Clarifying Exempt Associate Schedules
First, an apology. During yesterday’s Virtual Town Hall, we commented that pay and operations for next week would be “the same,” and then published a change in approach to exempt pay just hours later. We are so sorry for any confusion. We incorrectly assumed that the majority of our Town Hall audience was nonexempt associates. As it turns out, many of our attendees were exempt associates. We regret the error, and sincerely apologize.
As our leaders work to communicate to exempt associates about next week’s schedule, here are a few points of clarification for everyone to consider:
Our base assumption is that most exempt associates at all levels will be asked to take a PTO day. Leaders will work with individuals to plan work schedules for next week and accommodate each team member’s PTO. Please keep in mind that your first PTO day of 2020 should also be coded as the 13th Holiday.
Of course, there are associates contributing more than ever during this crisis. We thank those of you for keeping our facilities, operations and critical projects moving during this unprecedented time.
No New Cases at DMMI
To date, we have only been informed of the one positive COVID-19 case we announced on Saturday. Please continue to practice social distancing and excellent hand and cough hygiene to keep yourself and the community safe from further spread.
Most Customers Down Through End of April
Today, Governor Whitmer extended Michigan’s Stay Home, Stay Safe Executive Order through April 30, and most customers are not running new car manufacturing for the remainder of April. We appreciate the dedication of our team members working to make essential repair parts. Even for repair parts, which we are producing, we are working to minimize necessary production. PC and manufacturing management are working to make the schedules clear and communicate to you.
Next Virtual Town Hall in the Works
Based on the great response to yesterday’s Virtual Town Hall, we are working to provide answers to all submitted questions and plan another session soon. Please continue to share questions with your leader, and you are always welcome to email DMMI_Communications@denso-diam.com.
Mask Maker, Mask Maker, Make Me a Mask?
If we have any talented associates making homemade masks, we want to know for a couple of reasons:
Please send a note to Debi Bowling (firstname.lastname@example.org) if you would like to share your talents with other associates.
Q: Will DENSO be allowing 401k withdrawals as outlined in the governments CARES Act?
A: As you may know, in response to the COVID-19 pandemic, Congress passed the CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES Act) on March 27, 2020. The bill provides financial aid for Individuals and companies. The CARES Act also has provisions allowing access to retirement savings and suspension of required minimum distributions.
DENSO is in the process of working with Empower to offer the option to delay outstanding loan payments (this process may take 5 – 10 business days).
With regards to offering withdrawals as outlined in the CARES Act, DENSO is working closely with ERISA legal counsel to clearly understand the law. The intent of the CARES Act is for people who have a significant loss of income and/or hours worked. This does not apply to DENSO associates at this time. DENSO will continue to review the CARES Act options and announce any future updates if things change.
Please note that the DENSO Retirement Savings plan (DRSP) allows for one outstanding loan at a time. If you do not have an outstanding loan at this time, you may take a loan up to the existing loan limit within the DRSP. If you already have an outstanding loan, you may have the option to take a hardship distribution if you qualify.
You can contact Empower Retirement to request a loan payment deferral, request a loan or request a hardship. Plan rules can be found on your Empower 401(k) site or you can call them to discuss your options at 1-855-4738. (www.empowermyretirement.com) Please note that Empower has waived initiation fees for new loans and hardship distributions during these difficult times.