A Message from DENSO Global President Arima
As you know, DENSO has experienced quality issues in the last several months, in addition to the challenges of the COVID-19 pandemic. We are seeing the impact of both on our financial results. Today DENSO Corporation announced the downward revision of our financial result forecast for fiscal year 2019, ending March 31, 2020. Earlier in fiscal year 2019, when it looked like we were going to miss our forecasted targets, DENSO North America made appropriate cuts and adjustments to stay on track.
We have all reenergized our focus on the high quality standards that DENSO is known for, and we will get through this challenge by working together. Please know, our commitment to you remains the same—we are focused on supporting you through this uncertainty and ensuring DENSO as a company can endure. A message from Global President Arima is available on DENSO Mobile, and a news release with more details is available here.
Virtual Town Hall: Thank You, and a Short Survey!
It was a pleasure to hear from so many associates before and during our April 23 Town Hall. Webex counted more than 530 participants during yesterday’s meeting. We were also pleased to hear from a special guest, DENSO North America President and CEO, Ken Ito, who shared his appreciation and support for the DMMI team.
Whether or not you have attended a Virtual Town Hall, we’re hoping you’ll share your feedback in a short survey: https://www.surveymonkey.com/r/DMMIth
While the Virtual Town Halls are not recorded, we will continue to provide Associate FAQs in our daily emails and on DENSO Mobile.
401(k) Follow-Up Questions
Q: Can an associate who does not currently have a 401(k) loan take one out and then have it suspended for payments until next year?
A: Yes, if a participant is eligible for loan repayment deferrals, they can elect to defer repayments from a new loan or any loan outstanding during the deferral suspension period (3/27/2020 – 12/31/2020).
Q: If an associate asks to suspend their loan, can they start making payments sooner than January 1, 2021?
A: Yes, you can start up payments at any time by letting Empower Retirement know. Once the year (2020) has ended, the loan will be re-amortized to adjust the remaining payments (plus interest accrued during the suspension period) over the remaining period of the loan extended by the amount of time in which the loan payments were suspended. We will not re-amortize loans on the suspension prior to January 2021.
Q: An associate has a current loan that they requested to put on hold. They then pay it off and take a new loan, can they defer the payments until January 2021?
Show Off Your Mask!
Remember to share a “selfie” while wearing a mask or face shield at work, home or while out running an essential errand. Email it to email@example.com so we can see your style and share it on our internal channels to stay connected to each other. If you do need to come to campus, you are welcome to bring a cloth mask from home. Please remember to follow our associate code of conduct, and keep your mask choice appropriate for work.
Please have a safe and healthy weekend!