NEWS

Mount honors businessman Ludwig H. Bach, awards scholarships

Speaker tells students, ‘A life guided by the 10 Commandments is an honorable life’
September 03, 2012

Newburgh, N.Y. -

Lou Bach Wins Award

Ludwig H. Bach, founder and president of Spectrum Pension and Compensation, Inc. in Newburgh, was given the Mount Saint Mary College Community Service Award on August 30. Pictured from left to right: Iris J. Turkenkopf, vice president for academic affairs; Bach and his wife Maureen Flotard Bach; and Fr. Kevin E. Mackin, OFM, president of the college.

Ludwig H. Bach, president of Spectrum Pension and Compensation, Inc. in Newburgh, was given the Mount Saint Mary College Community Service Award and students were recognized for their academic achievements at a college assembly on August 30.

Bach earned the honor with thanks for his dedicated service to the college and the greater Newburgh community.

Fr. Kevin E. Mackin, OFM, president of the college, cited proclamations from the New York State Senate, and certificates of recognition from Orange County and congress, which saluted Bach for his accomplishments. Fr. Mackin also applauded Bach’s traits including character, honor, consistency, and enthusiasm.

A former vice chair of Mount Saint Mary College’s board of trustees, Bach has also been active on the board for the Newburgh Teacher Center, with the Chamber of Commerce, and with the local fundraiser for Parkinson’s disease research. He has also served as chair for the Mount’s annual invitational golf tournaments.

Additionally, he is the founder and managing director of Summit Actuarial Services, LLC, and a registered representative with the New York Life Insurance Company, also in Newburgh.

When he received the Community Service Award, Bach addressed the students, scholarship donors, and faculty.

“I am who I am because of the foundation that I got right here,” he began, referring to his own experience as a Mount Saint Mary College student.

Bach advised the students that their lives will be full of many choices. “I can also assure you that your choice of Mount Saint Mary College was a great one. What you will learn here will give you the tools you will need to succeed in life,” he said.

“The values and the ethics that you learn here will give you the ability to avoid being driven by greed, or a personal agenda that may harm other people,” he added. “As gold medalist Olympic swimmer Missy Franklin said in a recent interview, when asked what she attributed her success to, she said, ‘It was the advice that I got from my parents. What they told me was work hard, love with all your heart, and be kind.’ ”

Bach, a son of German immigrants who emphasized a strong work ethic coupled with Catholic values, began his academic odyssey at St. Fidelis in College Point, New York, an elementary school run by the Dominican Sisters. He then attended Holy Cross High School in Bayside run by the Brothers of Notre Dame. In 1978, Bach’s parents moved the family to Warwick, NY to supplement his father’s construction worker’s income by raising livestock and growing fruit and vegetables.

After graduating summa cum laude from Mount Saint Mary College with a business degree in 1982, and gaining job experience, Bach founded Spectrum Pension and Compensation, Inc. in 1994. Eight years later, he started Summit Actuarial Services, LLC. Both businesses provide consulting, administrative, and actuarial services to sponsors of employee benefit plans. Bach is also a registered representative with the New York Life Insurance Company. His offices are located in Newburgh.

After Bach’s inspirational speech, more than 70 scholarships were presented to students preparing for careers including health professions, science, education, language arts, communications, history, business, and other fields.