department at the Pascack
Rutgers coach Greg Schiano, seen on the scoreboard leading the Scarlet Knights onto the field, is a major
reason the Knights of the Roundtable came together, its members say.
between academics and athletics, with the
mission of earning degrees, becoming leaders and winning championships the right
way,” Pernetti said.
Hanson said it was a clear choice to
join the effort: “More than half of fundraising is the person doing the (asking), so
when Bob Mulcahy and Finn asked, that
was important.”
As a former chairman of the National
Football Foundation and the New Jersey
Sports & Exposition Authority, Hanson
is dedicated to football. But he also sees
Schiano as a leader in focusing on players
being student-athletes.
“I am a big supporter of the private
sector taking the lead in matters of this nature,” Hanson said. “The public sector has
finite dollars. It can help. The private sector can take the lead.”
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“I think there’s very little likelihood of
it being re-upped for another year,” said Jamie Hahn, managing partner at Solis Partners, in Manasquan.
As part of the 2009 federal stimulus bill,
Congress enacted a program that temporarily converted its investment tax credit from a
30 percent tax credit into a 30 percent grant.
The switch to a grant meant commercial solar customers with recession-weakened profits could still afford to go solar.
Last year, Congress also passed a bill allowing companies to get 100 percent bonus
depreciation, meaning the owners of solar
arrays could immediately write off a project’s depreciation. That program also expires at year’s end, though a project must be
in service by Jan. 1 to qualify. By contrast,
the 30 percent grant is applicable so long as
the project is started by year’s end.
Hahn said those incentives were a boon
for the industry, particularly when combined
with New Jersey’s successful solar renewable
energy certificate program, which allows solar system owners to earn transferrable credits that can be sold on an open market to
utilities, which use the credits to meet state
renewable energy portfolio benchmarks.
“We had a perfect storm,” Hahn said.
“We had overlapping subsidies that were
never intended to overlap.”
The result was an environment where
clients could own their own system and recoup their investment in as little as three
years. Before that, Hahn said, most of his
customers opted for long-term power purchase agreements, or PPAs — contracts by
which a developer maintains ownership of
the system, and takes on its maintenance
and operations. The client, meanwhile, buys
the system’s power for a low, long-term rate,
generally paying nothing up front.
If the incentives are not renewed, the industry could face a turning point — but it’s
not clear how big of a change it would be.
Dennis Wilson, president of the MidAtlantic Solar Energy Industries Association, said losing the incentive would cause
potential clients to drop out of the market.
He said the extension was passed last year
because it was clear the economy wasn’t yet
healthy enough to keep the solar industry
on its growth trajectory.
“I think we’re still in that growth situation today, but it wasn’t anticipated a year
ago that we would necessarily need an extension to continue the growth of solar,”
he said. “But I think it’s clear from the economic conditions that we do.”
Guarav Naik, a principal at GeoGenix
LLC, in Old Bridge, also expects a slowdown,
as well as a shift back toward PPAs. He said
the state could also see utilities becoming
more involved in solar, since they have the
long-term stability, financial resources and
regional commitments to sign long-term
deals, as opposed to the startups that have
flooded the state in recent years.
Startups “are going to struggle structuring a deal that makes sense for a host to take
on,” he said of PPAs.
Naik said SRECs will remain a key
part of the equation. The state Legislature
Christina Mazza
sOLAr
Guarav Naik, principal at GeoGenix, says startups will face challenges competing with utilities when the industry
is driven by power purchase agreements, and federal incentives come off the table.
is currently working on ways to stabilize
the state’s SREC market after market prices
dropped precipitously over the summer due
to the fast pace of solar installations.
But Hahn noted the cost of solar components has dropped dramatically in recent
years. He said larger, more profitable companies likely will opt to take advantage of the
tax credit and own their own systems, while
midsized and less-profitable companies will
more likely take advantage of third-party
financing. He said his company has significant capital partners that should be able to
make those deals happen.
“In general, if the grant is not extended, the build rate will be a lot more modest
than what we see today,” he said, “which is
not necessarily a bad thing.”
Bill Condit, chief operating officer at
Trinity Solar, in Freehold, said the expiration
of the incentives only will affect commercial
clients. He said 2012 could bring changes to
the industry, but he thinks companies who
have had success selling systems to commercial clients will still find ways to do so.
Condit said the point of the incentives was to help grow the industry. By that
metric, he said, the incentives have already
served their purpose.
“That’s what they wanted to do — grow
companies and create jobs,” he said. “And
that’s exactly what’s happening.”
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PIPELINE
cluding the Petroleum Council and the
New Jersey Chamber of Commerce, that
formed Natural Gas for New Jersey, a coalition promoting natural gas development.
He said industrial energy rates in New
Jersey are 70 percent higher than the national average, equaling the sixth-highest
rate in the country, Bozarth said; if the
state is able to benefit from Marcellus shale
fracking, “we’re not going to be rung up on
the pillar of high energy costs.”
But environmentalists say fracking —
which uses pressurized fluids, containing
chemical additives, to release the gas from
rock layers — and the pipelines put drinking water and the environment at risk.
Jeff Tittel, director of the New Jer-
petitive as possible,” Benton said, noting
that the Oyster Creek nuclear plant is
slated for closure. “We need supplemental base-load capacity. Natural gas is one
of the bridges that we need to sustain our
economy into the future.”
Hal Bozarth, executive director of the
Chemistry Council of New Jersey, said corporations have been making vast capital
investments to tap the Marcellus shale gas
reserves, due to the demand for energy.
“Natural gas is a fundamental game
changer for everybody,” Bozarth said. The
council is one of six business groups, in-
New Jersey’s Average Retail Price of Electricity *
ALL SECTORS
INDUSTRIAL
COMMERCIAL
RESIDENTIAL
Rank Among States
8th
6th
7th
7th
N.J. Price
14.84
12.26
14.46
16.00
U.S. Average
10.37
7.21
10.77
12.06
% Above Nat’l Average
43%
70%
34%
32%
(cents per kilowatthour)
(cents per kilowatthour)
*Data collected June 2011
Source: U.S. Department of Energy
smf_ad_2010_njbizlarge1/2pg:Layout
Illustration
by Darren Phillips
1
10/5/10
9:31 AM
Page 1
sey chapter of the Sierra Club, said businesses near the Delaware River depend
on clean water, and said companies can
lower their energy bills by increasing
energy efficiency, instead of expanding
pipelines. “The river is the lifeblood of
this region,” he said.
Tracy Carluccio, deputy director of
the Delaware Riverkeeper Network, said
the DRBC should require a comprehensive
environmental study before it makes a decision on fracking. In August, Christie conditionally vetoed a fracking ban, instead
initiating a yearlong moratorium on the
practice.
While the shale gas debate focuses on
the Marcellus shale, which doesn’t extend
into New Jersey, the deeper Utica shale
does. While Chesapeake Energy Corp.’s
plan to explore the Utica shale in other
states has raised concern among some environmentalists, the business community
said it’s not a current focus.
“The Marcellus shale is so plentiful
and available that to really go another
layer deep and more obviously difficult —
from all of the other challenges that are
there — it’s really not an immediate priority,” Benton said.
Environment New Jersey field director
Doug O’Malley said gas-line expansion in
the state is raising concerns. He said pipeline construction is likely to lead to runoff,
pointing to problems in West Milford near
the TGP line after Hurricane Irene and
mid-August rains.
“Residents have seen impacts of runoff and having compacted soil in their
BY THE NUMBERS
$8.2 billion
Annual investment required from
2010 to 2035 to meet natural gas
infrastructure needs.
Source: Interstate Natural Gas Association
of America study
backyards,” O’Malley said. “This is not a
rhetorical debate.”
Environmental groups are planning
to push against pipeline expansion at
Federal Energy Regulatory Commission
meetings, but Benton said he’s skeptical of environmental concerns, saying a
60-plus-year history of fracking and more
recently developed drilling practices have
allowed the industry to improve its environmental record.
Catherine Landry, spokeswoman
for the Interstate Natural Gas Association of America, said a study done by the
association’s foundation estimated the
United States will need average annual
investment of about $8.2 billion from
2010 to 2035 to meet its natural gas infrastructure needs.
“Instead of having to transport gas
from 1,000 miles away, new lines could
allow production from Pennsylvania or
Ohio to feed markets in New Jersey, New
York or New England,” she said.
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S AV E T H
E D AT E !
Presenting Sponsors:
Join NJBIZ and New Jersey’s solar industry experts for the
2nd annual Solar Energy Symposium!
When: February 15, 2012 l Where: The Palace at Somerset Park
Time: 7:30am – 12:00pm (continental breakfast will be served) l Cost: $75.00 per person
Register online at www.njbiz.com/events or contact Sarah Spangler at (732)246-5713.
Symposium Agenda
7:30 – 8:30
Continental Breakfast and Networking
8:30 – 8:45
Welcome & Opening Remarks
8:45 – 9:15
Keynote Address
9:15 – 10:15
The Evolving State of the Solar Industry in New Jersey
Panelists include: Assemblyman Upendra J. Chivukula (D), Deputy Speaker, NJ General Assembly and Chair,
Telecommunications & Utilities Committee
Mark Warner, CEO, Sun Farm Network
Al Matos, Vice President, Renewables and Energy Solutions, PSE&G
10:15 – 10:45 Networking Break
10:45 – 11:45 Financing, Building and Maintaining Your 2012 and 2013 Solar Projects *Divided into two concurrent sessions
Session I: The Financial Side of Solar Projects
Moderator: Frank T. Cannone, Chairman Corporate, Head of Renewable Energy Finance, Gibbons P.C.
Panelists include: Rich A. Cleaveland, Partner, EisnerAmper LLP
Michael Flett, President, Flett Exchange LLC
Session II: The Operating Side of Solar Projects
Moderator: Neil Cooper, Co-Managing Partner, SorinRoyerCooper LLC
Panelists include: Michael Cocchimiglio, VP, Structured Finance, Vanguard Energy Partners, LLC
12:00
Symposium Concludes
Major Sponsor:
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Contact Dawn Stout at (732) 246-5709.
Supporting Sponsors:
have real estate markets compressing by
50 percent, it’s pretty hard to keep small
community banks afloat, which depend
on that kind of collateral.”
North Jersey Community Bank,
one of the fastest growing de novo banks
in the country, was formed in 2005 and
serves the northeastern part of the state.
It initially raised $12 million, and as of
Sept. 30 had $55.1 million in equity,
$697 million in assets, and $579 million
in deposits.
“The premise for opening this bank
was, we felt, that there wasn’t a really
Illustration by Darren Phillips
BANKS
profitable
unprofitable
sold
failed
Of the 42 banks formed in New Jersey since
1990, 28 are profitable, eight are unprofitable,
two have been sold or merged, and four have
failed. Of the surviving 36 homegrown banks,
77.8 percent are profitable, compared with 79.2
percent of FDIC-insured institutions nationwide.
Source: FDIC, Department of Banking and Insurance, New Jersey Bankers Association
demand in the Mercer County area.
“There was a feeling that there was
“It creates more coma percentage of those customers that
petition and more
had been acquired or merged, and were
choices for consumers
at those larger banks not necessarily beand customers.”
cause they chose it, but because their
institution had been acquired or merged
John E. Mcweeney Jr., president and CEO,
New Jersey Bankers Association
into it,” said Randy Hanks, president
and CEO of First Choice Bank. “The feeling was that, given an option, there was
percentage of those customers who’d like
good community bank in our market
to return to more of a community bank
area that could compete with the large
scenario.”
national players,” said Frank Sorrentino
The bankers raised $12.1 million to
start the bank, and as of Sept. 30 had $56.6
III, chairman and CEO. “People wanted
million in equity, $598.7 million in assets,
good customer service, and we could proand $499.8 million in deposits.
vide it.”
But not all new banks are growing.
Another fast-growing de novo bank is
Since
2008, the four Garden State banks
First Choice Bank, of Mercerville, which
1
10/12/11
1:05:26 PM
have
failed, a remarkable record given the
opened MBC_NJBiz101211cr
in March 2007 to exploitPage
pent-up
Asset Based Lending Opportunity
Meeting the financing needs for
manufacturers, distributors and
professional service companies.
Credit lines of $250,000 to $5,000,000
Accounts Receivable, Inventory & Machinery/Equipment
hundreds of failures across the country.
Regulators shut First State Bank, which
opened in 2006, on Oct. 14, because of
poor asset quality.
Though their success rate is solid,
bank formation has slowed nationwide,
with some in the industry faulting federal
regulators. In 2008, the last year a new
charter was issued, five banks were formed
in New Jersey. Nationally, 45 banks have
been formed since 2008.
“I don’t think that’s a positive trend,”
said John E. McWeeney Jr., president and
CEO of the New Jersey Bankers Association.
“I think having these new banks formed in
communities is a good thing. It brings new
capital into the community, and it creates
more competition and more choices for
consumers and customers.”
IN BRIEF
N.J. special-interest
PAC spending drops
New Jersey special interest political
action committees spent $28.2 million
in 2010, 20.4 percent less than in 2009,
according to a report by the Election
Law Enforcement Commission.
Total business PAC spending
increased from $1.47 million in 2009
to $1.95 million in 2010, while trade
association PAC spending rose from
$1.88 million in 2009 to $1.93 million
in 2010. Union spending fell from
$24.2 million to $17.1 million.
–Andrew Kitchenman
ADP: Job gains are
largest since 2010
The private sector added 206,000 jobs
in November, outpacing the market
consensus, according to Automatic
Data Processing’s monthly employment report, released Nov. 30.
ADP’s figures reflect the largest
monthly gain since December 2010,
and about twice the average monthly
gain since May. The report also revised
its October numbers upward, to 130,000
jobs gained, from 110,000. ADP produces the report with Macroeconomic
Advisors LLC. – Mary Ann Bourbeau
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njbiz
Christina Mazza
Suite
Escape
Favorite December
holiday tradition:
Annual contest in the
family — who can give
the best gift under $5.
Jon Bramnick
Assembly conference leader
Since I can’t wake up at 5
a.m. and open presents,
I guess my favorite
activity is Christmas
dinner at the Water
Club, in New York.
Madeleine D. Robinson
Bruce Tucker, president of General Plumbing Supply, says the extreme weather of this
past season has helped his company increase the
number of parts sold.
Owner and CEO,
LPS Industries
Extreme weather keeps sales from plunging
Edison company reports flush sales due to hurricane, heat, snow
BY KATIE EDER
t’s hard to imagine better publicity
for a company than being featured on
TLC’s “Cake Boss” for ordering a 100th
anniversary cake in the shape of a toilet —
especially when the cake actually flushes.
But the president of General Plumbing Supply, in Edison, said its greatest friend
isn’t the show’s star, Buddy Valastro, but
rather the extreme weather of the past year.
“Between the hurricane, the extreme
cold winter and hot summer, plus the
snow (this October), we’ve seen product
fly off shelves,” Bruce Tucker said. “Fall
is our busiest season, but the quantity of
equipment we’ve sold this time around —
pumps, backup pumps, you name it — is
above average.”
I
AT A GLANCE
General Plumbing Supply Inc.
■
HEADQUARTERS: 980 New Durham Road
Edison 08817
generalplumbingsupply.net
■
FOUNDED: 1910, in Bayonne
■
MANAGEMENT: President Bruce Tucker
■
■
EMPLOYEES: 208 among 12 branches, located in
Bayonne, Bergenfield, Dover, Edison, Hawthorne,
Lakewood, Middletown, Morris Plains, Orange,
Ridgefield, Tenafly and Union.
PERFORMANCE: Since 2010, the company has increased its annual revenue by 20 percent, to more
than $100 million, hired 40 new employees, and
opened three branches in Bergenfield, Lakewood
and Tenafly.
12 December 5, 2011
◆
NJBIZ
That’s helped GPS counter a slowdown
in new construction activity — since 2006,
it has improved its revenue while adding
three branches, 40 employees and several
energy-efficient products from brands like
LG and Rheem.
“We watched our largest competitor
make drastic cuts, and instead of following
suit, we grabbed that market share and paid
close attention to niches in the industry,”
Tucker said. “There’s no new construction,
yet the market is loaded with business opportunities. And we keep zigzagging right
into them.”
Founded in 1910 as Goldberg Plumbing
Supply by Tucker’s grandfather, Charles S.
Goldberg, the company has since expanded
to 12 wholesale locations throughout New
Jersey, making approximately 375 deliveries per day. The company stocks every part
for plumbing, heating, cooling and homedesign jobs to serve plumbers, contractors
and homeowners. Recently, GPS filled one
of its largest orders to date by supplying a
significant amount of piping to a contractor
working on MetLife Stadium and all of the
necessary plumbing materials to build four
Montclair State University dormitories.
The family business began as a sheet
metal supplier for roofing and heating in
Bayonne after Goldberg was fired from his
job at a tinsmith wholesaler for refusing to
marry his boss’s daughter. After expanding to plumbing and hardware through his
sheet metal business, Goldberg changed his
surname to Tucker — due to anti-Semitism
following World War I — but the company
name remained unchanged until its second
branch, Speedwell Plumbing Supply, opened
in Morris Plains. It wasn’t until 1986, when
the company opened its corporate headquarters and most successful branch in Edison, that the GPS brand was established.
“GPS has regularly
supplied us with plumbWeb extra
ing fixtures and copper
For
more
photos from
piping for years,” said
the interview, visit
Gina Preciosi, accounts
NJBIZ.com.
manager of Lakewoodbased commercial contractor Annese Mechanical Inc. “We’ve never had a problem
with their parts or delivery, even with large
next-day orders.”
Throughout its 101 years as a plumbing supplier, GPS has added several different, yet complementary, items to its stock.
“We started selling cabinets with our
sinks in the ’50s because, at the time, they
were being sold (together) everywhere, like
washers and dryers,” Tucker said. “We’re
constantly looking for the next piece, the
next technology, to complement our existing business.” In 2003, that new technology came in the form of computer-aided
design software, making kitchen and bath
design projects possible for GPS.
Though GPS only serves New Jersey
and limited markets in New York, Tucker
has no desire to expand outside that area.
“We’re not done in New Jersey,” he
said. “There are still plenty of gaps to fill
here. We’ll analyze places where the trade
business is underserved, by us or in general, and then expand there — and we won’t
wait on more bad weather to do that.”
On Christmas
morning, I like to
open my presents last
so everyone can watch
with envy.
Ralph Thomas
Executive director,
New Jersey Society of CPAs
Although it is not in
December, cooking
Thanksgiving dinner.
I enjoy sharing a
meal with my family
more than everything
involved with commercial holidays.
Timothy J. Touhey
CEO,
Jersey Builders Association
Larry
Rothstein
President and
managing partner,
Source
Annual company holiday party.
It’s a great time to thank our
incredible team for a job well
done and to let our hair down a
bit and celebrate.
NEX T WEEK
The December panelists
discuss their biggest
weaknesses.
www.njbiz.com
grapevine
grapevine
Considine on the run?
The future remains in flux for some Chris
Christie cabinet members. Grapevine
hears Lori Grifa is not settled on returning to Wolff & Samson when she leaves
the Department of Community Affairs on
Jan. 2. Despite the public announcement
that Grifa will return to her old law firm,
she reportedly is entertaining offers.
More surprising is the future of Tom
Considine, who reportedly will be leaving
the Department of Banking and Insurance.
During a panel at a DOBI insurance symposium last week, a rumor was publicly
discussed that Considine will challenge
Bob Menendez in the Democratic U.S.
Senate primary.
Considine was in the room during
the panel discussion, but would not address the rumor. So Grapevine just has to
do some guessing here. Considine is a registered Democrat appointed to a cabinet
post by a Republican governor. So he could
raise funds from Republicans — essentially
allowing the GOP to hit up donors twice.
Considine would never beat Menendez,
but he could take shots at the incumbent,
helping his close pal Joe Kyrillos, who is
expected to be a GOP challenger to Menendez in the 2012 race.
Bizarre or brilliant? Only time will
tell.
lion mixed-use project that will be presented to the city planning board at a Dec.
19 hearing, a source with knowledge of the
plan said.
The proposal calls for building a multistory residence hall and several houses
for Greek organizations, the source said.
The 600-bed project will also include office space for NJIT’s Albert Dorman Honors College, and would be built on what is
now a parking lot at Warren and Colden
streets.
NJIT is building the so-called Greek
Village project with Monument LLC, an
Indianapolis-based developer, the source
said. It will allow some of the institute’s
Greek organizations to relocate from
houses on Martin Luther King Boulevard,
while alleviating overall housing concerns
around the campus.
Felix, Oscar; meet Jon, Cory
The odd couple of Jon Bramnick and
Cory Booker coming together to push for
Newark as the site of a 2016 national political convention had been two years in
the making.
The Republican assemblyman and
Democratic Newark mayor were introduced by a mutual friend, and they began
talking back and forth about several issues
of mutual interest, according to Bramnick.
Earlier this year, they both saw the potential for a bipartisan push to host the convention at the Prudential Center.
“I like talking to him — he’s a supporter of making some changes, like education
reform,” Bramnick said.
They don’t have a specific plan for
formal convention proposals to the national political parties, and as to the letter
the two mailed in early November to the
parties, “I don’t expect a quick response,”
Bramnick said.
Grapevine reports on the behind-the-scenes buzz
in the business community. Contact Editor Sharon
Waters at [email protected].
Higher ed calling
Montclair State University President Susan
Cole is actively lobbying to be the next
president of Rutgers University, according
to two sources. “She’s out telling everybody she wants the job,” said one source.
“She’s out stirring the pot.”
Grapevine reached out to Montclair
and a university spokeswoman replied:
“The president says there is absolutely no
truth to that rumor.”
Noise about AC/DC
When the state chamber holds it biggest
event after 2012, will it be AC or DC?
People are chattering that the New Jersey Chamber of Commerce might move its
annual Walk to Washington train trip to
Atlantic City. AC legislators have pushed
for the move in the past, but it might be
hell’s bells from D.C. lawmakers if the
event gets moved. The chamber held its
Business and Legislator of the Year event at
Bally’s in late September; one source said
that event was aimed at appeasing the Atlantic City forces.
No matter what, the 75th event is set
for Jan. 26 and 27, 2012, at the Marriott
Wardman, in Washington, D.C., with the
governor confirmed as keynote speaker.
A chamber representative told Grapevine
that any discussion about moving the location of the event is still at the chamber’s
board of directors level.
Raymond G. Hallock, President and CEO (left), and
Thomas J. Kemly, Senior Executive Vice President
and Chief Operating Officer.
Our Leadership is Changing.
An exciting transition is taking place at Columbia
Bank. Raymond G. Hallock, our President and
CEO, has announced his decision to retire
following an impressive 33-year Columbia Bank
career. Mr. Hallock will remain a member of our
Board of Directors.
Thomas J. Kemly, a seasoned community banker
and Columbia Bank executive since 1981, will succeed
Mr. Hallock as our new President and CEO on
January 1, 2012.
So, what will you experience from this leadership
change? Nothing but more of the same you have
come to expect from Columbia Bank. Rest assured
that the way we conduct our business…our solid
financial position…our quality service commitment
to our customers…and our community support
efforts will remain unchanged. You can count on it.
Our Values Will Never Change.
Convenient Offices Throughout New Jersey
Newark project’s Greek pique
Main Office: 19-01 Route 208 • Fair Lawn, NJ 07410 • 1-800-522-4167
The New Jersey Institute of Technology is
moving ahead with a plan to redevelop its
Newark campus, starting with a $70 mil-
www.njbiz.com
Mr. Kemly is equally passionate about the need for
financial stability, community banking and the
importance of local support.
columbiabankonline.com
Count on Columbia.
NJ BIZ 7.5 x 10
Member FDIC
njbiz
◆
December 5, 2011 13
OUR POINT OF VIEW
Something
is rotten
at the port
OPINION
Port Authority’s switcheroo
is highly disingenuous.
New York at the expense of New
Jersey commuters. But it’s pretty
disingenuous of the top brass at
the authority to point to the
tower’s construction as a pressing need for the tolls, then not
use the money for that purpose.
The fact that, during the same
week, the Asbury Park Press
found salaries at the agency
increased $5 million between
2009 and 2010 despite having
far fewer employees on the payroll adds to the general whiff of
something rotten at the port.
We don’t expect the toll
hikes will be rescinded, and
we don’t hold much hope that
AAA’s lawsuit will block the
hike, even temporarily. But the
looming audit ordered by the
governors had better be taken
seriously by Christie, who needs
to take the bat out on these guys,
and leave the teachers alone.
14 December 5, 2011
◆
NJBIZ
marks
Not the bowl I had in mind,
but I’ll take it.
J
ust when the stories of waste
and abuse coming out of
the Port Authority reach a
level that makes you think David Chase could make an HBO
series about it, the agency pulls
its latest stunt.
When it sold governors
Chris Christie and Andrew
Cuomo on the whopping toll
hikes the pair signed off on earlier this year, the bistate agency
said it was facing an unprecedented hole, thanks to its role
in developing the $11 billion
tower rising out of ground zero.
Why the agency is spending
money on a new office tower,
instead of on maintaining its
crossings, could fill an editorial
all its own, and did when this
scheme was first announced.
But now, the agency has
reversed course, saying none of
the toll hike money actually will
be spent on the tower, and will
instead be used on its network
of bridges and PATH tunnels.
We actually applaud the
announcement, as it means the
tolls won’t be subsidizing the
tower’s construction, which is
nothing more than a revenue
generator and job creator for
Quote
What the hell
are we paying
you for?
Chris Christie
governor, on Barack
Obama’s role in the
debt reduction talks
Knights of the Roundtable
LETTERS TO THE EDITOR
N.J. must grow recycling industry
Since time began, there was recycling by natural phenomena that kept our planet healthy
and fit for the evolution of mankind. Forests,
plant life and early animals produced and regenerated. The natural occurrences of decay,
rot and evaporation removed the old and made
way for the next cycle of the new. Mankind
has seriously disrupted those healthy natural
cycles and created pollution and waste in monumental proportions.
In addition to the very serious remnants
of spent toxic nuclear fuel, with thousands of
years of remaining life cycles, other manmade
products such as computers, TVs and myriad
other electronic devices have filled our landfills with toxic material that will damage our
water supply and pollute our air if carelessly
neglected and not properly recycled.
The federal government and most states,
including New Jersey, have made it law that
these toxic components be recycled in accordance with very stringent guidelines and direction. New Jersey has been a leader in this
effort, and we must do all that is possible to
maintain that leadership direction and grow
this vital industry to handle every single piece
of toxic electronic waste.
Nick Albano, vice president
Advanced Recovery Inc.
Newark
Sales tax should be applied fairly
It’s the local businesses here in Madison that
play a critical role in our town: they provide
local jobs, they pay taxes, they invest in and
donate to local community organizations and,
most importantly, they sustain our downtown,
which keeps our property values high. Therefore, as local officials, it is our goal to encourage, partner with and respond to the needs of
our local businesses as they arise.
That’s why the Madison Borough Council,
in a bipartisan fashion, stood up for local business and unanimously endorsed a resolution
calling on our elected leaders in Trenton and
Washington to level the playing field and modernize our sales tax laws for a 21st century economy. Simply put, the resolution supports the idea
that all sales, regardless of whether they happen
online or in a store, should be taxed the same.
Our local businesses are taking it on the
chin because they are following the law. Every
business that has a physical presence in this
state must collect and remit the 7 percent sales
tax on products they sell.
But for out-of-state Internet retailers, that
requirement doesn’t exist, and they can sell
their products 7 percent cheaper to the exact
same customer. That simply isn’t fair. If we are
going to have a sales tax law, it needs to be applied equally, so businesses can operate on a
level playing field. And, the longer we wait to
correct this loophole, the threat of local businesses closing increases, as e-commerce sales
grow rapidly year after year.
Fixing this loophole isn’t a Republican
or Democrat position, it’s a common-sense
change that is long overdue. State Legislatures
in the reddest of red states, like Texas, and the
bluest of blue states, like California, have come
to the realization that multibillion-dollar Internet giants shouldn’t get special tax exemptions
at the expense of retailers on Main Street. Other states are acting, and we need to as well.
The truth is, Madison businesses aren’t
looking for a handout or special exemption.
They want to compete on a level playing field.
It’s time local officials around New Jersey stand
up for local business and local jobs. We must
level the sales tax playing field in New Jersey.
Mary-Anna Holden
Mayor
Madison Borough
www.njbiz.com
edent for this kind of approach: the Great
Depression didn’t end completely until the
federal government began spending great
amounts on World War II.
“The end to the Depression was war,” he
said. “It’s too bad we can spend on destruction, but not construction.”
It’s clear that New Jersey could benefit
from increased spending on construction;
much of our infrastructure — whether on the
uring the recession that officially began in 2007, New
roads, on the rails or in the schools — is crumbling, and we have the historic opportunity
Jersey fared better than the rest of the nation, but as other
to not only patch up these problems, but to
states begin to recover, the Garden State is falling behind.
create whole new sectors of living-wage jobs,
the
corner;
the
money
in
the
latter’s
wallet
in areas like green retrofitting and sustainable
New Jersey had the ninth-worst jobdoesn’t have any special powers that make
construction.
creation record between June 2010 and June
it more valuable than the money in the forBut in order to fund any worthy public
2011, according to our latest report, “The State
mer’s billfold.
projects, New Jersey needs revenue — the
of Working New Jersey 2011: The Lost DeAnd, as many economists note, publictoo-often neglected, but equally important,
cade.” In addition, the state’s unemployment
sector spending is a vital component of any
side of the economic equation.
rate — currently at 9.2 percent, according to
economic recovery.
Where can we find new revenue?
the state Department of Labor and Workforce
Years of a single-minded focus on cutHow about giving up less future revenue
Development — has been higher than the nating taxes and reducing the size of governvia the subsidies we dole out to businesses? Or,
tional rate each month of 2011. At the curmore immediately, why not reinstate
rent rate of job growth, it will still take
the income tax levels we had just two
another two-and-a-half years for New
years ago, and ask the most well-toJersey employment to return to its predo among us to pony up just a little
recession levels — a total of six years
Public-sector
bit more? A strong majority in pubsince the recession officially began.
spending is a
lic opinion polls favors that option,
While there is clearly a dire need
vital component
and the Legislature has twice voted to
for jobs in New Jersey, the state’s priof any economic
do so. The impediment has been the
mary job creation strategy — handing
recovery.
governor’s veto pen and his pit bull
out about $1.2 billion in subsidies to
resolve not to increase a single tax recorporations large and small since
– Deborah Howlett
gardless of the circumstances.
November 2009 — has thus far had
Robust and equitable job growth
little impact on the state’s bleak emin New Jersey requites a balanced apployment situation.
proach by the state in its budgeting
Meanwhile, the state has lost tens
and economic development strategy. That
ment didn’t avert the most recent economic
of thousands of jobs due to the widespread
approach must include revenues and shared
meltdown, and it hasn’t been able to restore
layoffs and retirements of state and local govsacrifice across the board. Simply put, there’s
vitality. Investing public resources into pubernment workers, which have come on the
just no other way to climb out of this hole we
lic projects for the public good will enable
heels of state cuts and budgetary uncertainty.
find ourselves in.
the economy to start rolling again.
But a job is a job, whether in the public
At an event earlier this month in Princor the private sector. The teacher who lives
eton, Nobel Prize-winning economist Paul
Deborah Howlett is president of Trentondown the block drives the local economy as
based New Jersey Policy Perspective.
much as the white-collar worker from around
Krugman pointed out a clear historical prec-
CORNER OFFICE
Create N.J. jobs without
relying on incentives
D
“
”
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NJBIZ OPINION POLL
Readers say blue laws are outdated, harm business
SENIOR DESIGNER
Sara Siano [email protected]
hat is this, 1940?”
So ran a typical response
to our most recent poll, which
found a majority of responders want blue laws
off the books for a variety of reasons, be it for
reasons of equality, revenue, job creation or a
desire to move past what one responder called
“an over-religious” leftover.
“Let the store tenants make decisions
about when to open and close their own businesses,” one reader wrote. “The rent being
paid covers seven days a week, not six.”
Blue laws “have hindered Bergen County businesses for years,” another reader said.
“The revenues would be huge, and the increase in business would be plus-25 percent
immediately, based on historical data, when
NYC stores started to open on Sundays.”
Another reader pointed out that it’s the
municipal governments that “allowed their
communities to be overbuilt, then they complain about the traffic.”
One reader’s interesting concept was
Brianne Rowe [email protected]
“W
www.njbiz.com
Bergen County’s blue laws:
DESIGNERS
Kevin Paccione [email protected]
Cost the state
millions in
revenue 52%
EVENTS
EVENTS DIRECTOR
Wendy Berg [email protected]
Are required to
keep the peace for
residents 27%
EVENTS AND MARKETING COORDINATOR
Sarah Spangler [email protected]
BUSINESS OPERATIONS
BUSINESS MANAGER
AnnMarie Karczmit [email protected]
MARKETING MANAGER
Anne Beck [email protected]
Aren’t an
important issue
right now 21%
“only small businesses should be able to stay
open. This would give them a better chance of
surviving the big-box stores’ competition.”
A reader who called it a “crazy law” asked,
“Are the folk(s) in Bergen County the only
ones who need peace and quiet on Sundays?
Do they want to do their shopping somewhere
else on Sundays, and add to the traffic in the
surrounding counties?”
But not everyone agreed. One responder
pointed out that “Paramus generates more re-
tail sales than any other ZIP code in the U.S.,
and they do that in six days. There is no need
to have stores open every day.”
Another took a quainter approach from
generations past. “Blue laws should be reinstated throughout the state. I do not live in
Bergen, but when it is Sunday and holidays, I
would like it,” the reader wrote.
ADMINISTRATIVE ASSISTANT
Jessica Perry [email protected]
Published by Journal Publications Inc.
David A. Schankweiler, CEO
Lawrence M. Kluger, President
NEXT WEEK:
Solar incentives
NJBIZ
◆
December 5, 2011 15
UNT
QUESTION
WITHOUT
QUESTION
WITHOUT
QUESTION
WITHOUT
ACCOUNTABILITY
ACCOUNTABILITY
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AUDIT • TAX • ADVISORY
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®
SPOTLIGHT: WeALTH MANAGeMeNT
Illustration by Kevin Paccione
Red alert
Advisers: Watch your investments to avoid
being caught by the Madoffs, Corzines in the profession
www.njbiz.com
njbiz
◆
December 5, 2011 17
®
SPOTLIGHT
By KeN TARBOuS
he tale of MF Global has once again
cast a bright light on the importance
of finding trustworthy financial professionals. Like Bernard Madoff’s clients
before them, clients of the broker-dealer
are left wondering if they will ever receive
the money they believed was in their accounts.
“One of the attributes of the con artist is the ability to con people and to create
an image that belies the underlying truth,”
said Jerome M. Selvers, an attorney at Sonnenblick, Parker & Selvers P.C., in Freehold, and a former trial attorney with the
U.S. Securities and Exchange Commission’s
Division of Enforcement. “It’s incumbent
upon each investor to do their homework
and to make sure that the person they’re
dealing with has no serious regulatory history, no serious customer complaints, no
serious number of arbitrations.”
Beyond the usual advice — broadly diversified portfolios with proper allocation
of investments and assets across equities
and fixed income are key to sustaining longterm returns — investment industry professionals advise investors to do their due
diligence by running background checks
on the investment advisers and firms with
which they plan to do business, and even
check up on firms or representatives with
whom they already have accounts.
T
Christina Mazza
Advisers: Do your research to avoid falling for a Madoff
Investors should do their due diligence in researching and running background checks on investment advisers
to prevent fraud, says Jerome M. Selvers, an attorney at Sonnenblick, Parker & Selvers P.C.
Each particular area of investment or
asset class presents concerns for investors,
and there’s a difference between investment risk — when plain old bad advice
and putting money into stocks or bonds of
failing companies lose an investor money
— and embezzlement or loss through inappropriate or illegal conduct or activity.
Industry pros say the first thing in-
vestors should do is check out the background of any investment professional to
ensure they are dealing with licensed or
registered professionals whose records can
be checked.
Selvers said investors need to be conscious of a broker’s work history, and be
cautious of brokers who switch jobs often,
as that may indicate the professional has
an unstable relationship with their employers, or the broker has been earning
signing bonuses by moving from firm to
firm.
FINRA, more formally known as the
Financial Industry Regulatory Authority, is
an independent regulator for nearly 4,500
brokerage firms, and more than 600,000
> See WARNING on page 19
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18 December 5, 2011
◆
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njbiz
Pictured: Stephen Guidette, SVP Business Banking;
Vincent James, President of The Mediterranean Snack Food Company
www.njbiz.com
®
WARNING
registered securities representatives. FINRA
recommends people run background checks
on individual brokers and brokerage firms
using Broker Check, a free service available
at FINRA.org, that allows investors to pull
reports from its registration depository on
brokers’ education, disciplinary histories,
regulatory sanctions, fines, criminal records
and bankruptcies.
In addition, the Securities and Exchange Commission, whose mission includes protecting investors, provides advice
at Investor.gov and background information on investment advisers at SEC.gov.
“Taking the time to do this at the front
end, before getting involved or turning over
your money, is really critical to make sure
that you’re starting with a registered person,” said Lori Schock, director of the SEC’s
Office of Investor Education and Advocacy.
“The person (investor) may have questions,
they try to run a search and they don’t find
any information … I would take that as a
red flag. The person has to do more research.
There’s usually some registration that needs
to happen for legitimate businesses.”
In Madoff’s case, he was registered, but
he did not have an independent custodian
of the records, and he didn’t articulate how
he was making the 1 percent per month
return on investment from his products —
facts that should have been sure signs that
something was amiss.
“There are no safe, guaranteed returns
— and certainly not ones that pay consistently 1 percent a month, regardless of what
the markets are doing. It just doesn’t work
that way,” Schock said.
Hedge funds — which pool assets
like mutual funds to buy securities —
private equity firms — whose funds put
together investor money to buy companies — and private money mangers like
Madoff aren’t necessarily required to register with regulators, though the Dodd“There’s been so many
Frank Wall Street Reform and Consumer
tell-tale signs over the
Protection Act has narrowed the number
years of people who
of firms exempt from registration. Those
made mistakes they
types of advisers and funds — typically
shouldn’t have. You
high-risk, high-reward products — generwant to verify what you
ally are designed for sophisticated invescan, whenever you can.”
tors, and have higher minimum investKenneth M. Springer, president and
ment thresholds and restrictions and
founder, Corporate Resolutions Inc.
conditions on withdrawing.
“You have to look at the patterns, disRegardless of the investment product,
investors must go beyond the regulatory crepancies, controversies, reputational isBED7264 RaceCar NJBiz.qxd:Layout 1 3/25/11 1:04 PM Page 1
sues and, often, problematic patterns of
bodies when doing research.
SPOTLIGHT
lawsuits. There’s been so many tell-tale
signs over the years of people who made
mistakes that they shouldn’t have. You
want to verify what you can, whenever you
can,” said Kenneth M. Springer, president
and founder of Corporate Resolutions
Inc., a certified fraud examiner and former
FBI special agent.
“The three biggest lessons I think people learned is you can’t just rely on others.
The second thing is you can’t fall in love
with the deal too soon, otherwise, you have
blinders on for any of the potential yellow
> See WARNING on page 20
On the fast track,
every decision counts.
Things to watch for
n Investment companies or advisers
that do not have an independent custodian of records.
n Consistent, positive returns regardless of market conditions. The value of
just about all investment products and
assets fluctuate over time, and there are
no guaranteed returns.
n Unregistered investment advisers,
representatives or brokers.
n Patterns of lawsuits, whether the
investment professional is the plaintiff
or defendant, or whether the cases are
open or closed.
n Vague descriptions of investment
products or the way returns are derived.
n Spotty work history or numerous job
or firm changes.
n Being told lawyers or accountants do
not need to review documents or statements.
n Advisers who can’t explain how
investment products work and how the
returns are made. –Ken Tarbous
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njbiz
◆
December 5, 2011 19
®
SPOTLIGHT
WARNING
or red flags that pop up. And the other thing
is there is no shortcut to due diligence. You
have to ask questions. You can’t be intimidated by hotshot money managers. If you
can’t get access, if you can’t get documentation, don’t rush in.”
Springer said advisers and firms that
either are sued by many of their clients or
bring a large number of lawsuits against
‘‘
So many times, people just
want to turn financial decisions over to somebody else
because it’s a time saver.
”
Barbara M. O’Neill
Rutgers University professor
their clients or business partners, even if
those suits are settled out of court, might
be difficult people to work with. The online
Public Access to Court Electronic Records
provides case and docket information from
federal appellate, district and bankruptcy
courts, and Springer suggested checking
both plaintiffs and defendants in open and
closed cases.
Part of how Madoff was successful in
hiding his scam for so many years was that
he practiced what is known as affinity fraud
A careful investor could have seen the warning signs in placing money with someone like Bernard Madoff, say advisers.
— investment scams that focus on groups,
such as religious or ethnic communities, or
professional groups. The fraudsters often
are part of the target group, and use unwitting, respected members to spread the word
about the inappropriate investments to lure
in new investors.
But beyond the research is the importance of using common sense — and track-
F r a n k l i n
M u t u a l
ing money and accounts on a regular basis.
“So many times, people just want to
turn financial decisions over to somebody
else because it’s a time saver, but you still
have to have a basic knowledge to know
the characteristics of the investments
you’re selecting and to review your statements,” said Rutgers University professor
Barbara M. O’Neill, a specialist in finan-
cial resource management. “Even if you’re
getting some kind of financial advice, it
doesn’t mean that people should not review their statements and assess their own
situation. If you don’t understand something and you’re buying it, you’re not a
wise consumer. Investments are really no
different than anything else.”
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20 December 5, 2011
◆
njbiz
www.njbiz.com
®
SPOTLIGHT
Expensive examples of trusting the wrong money manager
By Ken Tarbous
or three decades, Bernard Madoff ran a multibillion-dollar Ponzi
scheme — paying off early investors with new investors’ money — that
defrauded thousands of investors of up to
an estimated $36 billion. Madoff’s firm,
Bernard L. Madoff Investment Securities LLC, sent out client statements listing
fictitious balances, and paid out fictional
profits to some investors, according to
federal indictments. In December 2008,
Madoff confessed his scheme to his family and then to FBI agents. On March 12,
2009, Madoff pleaded guilty in federal
court in New York to 11 criminal counts,
including securities fraud, mail fraud, wire
fraud, money laundering and making false
filings with the Securities and Exchange
Commission. He is serving 150 years in
prison.
Many Madoff victims were banks,
institutional investors
and feeder funds, which
invested client money
with Madoff. Among
Madoff’s notable victims was state Sen. Loretta Weinberg (D-Teaneck), who reportedly
lost her life savings of
Loretta Weinberg
$1.3 million, which she invested with a
money manager who also was a Madoff
F
victim. One of the biggest losers was Fairfield Greenwich Advisors, an investment
management firm that lost $7.5 billion of
client money.
Other Madoff investors profited from
their investments. Fred Wilpon and his
family, owners of the New York Mets, received $1 billion of payouts, which the family used to fund other investments, including the Major League Baseball team. The
trustee appointed to recover fictional profits
has sued the Wilpons, who are potentially
liable to pay back $386 million. The estate
of investor billionaire philanthropist Jeffry
M. Picower, who died in 2009, agreed to
return $7.2 billion in fictional profits.
On Oct. 25, financial derivatives firm
MF Global Holdings
Ltd., led by former Gov.
Jon S. Corzine, reported
a quarterly loss of $186
million on investments
in European government debt, and the firm
filed for bankruptcy on
Oct. 31. In addition, apJon S. Corzine
proximately $1.2 billion in client funds
has not been located. Corzine resigned
from his position as chief executive Nov.
4. A court-appointed trustee is working to
divide the firm’s remaining assets among
its creditors.
BE IN A POSITION OF STRENGTH
SM
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njbiz
◆
December 5, 2011 21
NEW JERSEY’S TOP
CEO
Compensation
CEO
Compensation
NEW JERSEY'S TOP
For
fulllist,
list,visit
visitwww.njbiz.com/lists
www.njbiz.com/lists
For
full
Ranked
2010
compensation*
Ranked
byby
2010
totaltotal
compensation*
RANK
EXECUTIVE
COMPANY
COMPANY ADDRESS
PHONE | WEBSITE
1 Johnson & Johnson Plaza
New Brunswick, 08933
(732) 524-0400 | www.jnj.com
By Danielle Mack
By Danielle MACK
2010 SALARY
$1,851,154
STOCK AWARDS
$2,773,851
OTHER COMPENSATION **
$24,095,486
2010 TOTAL COMPENSATION
% CHANGE
$28,720,491
-7%
1
William C. Weldon
Johnson & Johnson
2
Richard T. Clark
Merck & Co. Inc.
1 Merck Drive
Whitehouse Station, 08889
(908) 423-1000 | www.merck.com
$1,862,500
$7,083,105
$15,627,266
$24,572,871
55%
3
John R. Strangfeld
Prudential Financial Inc.
751 Broad St.
Newark, 07102-3777
(973) 802-6000 | www.prudential.com
$1,000,000
$6,107,529
$15,464,750
$22,572,279
23%
4
John D. Finnegan
The Chubb Corp.
15 Mountain View Road
Warren, 07059
(908) 903-2000 | www.chubb.com
$1,312,500
$8,613,856
$10,333,405
$20,259,761
6%
5
David M. Cote
Honeywell
101 Columbia Road
Morris Township, 07962
(973) 455-5422 | www.honeywell.com
$1,800,000
$0
$18,354,012
$20,154,012
52%
6
David B. Snow Jr.
Medco Health Solutions Inc.
100 Parsons Pond Drive
Franklin Lakes, 07417-2603
(201) 269-3400 | www.medcohealth.com
$1,300,000
$2,406,914
$12,706,313
$16,413,227
23%
7
Steven H. Temares
Bed Bath & Beyond
650 Liberty Ave.
Union, 07083
(908) 688-0888 | www.bedbathandbeyond.com
$2,288,462
$4,500,022
$8,694,929
$15,483,413
78%
8
Seifi Ghasemi
Rockwood Holdings Inc.
100 Overlook Center
Princeton, 08540
(609) 514-0300 | www.rockwoodspecialties.com
$1,150,000
$3,024,994
$8,983,337
$13,158,331
113%
9
Ronald L. Nelson
Avis Budget Group
6 Sylvan Way, Suite One
Parsippany, 07054
(973) 496-4700 | www.avisbudgetgroup.com
$1,000,000
$8,608,298
$3,485,308
$13,093,606
279%
10
William J. Pesce(1)
John Wiley & Sons Inc.
111 River St.
Hoboken, 07030
(201) 748-6000 | www.wiley.com
$980,000
$2,684,700
$9,121,367
$12,786,067
61%
11
Surya N. Mohapatra
Quest Diagnostics
3 Giralda Farms
Madison, 07940
(973) 520-2700 | www.questdiagnostics.com
$1,231,120
$5,325,706
$5,785,018
$12,341,844
-1%
12
Douglas R. Conant(2)
NA
NA
NA
NA
$1,185,000
$7,229,271
$3,755,392
$12,169,663
-16%
13
Francisco D'Souza
Cognizant Technology Solutions
500 Frank W. Burr Blvd.
Teaneck, 07666
(201) 801-0233 | www.cognizant.com
$539,100
$9,824,976
$818,468
$11,182,544
99%
WE PUT OUR
CLIENTS FIRST.
We approach every client relationship like the partnership it is.
WHICH IS WHY
OUR CLIENTS LAST.
That’s why we pay attention to our clients’ immediate needs and
their long-term interests. And while our firm has grown over the
years to serve our increasingly diverse client base, one thing has
never changed: the fact that our clients always come first. For
experienced legal counsel backed by highly responsive client service,
Riker Danzig is the right choice.
MORRISTOWN, NJ 973.538.0800
TRENTON, NJ 609.396.2121
NEW YORK 212.302.6574
LONDON AFFILIATE +44 (0) 20 7877 3270
W W W.RIKER.COM
22 December 5, 2011
u
njbiz
www.njbiz.com
NEW JERSEY’S TOP
NEW JERSEY'S TOP
CEO Compensation
For
fulllist,
list,visit
visitwww.njbiz.com/lists
www.njbiz.com/lists
For
full
Ranked by 2010 total compensation*
Ranked by 2010 total compensation*
RANK
CEO Compensation
EXECUTIVE
COMPANY
COMPANY ADDRESS
PHONE | WEBSITE
225 Brae Blvd.
Park Ridge, 07656
(201) 307-2000 | www.hertz.com
By Danielle Mack
By Danielle MACK
2010 SALARY
$1,131,250
STOCK AWARDS
$2,972,420
OTHER COMPENSATION **
$6,977,818
2010 TOTAL COMPENSATION
% CHANGE
$11,081,488
20%
14
Mark P. Frissora
Hertz
15
Timothy M. Ring
C. R. Bard Inc.
730 Central Ave.
Murray Hill, 07974
(908) 277-8000 | www.crbard.com
$1,050,000
$4,133,668
$4,938,470
$10,122,138
5%
16
Edward J. Ludwig
BD
1 Becton Drive
Franklin Lakes, 07417-1880
(201) 847-6800 | www.bd.com
$1,070,000
$2,926,049
$6,008,973
$10,005,022
-0%
17
Sol J. Barer(3)
Celgene Corp.
86 Morris Ave.
Summit, 07901
(908) 673-9000 | www.celgene.com
$1,127,000
$1,825,956
$6,906,071
$9,859,027
13%
18
Stephen P. Holmes
Wyndham Worldwide
7 Sylvan Way
Parsippany, 07054
(973) 753-6000 | www.wyndhamworldwide.com
$1,115,050
$3,750,000
$4,633,067
$9,498,117
56%
19
Ralph Izzo
Public Service Enterprise Group Inc.
80 Park Plaza
Newark, 07101-1171
(973) 430-7000 | www.pseg.com
$946,450
$5,726,042
$2,561,322
$9,233,814
6%
20
Gary C. Butler(4)
Automatic Data Processing
1 ADP Blvd.
Roseland, 07068-1728
(973) 974-5000 | www.adp.com
$1,000,000
$1,440,580
$6,681,353
$9,121,933
16%
21
David Crane
NRG Energy Inc.
211 Carnegie Center
Princeton, 08540
(609) 524-4500 | www.nrgenergy.com
$1,206,192
$3,241,911
$3,674,007
$8,122,110
3%
22
Martin R. Benante
Curtiss-Wright
10 Waterview Blvd., Second Floor
Parsippany, 07054
(973) 541-3700 | www.curtisswright.com
$956,154
$727,500
$6,264,402
$7,948,056
9%
23
Robert J. Hugin(5)
Celgene Corp.
86 Morris Ave.
Summit, 07901
(908) 673-9000 | www.celgene.com
$889,375
$1,386,686
$5,132,722
$7,408,783
38%
24
Frank J. Coyne
Verisk Analytics Inc.
545 Washington Blvd.
Jersey City, 07310
(201) 469-2000 | www.verisk.com
$1,000,000
$2,610,000
$3,534,832
$7,144,832
-39%
25
Steven V. Abramson
Universal Display Corp.
375 Phillips Blvd.
Ewing, 08618
(609) 671-0980 | www.universaldisplay.com
$524,212
$3,797,492
$2,041,053
$6,362,757
436%
Source: U.S. Securities and Exchange Commission EDGAR database and NJBIZ research. CEOs drawn from NJBIZ list of top public companies. *Compensation for fiscal year 2010 except as noted. **Other compensation may include bonuses, option awards, non-equity
incentive plan compensation, change in pension value and non-qualified deferred compensation earnings, etc. (1) Retired April 30, 2011. (2) President and CEO until August 2011. (3) In June 2010, Barer stepped down as CEO and became Celgene's executive chairman
through Dec. 31, 2010, when he became nonexecutive chairman. (4) Butler retired in November 2011. (5) Became president and CEO on June 16, 2010. NA: Not Available. There is no charge to be included in NJBIZ lists. We assume that the information provided by
representatives is accurate and truthful. We are not responsible for the omission of organizations that do not respond to our questionnaires or to phone or fax requests for information. If your organization was omitted and you wish it to be included in future lists, please
go to our website at www.njbiz.com and select "Lists 1D then "Add Data." You may also contact [email protected] or at (732) 246-5733. Information may also be faxed to (732) 846-0421. Information received after the press deadline cannot be included. The lists, or any parts
of them, cannot be reproduced without written permission from NJBIZ. For more on NJBIZ products, please call (732) 246-5701.
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njbiz
Congratulations
to New Jersey’s Fifty Fastest Growing Companies!
On November 14, 2011 NJBIZ recognized fifty
companies that are making significant contributions
to the growth, strength, and success of our state.
Presented by:
The 2011 New Jersey’s Fifty Fastest Growing Companies, in Ranked Order.
Atlantic Coast Media Group
First Choice Bank
North Jersey Community Bank
Meeting Alliance
PSKW, LLC
The Bank of Princeton
GENEWIZ, Inc.
Liberty Healthcare Services
Immunomedics, Inc.
Hill International
Sovereign Consulting Inc.
Staff Management Group LLC
Trinity Solar
GAIN Capital Holdings, Inc.
iCIMS
Premier Healthcare Exchange, Inc.
DIVERSANT
Loving Care Agency, Inc.
ExpertPlan, Inc.
Synchronoss Technologies, Inc
SunDurance Energy, LLC
AMCS Corporation
Burpee Materials Technology, LLC
MedAvante, Inc.
Artech Information Systems LLC
Freshpet
AASKI Technology Incorporated
Datapipe, Inc.
Bio-Reference Laboratories, Inc.
NRG Energy, Inc.
The Millennium Group
IT America Inc.
Integra LifeSciences Corporation
AIS Fund Administration
KS Engineers, P.C.
J.F. Kiely Construction Co.
AdvantEdge Healthcare Solutions
Preferred Freezer Services
SANpulse Technologies, Inc.
Conigent
Mindlance, Inc.
Orion Systems Integrators, Inc.
Summit Medical Group
Telesto Group, LLC
The Medicines Company
Concord Engineering
ARS Technologies, Inc.
Billtrust
Integrated Media Solutions
Solix, Inc.
Major Sponsors:
Supporting Sponsors:
For information on the 2012 program, please contact Sarah Spangler at [email protected] or (732) 246-5713.
NEW JERSEY'S TOP
RANK | PREV.
COMPANY
YEAR ESTABLISHED
NEW JERSEY’S TOP
Defined Contribution
Plan
Administrators
Defined
Contribution
Plan
Ranked by the number of New Jersey company customers
Ranked by the number of New Jersey company customers
Administrators
ADDRESS
PHONE | FAX | WEBSITE
545 Route 17 South, Suite 2001
Ridgewood, 07450-2097
(201) 447-2525 | (201) 447-9634 | www.intacinc.com
SENIOR EXECUTIVE(S)
PRODUCTS/SERVICES
For full list, visit www.njbiz.com/lists
Byfull
Danielle
MACK
By Danielle Mack
For
list, visit www.njbiz.com/lists
N.J. COMPANY
CUSTOMERS
2,150
1|1
INTAC Actuarial Services Inc.
1977
2|5
Northeast Professional Planning Group
Inc.
1997
121 Monmouth St., Suite A
Red Bank, 07701
(732) 758-1577 | (732) 758-1582 | www.northeastprofessional.com
Michael M. Salerno, Sam Christopher, Charles Stipelman, Alan Nahoum
401(k) qualified plans, defined benefit and cash balance plans, profit sharing
plans, actuarial consulting services, actuarial valuation, annual allocation,
health and welfare consulting, medical, dental, disability/life, health
reimbursement arrangements (HRA) and health saving accounts (HSA)
1,164
3|4
ABAR Pension Services Inc.
1974
25B Vreeland Road, Suite 209
Florham Park, 07932-1900
(973) 660-2100 | (973) 660-2111 | www.abarpensioninc.com
Scott M. Feit, Mark Shemtob, Mikel R. Uchitel
Consulting
1,000
4|6
Preferred Pension Planning Corp.
1986
991 Route 22 West
Bridgewater, 08807-2956
(908) 575-7575 | (908) 575-8889 | www.preferredpension.com
Lawrence J. Zeller, Sheryl L. Guss, Brian M. Kane
Retirement plan design, administration and consulting
935
5|7
Red Bank Pension Services Inc.
1986
2 Hartford Drive, Suite 101
Red Bank, 07701-4936
(732) 747-1540 | (732) 747-4999 | www.rbpsinc.com
Robert Hahn
Third-party administration
900
6|8
IPA Northeast LLC
1968
11 Commerce Drive
Cranford, 07016
(908) 325-2600 | (908) 325-2626 | www.ipanonline.com
Marvin Scherb, Robert McGowan, Stephen Dolce, Joyce Yaccarino
Actuarial, daily valuation, balance forward, administer DB plans, administer PS
plans, administer cross-tested plans, compliance, plan design, voice response
service, 403(b) plans, web-based services
725
7 | 11
Planned Retirement Consultants and
Administrators
1976
555 Goffle Road, Suite 200
P.O. Box 5126
Ridgewood, 07451-1526
(201) 447-6010 | (201) 447-0913 | www.planned-retirement.com
Lawrence C. Switaj, Elizabeth M. Switaj
Third-party administrative services for defined contribution pension plans and
actuarial services for defined benefit pension plans
685
8 | 11
ExpertPlan Inc.
1999
50 Millstone Road
East Windsor, 08520
(609) 918-2500 | (609) 918-1328 | www.expertplan.com
Julian N. Onorato, Sid Garai
Retirement plan recordkeeping, third-party administration, consulting services,
trust and benefits software
650
9 | 15
Altigro Pension Services Inc.
1965
3 Route 46 West
Fairfield, 07004-2904
(973) 439-0200 | (973) 439-0210 | www.altigro.com
Brad A. Greenbaum, Steven P. Greenbaum
Design, installation and third-party administration services for all types of
qualified retirement plans
466
10 | 14
Feldman Benefit Services Inc.
1983
871 Mountain Ave.
Springfield, 07081
(973) 376-6777 | (973) 376-6761 | www.feldmanbenefit.com
Elise Feldman, Sharon Birnbaum, Suzanne E. Miscik
The design, implementation and annual administration of qualified,
nonqualified, and welfare benefit employee benefit plans
460
11 | NR
Stephen H. Rosen & Associates
1982
89 N. Haddon Ave., Suite D
Haddonfield, 08033-2473
(856) 795-6834 | (856) 795-5514 | www.shrosen.com
Beth Davies
Retirement plan consulting, design and administration
400
12 | 17
SBC Benefit Consultants Inc.
1991
51 Chestnut St.
Rutherford, 07070-1272
(201) 896-9616 | (201) 896-0560 | www.sbcbenefit.com
Sharon Darmetko McNish, Katie Walker
Actuarial, consulting and third-party administrative services for defined
contribution and defined benefit plans
287
13 | 19
Milliman Inc.
1947
3 Garret Mountain Plaza, Suite 101
Woodland Park, 07424-3352
(973) 278-8860 | (973) 278-8887 | www.milliman.com
Jeff Budin
Actuarial consulting, communication, compensation consulting, defined
benefit administration, health and welfare consulting, health and welfare
administration, nonqualified plans, participant education, retiree medical, and
total retirement outsourcing
250
14 | NR
Pro-Plans Inc.
1977
9 Bartholf Ave.
Pompton Lakes, 07442-1841
(973) 831-6500 | (973) 831-8669 | www.proplansinc.com
Christa H. Reddy, Karen H. McIver
Third-party administration
215
15 | 20
Creative Pension Administrators Inc.
1992
1121 Campus Drive West
Morganville, 07751
(732) 972-0748 | (732) 972-6278 | www.creativepensionadmin.com
Richard T. Nathanson
Third-party pension administration and consulting firm
200
16 | NR
Nova Actuarial Services Inc.
1979
1259 Route 46 East, Building Three
Parsippany, 07054
(973) 263-4664 | (973) 263-0333 | www.pensionsbynova.com
Arthur Dilley
Pension administration and design
162
17 | 20
Advanced Pension Designs LLC
1970
1305 Campus Parkway, Suite 203
Wall Township, 07753
(732) 919-6990 | (732) 568-7776 | www.advpen.biz
Alan Berger, Richard Berger
Design and administer corporate retirement plans
150
18 | 26
Actuarial Consulting Services
1978
16 N. Kings Highway
Cherry Hill, 08034
(856) 779-2529 | NA | www.acspension.com
Michael R. Haya
Strategic retirment plan design, comprehensive administration, IRS/DOL
correction work, QDRO preparation/review
65
19 | 29
web401k.com Inc.
1984
13 Roszel Road, C205
Princeton, 08540
(800) 701-401k | (609) 275-8887 | www.web401k.com
Daniel Klein, Leyla Howarth, Ronald Cohen
Administration/compliance, communication/investment education,
consulting-plan, and recordkeeping
44
20 | NR
Coe Administrators East LLC
1982
64 Holly Oak Drive, Lower Level
Voorhees, 08043-1538
(856) 770-1111 | (856) 770-1211 | www.coeadministrators.com
Edward F. Donnelly, John V. Puscian
401(K)/defined contribution services, actuarial and defined benefit services,
compliance and fiduciary services
25
Max Rosenberg, Harry Rosenberg, Charles Rosenberg
Design and administration of qualified retirement plans
Source: The companies. NR: Not Ranked. NA: Not Available. There is no charge to be included in NJBIZ lists. We assume that information provided by representatives is accurate and truthful. We are not responsible for the omission of organizations that do not respond to
our questionnaire or to fax or phone requests for information. If your organization was omitted and you wish to be included in future lists, please go to our website at www.njbiz.com and select "Lists” then "Add Data." You may also e-mail [email protected] or call (732)
246-5733. Information may also be faxed to (732) 846-0421. Information received after press deadline cannot be included. The list, or any parts of them, cannot be reproduced without written permission from NJBIZ. For more on Information Products from NJBIZ, please
call (732) 246-5701.
www.njbiz.com
njbiz
Call for NomiNatioNs!
Presented By:
NJBIZ is looking for women business leaders who are influential in their companies, industries and communities – women who are shaping the economic future of New Jersey.
Selection Criteria:
l
l
l
l
Must be a female resident or be employed in New Jersey
May be self-nominated or nominated by another person
Nominees must be employed by a for-profit company and hold a senior
management-level position with significant authority in decision making.
Cannot be a past award recipient, member of the judges panel or a member
of the judges’ immediate family.
Nomination Deadline: January 13, 2012
Visit www.njbiz.com/events for more information and the official nomination
instructions or contact Sarah Spangler at (732) 246-5713 or [email protected]
Major Sponsor:
Supporting Sponsor:
SponSorShipS Still available! ContaCt Mark Cialdella at (732) 246-5729
Close Up: Harsukh Parmar
Accounting
the State University of New York – Orange.
n Al Norman has been
named first vice president/loan workout officer. He has 25 years
of corporate banking
experience and 13 years
of experience as a restructuring consultant
for Capstone Advisory
Al Norman
Group LLC and FTI Consulting Inc. He
holds an MBA in finance from Seton Hall
University.
Mercadien P.C. has
named Andrea Kelliher marketing manager.
She previously worked
at Positive Solutions, a
marketing and public
relations firm she started in 2007. She holds a
B.A. in English and comAndrea Kelliher
munications from Cabrini College.
Architecture
NK Architects, in Morristown, has announced seven new hires:
n Adriane Beach has joined the firm’s accounting department. She relocated from
California, where she worked for a firm
that supplies materials to the aerospace
and architecture industries.
n Jian Chen has joined the firm’s Structure
Studio. A structural engineer, he brings more
than eight years of experience to the firm.
n John DeBrito has joined the firm as project architect. He brings 15 years of experience.
n Patrick McFadden has also joined the
firm’s Structure Studio. He is a recent college graduate.
n Mauli Mehta has joined the firm as an
interior designer. She relocated from California and brings eight years of interior design experience.
n Christopher Papaleo has been hired
as project architect. He has more than 15
years of experience in the industry.
n Victor Rodriguez brings more than 25
years of experience to his new post as senior designer.
Sun National Bank, in Vineland, has promoted three executives:
n James J. DiChiara
has been promoted to
senior vice president.
He previously was vice
president. A member of
the bank’s commercial
lending team, he joined
the company in 2008.
James J. DiChiara
n Barbara J. Fouss has been promoted to
chief credit policy officer. She previously
was deputy chief credit policy officer. Also
a senior vice president, she has held leadership positions within the company for
more than eight years.
n Thomas F. Kelly, a senior vice president, has
been promoted to director of credit risk management. He previously was
small-business banking
and consumer lending
manager. He has more
than 20 years of banking
Thomas F. Kelly
industry experience.
Banking
Credit Unions
Sussex Bank, in Franklin, has announced
two appointments:
n Patience L. Calderon has been appointed vice president/loan operations manager.
She previously was documentation group
manager at Hudson Valley Bank. She holds
an associate degree in human services from
Marie Kavanagh has been hired as director
of training and organizational development
at First Federal Credit Union, based in the
credit union’s Wall office. She has previously
been human resources director at ManTech
Sensor Technologies Inc., and learning and
development manager at Prudential Insur-
Meeker Sharkey
Insurance
Benefits
Protecting what matters most since 1864
P: 908-272-3330
www.njbiz.com
Position: Head, Translational and Experimental
Medicine-Inflammation at Roche, in Nutley
Key role: Drive the strategy and implement early
clinical development to deliver first-in and best-indisease compounds to the pipeline
Goals: Deliver differentiated medicines to patients
to address high unmet medical needs
Previous jobs: Early development director,
vice president and global head, Early Clinical
Development, AstraZeneca; global clinical
science leader and director Oncology
Immunology, Virology and Transplantation, and associate director, Experimental
Medicine, Pfizer.
Key strengths: Long academic and
industry experience in discovery and
development in immunology, respiratory
and oncology
Career high: Developing several key marketed products (e.g., Vfend at Pfizer;
Rituximab at Roche; and Brilinta at
AstraZeneca)
Next: Exploring new disease areas
Challenges: Identifying the
right targets and delivering proof of concept (e.g.,
demonstrating that a new
approach to fighting disease is feasible) in newer
disease indications
After hours: At present,
I do not have much free
time but I value time
spent with my family.
www.meekersharkey.com
F: 908-272-3331
ance and Financial Services. She holds a B.A.
in business administration, and an M.S. in
social work, both from Rutgers University.
Insurance
HUB International Northeast has hired
Marc Ferrara as vice president, associate
practice leader in its employee benefits division. He will be based in HUB’s Berkeley
Heights office. He most recently was regional vice president at Corporate Synergies. Before that, he held leadership positions at Cigna and Wachovia.
Mitchell Insurance Agency, in Newton,
has appointed Suzanne J. Howell as commercial lines account manager. She brings
more than 20 years of insurance policy
management, most recently working as
commercial lines account manager for
Clark & Morrison Insurance, in Denville.
She holds a B.A. in music education from
Westminster Choir College.
Law
Maureen Coghlan has
re-joined Archer &
Greiner as an associate
in its litigation department in Haddonfield.
She worked at the firm
from 2007 to 2009 before leaving to serve as a
clerk for the Hon. Renee Maureen Coghlan
Marie Bumb, of the U.S. District Court of
New Jersey, in Camden.
How
to
Submit
Executive Moves items may be e-mailed to [email protected]
with “Executive Moves” in the subject line. Please include
employee’s full name; a high-resolution headshot photograph; the title of the new position; company name; company location and business; previous position and company;
and educational background with degree and institution. For
more Executive Moves listings visit www.njbiz.com.
Meeker
Sharkey is a respected insurance agency for more than 40 years. We offer
New
Hires:
ourSandler
clients
Greg
access to over 20 major insurance companies.
Our compensation is fee based. As today’s insurance pricing is soft, contact us for a
comparative quote with no obligation.
We offer:
Richard Skorupski
Rich
joined Meeker Sharkey
in 1986 and recently
to re-join Insurance
the firm in order to concentrate on client needs without distraction. “We
•originally
Commercial
Property
and decided
Casualty
are fortunate to have a person of his expertise, skill and client focus on our team,” said Sharkey. Skorupski has lectured on management liability
issues
forEmployee
various non-profit organizations
and associations and he is currently President of the Union County Educational Services Foundation in
•
Benefit
Plans
Westfield, NJ.
• Life Insurance and Annunities
Deborah Torres
• willPersonal
Insurance
forbrokerage
Homeowners
Automobile
needs
Debbie
oversee all aspects
of our service and
activities related toand
our client’s
homeowners, personal
auto insurance and personal asset
protection needs. Debbie has a wealth of experience handling the more complex personal insurance needs of wealthy clientele, a market that will be a
principal
company’s personal insurance
division.”
Callfocus
usofatthe908-272-3330.
You
will like our answers.
Sandler focuses on analyzing his clients’ exposures to healthcare reform and designing insurance programs that sustainably control health insurance
costs. In addition to health insurance, his expertise includes payroll, HR outsourcing, consumer driven healthcare, disease management, HR technology
and training. His responsibilities include new business development, new business marketing, client relationships, account renewal marketing and carrier
relationship management.
njbiz
Management Sciences. Felician
College, 223 Montross Ave., Sammartino Hall, Upper Lecture Hall,
Rutherford. (201) 559-3569.
12/8 Thursday 7 to 10:30 p.m.
Careers
Business Plan Workshop. Small
Business Development Center at
Brookdale Community College.
BCC, 765 Newman Springs Road,
Lincroft. Cost: $65. (732) 224-2751.
12/6 Tuesday 4 to 6:30 p.m.
12/6 Tuesday 5 to 8 p.m.
Open House for Registered
Nurses. Robert Wood Johnson
University Hospital. PSE&G Children’s Specialized Hospital, 200
Somerset St., New Brunswick.
(732) 937-8511.
How To/Training
Future and Financing of Smart
Grids Versus Microgrids Energy/
Enviro/Engineering Network.
New Jersey Technology Council.
Rowan University, Rowan Hall,
201 Mullica Hill Road, Glassboro.
Cost: $25 for members, $50 for
nonmembers. (856) 787-9700.
12/13 Tuesday noon to 2 p.m.
New Tech Bubble? Venture Association of New Jersey. Marriott
Hanover, 1401 Route 10 East,
Whippany. Cost: $55 in advance,
$75 at the door. (973) 507-0517.
12/6 Tuesday 8:30 to 9:30 a.m.
Cyber Security and Privacy Insurance: Issues Facing Companies Today. The Somerset County
Business Partnership. SCBP, 360
Grove St. and Route 22 East, Bridgewater. Cost: $30. (908) 218-4300.
12/6 Tuesday 11 a.m.
Annual Luncheon and Holiday
Regatta. Mercer County Sports
and Entertainment Commission.
Mercer Oaks Clubhouse, 725 Village Road West, West Windsor.
Cost: $45. (609) 737-0927.
12/7 Wednesday noon to 1 p.m.
12/6 Tuesday 4 to 6:30 p.m.
Avoiding Revenue Shortfalls. New
Jersey Technology Council CFO
Network. Ernst &
Young, 99 Wood Ave. South,
Iselin. (856) 787-9700.
Self-Direction 101. Next Generation Trust Services. Next Generation Trust’s Offices, 75 Livingston
Ave., Third floor, Roseland. (973)
533-1880.
12/6 Tuesday 6:30 to 9:30 p.m.
Annual Arts and Eats for Justice Gala. Volunteer Lawyers for
Justice. Montclair Art Museum, 3
South Mountain Ave., Montclair.
(973) 645-1951, ext. 109.
12/8 Thursday 6 p.m.
Managing in an Era of Financial Instability. The Felician
College Division of Business and
12/11 Sunday 1 p.m.
A
Musical
WatchSteve
SteveAdubato
Adubatoon
on
Watch
&&
will now air
Monday-Friday:
on
Performance
of
Owners. Hilton Garden Inn, Edison/Raritan Center, 50 Raritan
Center Parkway, Edison. Cost:
$35 for members, $45 for nonmembers. (732) 703-6616.
Networking
12/5 Monday 5 to 10 p.m.
Annual Holiday Party. The Industrial and Office Real Estate Brokers Association of the New York
Metropolitan Area Inc. Highlawn
Pavilion, 381 Eagle Rock Ave., West
Orange. Cost: $115 for members,
$135 for nonmembers. To register,
e-mail: [email protected].
12/6 Tuesday 8 to 9:30 a.m.
Fundraising
Financing a Small Business
Workshop. Small Business Development Center at Brookdale
Community College. BCC, 765
Newman Springs Road, Lincroft.
Cost: $55. (732) 224-2751.
Scrooge to Benefit Lin’s Linens
Inc. Paramount Theater, 1300
Ocean Ave., Asbury Park. Cost:
$25 for adults, $23 for seniors,
$15 for students and $12 for children. (732) 270-4546.
Breakfast Meeting. Essex Chapter of the New Jersey Association of Women Business Owners. Eppes Essen, 105 E. Mount
Pleasant Ave., Livingston. (973)
746-4404.
12/6 Tuesday 11:30 a.m. to 2:30 p.m.
Holiday Luncheon. The Central
Jersey Chapter of the National
Association of Women Business
2011 Holiday Gathering. New
Jersey Chinese-American Chamber of Commerce. Crowne Plaza
Edison, 2055 Lincoln Highway,
Edison. Cost: $45 for members,
$50 for nonmembers. (732)
507-7348.
12/7 Wednesday 11:30 a.m. to 2 p.m.
Holiday Luncheon. Woodbridge
Chamber of Commerce. Renaissance Woodbridge Hotel, 515
Route 1 South, Iselin. Cost: $45
for members, $55 for nonmembers. (732) 636-4040.
12/7 Wednesday 5:30 to 7:30 p.m.
Annual Meeting and Holiday
Reception. Newark Regional
Business Partnership. The Mezzanine, The National Newark Building, 744 Broad St., Newark. Cost:
$60 for members, $100 nonmembers. (973) 522-0099.
How to Submit
NJBIZ welcomes your Upcoming Events items. Press releases may be e-mailed to [email protected] with
“Upcoming Events” in the subject line. Designate each item as one of the following: Careers, How To/
Training, Fundraising, Networking. Items must include the following information: Full date, start and
end times; topic; cost; event sponsors; name of facility; street address; city; and contact phone number,
e-mail address or URL. View the complete statewide events calendar online at www.njbiz.com.
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City/State: Foster City, Calif.
Seller: Pharmasset Inc.
City/State: Princeton
Price: $10,201.172
Percent Sought: 100
Insider Trading
SL INDUSTRIES INC. (SLI)
New Businesses
Chapter 11, filed 11/21/2011
Case number 11-43510-NLW
JL&NL Corp.
135 Skyline Drive, Unit 11
Ringwood, 07456
Type: n/a
Trenton
Gost Inc.
402 Main St., Suite 143
Metuchen, 08840
Chapter 7, filed 11/22/2011
Case number 11-43716-KCF
JNB Management Inc.
370A Market St.
Saddle Brook, 07663
Type: Management services
KGB Fitness Inc.
605 Luis Munoz Marin Blvd.
Jersey City, 07310
Type: Health clubs, studios and
gymnasiums
LA Rosa Pediatrics Inc.
6900 Park Ave., Unit 3
West New York, 07093
Type: Physicians and surgeons
Bankruptcies
Newark
New Life Adult Medical Day Care
Center Inc.
340 Evelyn St.
Paramus, 07652
Mergers & Acquisitions
Date Announced: 11/16/11
Buyer: InComm Conferencing
Inc.
City/State: Glen Rock
Seller: InComm Solutions Inc.
City/State: Glen Rock
Percent Sought: 100
SPH Group Holdings, beneficial
owner, purchased 62,210 shares of
common from $17.56 to $18 each
from Nov. 21 to Nov. 22 in a transaction worth $1,117,467, and now
indirectly holds 989,441 shares.
46,504,400 shares.
CHURCH & DWIGHT CO.
INC. (CHD)
Steven P. Cugine, officer, exercised an option for 15,000 shares
of common at $10.93 each on
Nov. 22 in a transaction worth
$163,926, and sold the shares
at $42.82 each on Nov. 22 in a
transaction worth $642,275, and
now directly holds 7,628 shares.
Real Estate Transactions
North
VONAGE HOLDINGS CORP.
(VG)
Jeffrey A. Citron, director and
beneficial owner of more than 10
percent of a class of security, sold
300,000 shares of common from
$2.27 to $2.50 each from Nov. 21
to Nov. 23 in a transaction worth
$719,710, and now directly holds
Buyer: SMP International LLC
City/State: Verona
Seller: Safe Money Places LLC
City/State: St. Louis, Mo.
Percent Sought: n/a
Buyer: Gilead Sciences Inc.
Secaucus-based Hartz Mountain
Industries has purchased the 99
Hudson Street site, in Jersey City,
for $35 million from Bank of
America. Plans for the 1-acre site,
which currently serves as a parking
lot, have not been announced.
The Hampshire Cos. has sold 7
More
Mercedes Drive, a 58,500-squarefoot office flex building in Montvale, to H.E. Northgate Ltd.
Partnership. The Esquire Group
represented Hampshire, which is
based in Morristown.
CENTRAL
Bunzl
Northeast,
a
distribution company, signed a
132,410-square-foot lease at
Perth Amboy Business Park, a
450,000-square-feet
industrial
complex owned by Matrix Development Group and Morgan Stanley. Cassidy Turley represented
the tenant.
SOUTH
Mulcahy Properties LLC purchased The Goddard School, in
Westampton, from RAKA LLC
for $1.2 million. The transaction was brokered by Marcus &
Millichap.
Information
New Businesses include businesses that have moved to New
Jersey or opened a new office in the state. The information was
supplied by InfoGROUP.
Bankruptcies are obtained from federal courthouse records
available on Public Access to Court Electronic Records, or PACER.
Listings are organized by the office in which they were filed.
Mergers & Acquisitions data were supplied by FactSet Mergerstat
(indicated by *) and Thomson Reuters. (** Indicates information
was provided by both.)
Insider Trading reports on the stock transactions reported to the
Securities and Exchange Commission by officers, directors and major shareholders. These data were compiled by Thomson Financial
and are listed in order of transaction value.
Real Estate Transactions are provided by brokers and their representatives. Listings should include the names of the buyer and seller
or lessee and lessor; the square footage or acreage; the address of
the property; the date of the deal; and the brokers representing each
party. For sales transactions, please include the price. Send all transaction information to [email protected] with “real estate” in the subject line.
WE’RE MAKING
GOOD IMPRESSIONS;
®
as a matter of fact, NJBIZ.com
averages over 30,000 unique visits
and 150,000 page views per month!
NJBIZ, New Jersey’s only independent weekly business journal, reaches
nearly 50,000 readers every week! And now, NJBIZ.com has clicked
through to another level as the strong online component of NJBIZ.
• NJBIZ.com averages 60,000 visits and 150,000 page
views per month.
• NJBIZ.com is attracting a new following every day with over
30,000 unique visitors each month.
• Our daily e-newsletters have over 20,000 subscribers.
Want to Learn More?
Call (732) 246-5729.
njbiz.com site sponsors:
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MDAdvantage Insurance Co. of New Jersey participated as a co-sponsor in the opening of the Regional Perinatal Simulation Center at St. Barnabas Medical Center.
Pictured, from left, are Dr. John F. Bonamo; Patricia A. Costante, MDAdvantage chairman and CEO; Robert B. Goley, MDAdvantage representative; Marlene Taft,
MDAdvantage representative; Dr. Richard C. Miller; and Jared Kutzin, nurse.
NYI hosted the New Jersey Technology Council’s annual Top Technology
Trends and Cool Products Competition at NYI Bridgewater. Pictured, from
left, are Pamela Woronoff, Lingraphica representative (one of the winners
of the New Jersey Tech Council’s Cool Products competition), with Phillip
Koblence, NYI Operations vice president.
How
to
Submit
NJBIZ welcomes your Off the Clock and Guest List items. Pictures, and captions that identify everyone in the photo from left to right, may be e-mailed to
[email protected] with “Off the Clock” or “Guest List” in the subject line.
Please send electronic files at 300 DPI at an original size of 6 inches wide.
Barry Rabner, Princeton HealthCare System president and CEO, has received the PlanSmart NJ 2011
Resource Efficiency Achievement Award for his leadership in the sustainable design and construction
of the new University Medical Center of Princeton at Plainsboro, the acute-care hospital of PHCS.
Pictured, from left, are Ray Ferrara, Omni Environmental and PlanSmart NJ board chairman; Rabner;
Kenneth Drucker, HOK representative; and Lucy Vandenberg, PlanSmart NJ executive director.
As part of EisnerAmper LLP’s volunteer week initiative, the
firm’s Bridgewater office ventured to the Anderson House, a
halfway house for women recovering from drug and alcohol
addiction. EisnerAmper volunteered with painting and gardening. Pictured are EisnerAmper Bridgewater volunteers.
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Courtesy of Jerry Dalia
Courtesy of David Kelly Crow
30th Anniversary Gala
New Jersey Theatre Alliance
Sen. Thomas H. Kean Jr. (R-Westfield), event honoree, with Carolyn J.
Ferolito, NJTA and Paper Mill Playhouse’s board of trustees member.
Courtesy of Jerry Dalia
Pictured, from left, are Larry Capo, Young Audiences Arts for Learning New
Jersey executive director and NJTA board of trustees treasurer; Ann Betterton,
Young Audiences for Learning New Jersey development director; and Michael R.
Schnoering, Mills & Schnoering Architects LLC partner.
Courtesy of Matthew Wright – Fig Tree Photography
New Jersey Theatre Alliance’s 30th Anniversary Gala event took place at the
Pleasantdale Chateau, in West Orange. More than 300 people were at the event,
and proceeds from the event support NJTA’s programs, which benefit 35 professional member theatres from Cape May to Sussex County. Pictured, from left, are
Mary O’Malley, Prudential Local Initiatives vice president; Bea Daggett, Citizens’
Campaign/Jersey Call to Service executive director; Chris Daggett, The Geraldine
R. Dodge Foundation president and CEO.
Pictured, from left, are John McEwen, NJTA executive director; Robert H. Doherty, Bank of America New Jersey president; Carol A. Herbert, New Jersey State
Council on the Arts member and former council chairwoman, and NJTA board of trustees member; Diane DiFrancesco, DLD Quality Engineering CEO and
founder and gala committee co-chair.
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