3.24.2020

From NADA

Last week, President Trump signed into law a multibillion-dollar emergency aid package, aimed at helping employees impacted by the coronavirus. The Families First Coronavirus Response Act provides certain eligible employees with potential coronavirus-relatead emergency paid sick leave, emergency family and medical leave, expanded unemployment insurance, as well as tax credits for employers to offset the costs of providing such leaves.

NADA covered the top employment-related legal issues, including the new law, in its webinar on key pandemic-related legal issues and mandates for automobile dealerships. The webinar, Running a Dealership during a Pandemic: Legal Issues and Federal Mandates had more than 3,000 participants on the all.

To view the webinar, click here.

From Michael Dommermuth - Fairfield and Wood, PC

Yesterday’s stay-at-home order by Denver Mayor Hancock identified automotive supply and repair as essential business, and were therefore exempt from the order.

Dommermuth said, “The current situation in Colorado is that service and parts departments are critical, and therefore, unrestricted. Sales are not critical, but can continue with a 50 percent reduced workforce and compliance with CDC workplace guidelines.”

He added, “Dealers can apply for exemption from the 50 percent reduction through the attached certification process.”

Thank you for your 17 donations!

And those are mighty important donations at that. No one could have predicted what’s happened in one fell swoop, yet dealers recognize that people still trade in high-polluting vehicles. And they’re donating them to the Foundation.

All of those donations add up to more scholarships for students who will graduate from tech school soon. They’re still excited about the future. And imagine what they bring with them in terms of looking at a problem with new eyes!

There was a saying back in the ‘60s, ‘Keep on truckin.’ That’s what I’m doing. And if you have old vehicles with low cash value, I’d be happy to take them off your hands and change a life. Call me and let’s make that happen: 303.975.8896.

Stay well,
Mark

Dealer	Total
Greeley Subaru	2
AutoNation Dodge Ram Arapahoe	1
Berthod Motors Buick GMC	1
Christian Brothers	1
Dellenbach Motors	1
Hellman Motor Company	1
Schomp Hyundai	1
Dealer total	8

Other Donors
Fort Carson	9

Total week of March 16, 2020	17

March to date	50

Year to date	338

Donate Here

Can’t always make it to Denver for a seminar? Check out CADA’s on-demand webinars!

Three recent webinars are now available for you to download and view at your own convenience. Keep an eye on this section to see more on-demand offerings.

Avoiding lawsuits & what to do when you are sued

If you couldn’t make the webinar, Avoiding lawsuits & what to do when you are sued December 17, 2019, it’s now available on demand.

Led by Fairfield & Woods, P.C.'s Michael Dommermuth and Adrian Castro, this webinar is designed for dealer principals, general managers and department leaders with bottom-line accountability — and it's packed with information you can use today to protect your dealership from harm tomorrow.

Warranty Reimbursement at Retail Part II

If you couldn’t make the webinar, Warranty Reimbursement at Retail Part II December 11, 2019, it’s now available on demand.

Last year's passage of the Warranty Reimbursement at Retail bill resulted in significant revenue increases to dealers throughout Colorado. And it took a big step toward leveling the playing field between manufacturers and dealers for warranty and recall vehicle repairs.

This webinar summarizes dealers' success in the state so far, the latest manufacturing behaviors in Colorado and annual labor rate submissions. If you're a dealer that has submitted parts submissions, but not labor, this last piece should be of particular interest to you.

Solar for Auto Dealerships

If you couldn’t make the webinar, Solar for Auto Dealerships November 14, 2019, it’s now available on demand.

Colorado has become one of the most severe, hail-damaged states in the country — and dealers continue to be plagued by dramatic cost increases for open lot coverage, either by major insurance players pulling out of the state or through HUGE increases in open lot premiums.

As a result, dealers are looking for ways to save inventory from devastating hail storms while lowering insurance premiums and reducing electricity costs. Yet it can be a bit of a maze to navigate.

Bonds & Forms

CADA has a fillable bond request form for new sales people! This new, fillable PDF form makes it easier, faster and more accurate for us to turn around your salesperson bond request. Because there’s no handwriting to decipher with this form, bond turnaround can be faster than ever. Just download the form, electronically fill it out and return to Khorrie Luther. Questions? Call Khorrie: 303.457.5122.

Download Form!

It’s Your Life – concepts related to Life and Disability insurance

How the SECURE Act Could Change Your Retirement Planning

By now, you may have heard about the new SECURE (Setting Every Community Up for Retirement Enhancement) Act. Passed at the end of 2019, this legislation contains a number of provisions intended to help strengthen your retirement security. Here are some of the changes that may impact your situation, either now or in the future.

• In 2020, the age at which required minimum distributions (RMDs) from retirement accounts must be taken has been increased from 70½ to 72. The failure to comply with the required minimum distribution requirements could result in a 50 percent penalty.

• The maximum age for contributions to a traditional IRA (previously 70½) has been repealed. As a general rule, individuals may continue to contribute to traditional IRAs as long as they are still working and have earned income.

• “Stretch IRAs,” which allowed the beneficiary of an inherited account to take distributions over their life expectancy (and spread tax liability over time) have largely been eliminated. New rules govern the timeline under which beneficiaries must withdraw the balance of an inherited IRA or 401(k) plan — in most cases, 10 years. However, certain exceptions may apply to your unique circumstances.

• Small-business owners with up to 100 employees may be eligible for a tax credit for starting a retirement plan, such as a SEP or SIMPLE plan. Additional credits may be available if the plan includes automatic enrollment.

• Other changes in the law may allow parents to take penalty-free withdrawals of up to $5,000 (per parent) from a defined contribution plan, such as a 401(k) or IRA, upon the birth or adoption of a child.
If you want to learn more about the SECURE Act and how it may apply to you or your business’s situation, contact your accountant or attorney for additional information.

COVID-19 Pandemic Resources to Assist Employers

Federated Insurance is committed to helping our clients navigate the newly announced mandates affecting business owners as a result of the spread of COVID-19. In collaboration with our friends at Enquiron®, we are providing you with three valuable documents designed to help provide information to organizations facing challenging employment issues during these uncertain times. Below you will find an Employer COVID-19 FAQs document, an overview of the Families First Coronavirus Response Act, and Important Rules for Employers to Know in the Wake of COVID-19.

Additional helpful resources and Federated Insurance’s response to Coronavirus are found HERE.

As a reminder, you can leverage Federated risk management resources by directing clients with questions to your Account Executive.

Our mission at Federated Insurance continues to be enhancing your success and protecting your business. I sincerely hope the materials provided above help you during these trying times. I wish all the best for you, your business, your employees, and their families.

NOTE: The materials provided contain information developed solely by Enquiron, a third party wholly independent from Federated. Federated provides this information as a courtesy to its clients. This content should not be considered legal advice from Federated and may be subject to additional rules and regulations in your state. The materials are provided as general information and intended to serve only as a guide. Since each business situation is unique, qualified legal counsel should be sought regarding questions specific to your circumstances and in responding specifically to the COVID-19 situation.