Project 1

Transcript

00:00

Deferment and Concessions

00:05

Deferment and concessions are the same thing.

00:10

Its a way to "defer" company dollar from not being paid for an individual agent for a set period of time.

00:16

The only thing they do not pay is company dollar

00:21

They will continue to pay fee's and the fee's will "reset" in theory when their deferment ends but its all included in one period.

00:26

It is possible for them to "over pay" fee's depending on how much production they have but its how the system is built.

00:31

Agent joins with July 1 cap reset date, they get a deferment granted from July 1 through to Sept 1.

00:36

We set that in their Payplan which means they wont pay company dollar for that period of time.

00:42

They will also get a new cap reset date of Sept 1 at the time the deferment is placed.

00:47

This makes their first period Join date ---> September 1 of the following year (an elongated first cap period) since we cannot have cap periods under 12 months.

00:52

Moving forward their new fiscal year with us is Sept 1 to Sept 1

00:57

That is basically the gist of it.