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Published on 28 June 2023
Jack's Personal Gallery
Deferment and Concessions
Deferment and concessions are the same thing.
Its a way to "defer" company dollar from not being paid for an individual agent for a set period of time.
The only thing they do not pay is company dollar
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.
It is possible for them to "over pay" fee's depending on how much production they have but its how the system is built.
Agent joins with July 1 cap reset date, they get a deferment granted from July 1 through to Sept 1.
We set that in their Payplan which means they wont pay company dollar for that period of time.
They will also get a new cap reset date of Sept 1 at the time the deferment is placed.
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.
Moving forward their new fiscal year with us is Sept 1 to Sept 1
That is basically the gist of it.