International Door & Operator Industry

MAY-JUN 2018

Garage door industry magazine for garage door dealers, garage door manufacturers, garage door distributors, garage door installers, loading docks, garage door operators and openers, gates, and tools for the door industry.

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52 International Door & Operator Industry™ ASSOCIATIONNEWS ADVANTAGES of the IDASSURANCE PROGRAM Questions? Please do not hesitate to call Andrew Stergiou at 212-603-0321 (astergiou@alliant.com) • General Liability, Automobile, and Workers Compensation written with an admitted A XV rated Company by AM Best • $0 deductible on the general liability, workers compensation and automobile (Except $1,000/$1,000 comp/collision deductible) on all policies • NO residential exclusion • Ability to receive certificates of insurance within 2 hours of the request via email • Policies specifically tailored for the IDA members • Broad and comprehensive coverage • Completed Operations for Additional Insureds • General liability, workers compensation, and automobile liability waivers of subrogation (Blanket Waiver of Subrogation) • Primary & Non-contributory endorsement Additionally, while many mature workers bring valuable experience to their workplaces, this comes at a higher cost, as these workers typically demand a higher salary than their younger counterparts. Typically, older workers delay retirement for one of two reasons. Those who genuinely want to continue working can be a valuable resource for their company. However, those who want to retire but cannot due to financial concerns may see a decline in performance due to disengagement. This can spill over to the engagement of younger employers, who may have fewer opportunities for advancement in an organization in which older workers do not retire. Many of these costs are difficult to quantify, but they can have a real effect on the long-term profitability of many businesses. Employers should consider their retirement offerings and whether their plan is effectively preparing their employees for a sound and timely retirement. Employers who do not offer a retirement plan to their employees at all may consider how this choice is going to impact the future of their businesses. A well-designed 401(k) plan can be one of the best tools employers have in creating a pathway to retirement for their employees. 401(k) plans offer participants the ability to make tax-deferred contributions, paying taxes only on contributions and earnings when funds are withdrawn. Within the realm of 401(k) plans, there are a variety of options that can help drive better retirement outcomes for employees. Automatic Enrollment Since automatic enrollment features were introduced under the Pension Protection Act in 2006, many employers have redesigned their 401(k) plans so that employees enroll via an opt-out process, rather than having to opt into the plan. One of the challenges in improving 401(k) participation is inertia; many employees who might benefit from participation in a retirement plan simply do not take the step of joining. An automatic enrollment feature removes this roadblock by creating a default enrollment election that will apply to any employees who do not opt out or provide an alternative election. Typically this provision is accompanied by a Qualified Default Investment Alternative (QDIA), which is an asset allocation model in which contributions will be invested if an employee is automatically enrolled. (Continued from page 51) (Continued on page 54)

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