Fuel Oil News

Fuel Oil News June 2014

The home heating oil industry has a long and proud history, and Fuel Oil News has been there supporting it since 1935. It is an industry that has faced many challenges during that time. In its 77th year, Fuel Oil News is doing more than just holding

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Sprague receiveS Safety awardS The New York State Motor Truck Association recently award- ed the Sprague fleet with its Grand Safety Award for 2013, recognizing Sprague's best-in-class fleet safety record and a sustained safety culture. For the third straight year the Sprague Fleet was among the top three award winners in the "Pick-Up and Delivery— Small Class," which includes all short-haul fleets traveling less than 1 million miles per year. This year, Sprague's safety record, which tracks preventable and non-preventable vehi- cle accidents, was the best-in-class among all similarly sized operators, a notable achievement given the number of local and national fleets operating in New York state as well as the extensive mileage driven by Sprague drivers on challenging New York City streets. Sprague was additionally eligible and recognized with the "Grand Safety Award" for the fleet with the best safety cul- ture among all first place finishers in each class. Those classes include both long-haul and short-haul operations, in each of the small, medium and large categories which are based on the number of total miles driven annually. This top safety award requires a comprehensive qualitative review of all the safety programs, policies and procedures as an indication of each company's overall commitment to safety and their sustainable "Safety Culture. " Big retirement SavingS gainS for Small BuSineSSeS: fidelity ® analySiS revealS retirement contriButionS on the riSe As another sign of growing economic health for small businesses, Fidelity Investments® latest Small Business Retirement Savings Analysis reveals increases in average balances and contributions for the third consecutive year. According to the analysis , which looks at more than 200,000 small business accounts offering a Simplified Employee Pension Plan, Self-Employed 401(k) or Savings Incentive Match Plan for Employees, in the past year alone, the average balance in these plans increased 4%—and average contributions increased 18%. Better still, compared to 2008 levels, when balances were at their lowest, average savings have jumped an impressive 88%, a positive indication that sug- gests the small business segment is feeling confident enough about their present financial situation to contemplate saving for a future in retirement. Since small business owner attitudes are often good predic- tors of economic growth, these retirement savings numbers are good news, and in line with other indicators. For example, ac- cording to the National Small Business Association's 2014 year- end economic report, nearly half (48%) of respondents feel the economy is better off now than it was five years ago, the highest level since the question was first asked in 2008. Fidelity's analysis also suggests this increased optimism is shared by both employers and employees alike, with contributions to both Self-Employed 401(k)s (which are offered to business owners) and SIMPLE IRAs Business OPeRATiOns N e w s 24 June 2014 | fuel oil newS | www.fueloilnews.com Kendra Hems, president, New York State Motor Truck Association (left) and Mike Chellis, chairman, New York State Motor Truck Association (right) present Barry Panicola, director, transportation for Sprague Operating Resources LLC (middle), the top safety award for 2013, recognizing Sprague's best-in-class fleet safety record and a sustained safety culture.

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