Join us for the CADA Breakfast Saturday, March 12 from 7:15 - 9 a.m. at the Westgate Las Vegas Resort & Casino — right next to the Convention Center! It doesn't get any easier than that!
Emceed by Charlie Vogelheim, we'll be joined by Speakers Colorado Rep. Alex Valdez (District 5) and Colorado Sen. Robert Rodriguez (District 32), along with a presentation by Jason Stein, former editor of Automotive News and now host of podcast Cars and Culture with Jason Stein.
Before serving in the Colorado Legislature, Valdez founded his own company, EcoMark Solar. Valdez started EcoMark when the 2008 recession hit. Through a grassroots campaign out of a co-working space in the River North Art District (RiNo), he grew EcoMark into one of Colorado's largest solar companies.
Rodriguez serves as Chair on the Business, Labor and Technology Committee and as Vice Chair on the Legislative Audit Committee. In addition, he serves on the Committee on Legal Services and the Judiciary Committee.
Jason Stein
Host, Cars and Culture with Jason Stein
Car enthusiasts can fuel their passions for all things automobiles by tuning in to Cars and Culture with Jason Stein, a new program exploring America’s love story with our motor vehicles.
Hosted by journalist, podcaster, former editor of Automotive News and car guy Jason Stein, the weekly one-hour show will feature high-profile car lovers, including auto industry leaders, race car drivers, and more.
The show airs on Sirius XM Business Radio (Ch. 132) on Thursdays at 7pm ET, with replays on Saturdays at 1pm ET, Sundays at 9am ET, and Mondays at 7am ET. You can also listen on the SXM App, Pandora, Stitcher or wherever you get your podcasts.
For information about any Endorsed Provider's products or services, contact Marsha Temple 303.457.5123 office | 303.589.3801 mobile
An employee retention strategy
The U.S. continues to experience a labor shortage across many industries and roles. Since April 2021, the number of people quitting their jobs each month has hit record levels — more than 38 million people voluntarily left their jobs in 20211.
Employees may quit for a variety of reasons, including a lack of recognition, unsatisfactory salary or pay. Recognition can come in many forms: job titles, years of service awards or public announcements of a job well done. You can also raise an employee's salary over time — but those ideas have a short shelf life. Employees won't stay long term if they feel they can get more somewhere else.
Federated recognizes employee retention as a business risk that may be managed. To reward good performance while encouraging long-term employment, Federated has a plan to help you recognize your best employees: the Triple Protection PlanSM.
This plan can help address your employee retention concerns, and help protect against the financial impact of an employee death. It can also provide a benefit for an employee’s family. There are three components:
A Private Bonus Plan. This helps retain employees — it’s a program you design that would pay selected employees set bonuses in specific years. The plan can be informally funded with a cash value life insurance policy, and can help protect against the employee’s voluntary departure by providing a strong incentive to stay. The business applies for, owns, and pays the premiums on a life insurance policy on the key employee to informally fund the private bonus plan. The business can then withdraw policy cash values as needed, and in accordance with policy terms to pay the scheduled bonuses.
Key Person Coverage. This can help protect against financial losses associated with a key employee’s death. The proceeds from the same life insurance policy can be used to recruit, hire, and train a replacement. It can also be used for business continuation or overhead expenses.
Family Protection. This allows the business the opportunity to share life insurance protection with the employee’s family. Consult with qualified counsel/a tax professional to prepare the necessary documentation to divide the death benefit on the policy between the business and a personal beneficiary. The company remains in control of the policy while offering some financial resources for the key employee’s family with a portion of the death benefit.
Employee retention of a key person is a concern for business owners. To help the employee feel they are a valued part of the business, the Triple Protection Plan offers employers an opportunity to prove their appreciation with a unique bonus plan and financial resources for their family.
Consider using a Triple Protection Plan to help enhance your efforts to incentivize talented employees to stay. It’s one plan to help address three problems.
1 Bureau of Labor Statistics
This article is for general information and risk prevention only and should not be considered another other offer of insurance or legal, financial, tax, or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all losses. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. This information is current as of its publication date and is subject to change. Some of the services referenced herein are provided by third parties wholly independent of Federated. Federated provides access to these services with the understanding that neither Federated nor its employees provide legal or other expert advice. All products and services not available in all states. Qualified counsel should be sought with questions specific to your circumstances. All rights reserved.
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