Members' News Blog
RMA members always have exciting things going on in their businesses. Check out their news in this blog.
RMA members always have exciting things going on in their businesses. Check out their news in this blog.
CELEBRATING 50 YEARS
Since 1966, RMA has been honoring a proven community leader with the Distinguished Retailer of the Year award.
Our retailers do so much for the community and this is an excellent opportunity for us to celebrate all that they do!
EVB is dedicated to providing the highest quality financial services to our customers, enriching the health and vitality of the communities we serve, and enhancing shareholder value.
Thanks to EVB for sponsoring our Connect@ signature networking series, a low-pressure networking event series crafted for small businesses.
Soon after buying a lovely piece of property in 1952, James and Margaret Clifton built their family’s dream home. James designed the dream home after George Washington’s military headquarters in Newburgh, N.Y. and hand built the home with reclaimed materials from a 100-year-old farmhouse found on the property.
After raising their four children, Margaret and James Clifton opened their Georgian-style home as a Bed and Breakfast in 1998. The Virginia Cliffe Inn is currently the only Bed and Breakfast in Henrico County.
The Virginia Cliffe Inn is located on Mountain Road, the second oldest road in the nation, receiving its name because it was the only road of the time that took you from Richmond to the Virginia mountains. Governor Thomas Jefferson would have used this road frequently as he traveled between Richmond and his home in Monticello.
Join us for a unique networking experience at the Virginia Cliffe Inn, Tuesday, August 30, 5-6:30pm. At this Connect@ event, there will be drinks, a light fare, and lots of connections.
The Connect@ series is RMA’s signature networking event, crafted for retailers and retail partners. Thanks to EVB for sponsoring this event.
Congratulations to Kathleen and the Urban Farmhouse Cafe team!
We are so excited to celebrate the newest Urban Farmhouse Cafe in Rocketts Landing.
Beautiful new Urban Farmhouse truck to go with a beautiful new location!
These Urban Farmhouse team members are superheroes for their day job.
*Ed Blair CPA and Principal – Blair & Associates CPAs, PLC
Tom O’Brien Commercial Transactions Partner – Spotts Fain, PC
*Mike Metzger Certified Business Intermediary – Murphy Business & Financial
*Rush Paul, J.D., SPHR – advisor to CEOs on matters of organizational structure, employment practices, and building effective leadership teams.
The End of the Line . . . What Will You Do With YOUR Business?
Someday, you WILL exit your business – how you do so is up to you!
The panel of experts will help you understand some of the important aspects of good planning, including:
> Knowing how much your business is worth
> Tax implications of a business transfer
> Working with advisors to prepare your business for sale
> Pros and Cons of an ESOP
> How businesses are sold on the open market
> Generational transfer within the family
DATE & LOCATION
Monday, September 26, 2016
7:30 – 9:00 a.m.
Cafe Caturra, Village Square, Midlothian, VA
Retail Partners is RMA’s quarterly news publication, distributed to over 1,000 RMA members and readers!
In this Issue
VRF Legislative Update | Letter to Members | The RMA Scene | Think. Shop. Buy. Local’s #LoyaltoLocal Campaign | Endorsed Vendors | VRF Silent Auction Recap | Welcome New Members | Distinguished Retailer of the Year Award | RMA News & Events
Interested in advertising?
Our low advertising rates and targeted audience, make this a great opportunity to promote your business.
Simply email this advertisement form to email@example.com or contact Danni Neal at 804-662-5508.
Dex Media provides powerful marketing solutions for local businesses to help you grow and be successful. From social, to local, to mobile, and every solution in between, Dex Media provides the right marketing solution for your business.
Restaurant Positive helps clients build Restaurants that prosper over the long-term by partnering with their clients to develop and implement timeless fundamentals. Restaurant Positive teaches how to execute what matters most in the areas of People, Process & Profits.
What is this “Overtime” Rule, you ask?
For your reading pleasure, we’ve taken the liberty of breaking down the good, the bad, and the ugly.
First, let’s bring everyone up to speed.
In 2014, a Presidential Memorandum directed the Department of Labor (DOL) to “update and modernize” the regulations defining which white collar workers are protected by minimum wage and overtime standards under the Fair Labor Standards Act (FLSA).1
Subsequently, in an effort to put more money into the pockets of those deemed “middle-class workers” and improve the work-life balance of employees, the DOL issued its final rule making changes to the FLSA’s overtime exemptions. Through this, the DOL not only seeks to update regulations, but also ensure full implementation of FLSA overtime protections and simplify the identification of overtime-eligible workers. The end goal is to make exemption easier for employers and workers to understand and apply.2
So, what exactly do these new regulations entail? Here is a quick breakdown.
The Final Rule primarily focuses on updating the salary and compensation levels needed for employees to be exempt. One of its biggest components is that minimum salary requirements for exempt employees will more than double the previous salary threshold level.
To be more specific, the standard salary threshold for full-time, salaried employees is being increased from$455/week ($23,660 per year) to $913/week ($47,476 per year).3
But that’s not all –
In an attempt to prevent the salary levels from becoming outdated again and ensure that a certain percentage of full-time salaried workers always qualify for overtime, the salary threshold will automatically increase every three years based on wage growth over time.
“FUN” FACT: These changes will not allow the government to take into account economic conditions, geographic cost-of-living differences or specific impacts on certain industries.4
The final overtime rule also increases the annual compensation threshold for “Highly Compensated Employees” (HCE) from $100,000 per year to $134,004 per year. This threshold equals the 90th percentile of full-time salaried workers nationally and will also be increased every three years.
“FUN” FACT: The projected HCE total compensation requirement as of January 1, 2020 will equal $147,524.5
Additionally, for the first time ever, a salaried employee’s bonuses and commissions can satisfy up to ten percent (10%) of the minimum threshold for overtime exemption. The catch? These incentive payments must be non-discretionary and paid on a quarterly or more frequent basis.
“FUN” FACT: As soon as these changes take effect, each quarter end will fall on a Friday, Saturday or Sunday… good grief.
On a more positive note for retailers, the duties test, one of the three criteria an employee must meet in order to be exempt, will remain unchanged.4
That’s a lot to take in. When will these changes go into effect?
Ready or not, the deadline for these new regulations is December 1, 2016. Automatic updates to the standard salary level and HCE total compensation requirement thresholds will occur every three years, beginning on January 1, 2020.
As an employer, what are my options moving forward?
Recognizing that each circumstance will be unique, the DOL suggests various ways employers can adjust to the updated salary level. They encourage employers to choose one, or some combination, of the following options:
• Increase salaries to (at least) the new threshold and retain any affected employee’s exemption status
• Pay overtime (i.e., time and a half) in addition to an employee’s current salary when necessary
• Evaluate an employee’s workload and realign their hours to 40/week to help reduce or eliminate overtime worked6
The outcome? Regardless of the action taken, this will ultimately change how you run your business.
Overtime expansion poses many challenges for the retail industry if these changes are allowed to take effect. Various concerns among employers include, but are not limited to: communication and morale issues, administrative burdens, regulatory risks, and a lack of opportunity to succeed in the workplace. The National Retail Federation (NRF) argues that the implementation of these rules “would add to employers’ costs, undermine customer service, hinder productivity, generate more litigation opportunities for trial lawyers and ultimately harm job creation.”7
The take away for retailers? The time to act is now.
Simply put, congressional action is now the only way to stop these changes before they go into effect. “Congress must pass the Protecting Workplace Advancement and Opportunity Act (S. 2707 and H.R. 4773), which would nullify this rule and require DOL to perform an economic analysis of how changes to overtime regulations will impact nonprofits, small businesses and employers in other vulnerable industry sectors before issuing a new rule. The bill would also prohibit future proposals from including any automatic update mechanism.
Visit NRF’s Action Center [online at NRF.com/Advocacy/Action-Center] to quickly and easily send an email to your members of Congress to ask that they cosponsor this important workplace legislation.”4
In the meantime, looking for more information?
We know the questions don’t end here. Be sure to utilize the many resources available on NRF.com to help prepare your business for the impact of these regulation changes. Remember, as a VRF and RMA member you have free access to these items. Additionally, the VRF team is available for any lingering questions and stay tuned for more information coming from RMA about an Overtime Rule workshop.
¹ Presidential Memorandum — Updating and Modernizing Overtime Regulations | whitehouse.gov. (n.d.). Retrieved from https://www.whitehouse.gov/the-press-office/2014/03/13/presidential-memorandum-updating-and-modernizing-overtime-regulations
2 Questions and Answers – U.S. Department of Labor – Wage and Hour Division (WHD). (n.d.). Retrieved from https://www.dol.gov/whd/overtime/final2016/faq.htm
3 Overtime for White Collar Workers: Overview and Summary of Final Rule. (2016). Retrieved from United States Department of Labor website: https://www.dol.gov/sites/default/files/overtime-overview.pdf
4 7 Things to Know about the New Overtime Regulations. (2016, June 14). Retrieved from https://nrf.com/advocacy/policy-agenda/overtime
5 National Retail Federation. (2016, June 8). NRF Webinar: DOL Overtime Rules – Practical Guidance for Retailers/Restaurants. Retrieved from https://nrf.com/events/nrf-dol-overtime-webinar-june-2016
6 United States Department of Labor. (n.d.). Plenty of Options with New Overtime Rule : U.S. Department of Labor Blog [Blog Post]. Retrieved from https://blog.dol.gov/2016/05/18/plenty-of-options-with-new-overtime-rule/
7National Retail Federation. (2016). Overtime. Retrieved from https://nrf.com/advocacy/policy-agenda/overtime
We’re excited to share a new video in our Loyal to Local series, getting to know our local businesses.
We would love your help!
Please share this video on your personal profiles, your business profiles, with your cousin, your second cousin, with that weird neighbor, and anyone who will watch! Because local businesses are the heart of Richmond.
The Richmond Jazz Festival is the premier musical event on the east coast, featuring some of the most talented and iconic artists of the time.
Did you know that over 90% of the vendors at the Richmond Jazz Festival are local businesses?
According to a statement from Johnson Inc., the marketing and communications firm coordinating this event, it was really important that the Richmond Jazz Festival contracted with local vendors because “Richmond has so much to offer,” and that they “are excited to bring more exposure to our local businesses.” Who doesn’t love that?
You can clearly see their loyalty to local businesses when you look at their long relationships with local vendors.
“Many of our vendors we have partnered with since the inception of the festival in 2010. Sound Lab, TnB Productions, Groovin’ Gourmet, Commonwealth Tents, RMC Events, Digital Image House, Boss-Chi Catering, All Seasons Transportation, and Peebles Golf Carts are just a few of the vendors we have partnered with for multiple years.”
Don’t miss supporting local vendors and experiencing this one of a kind musical event featuring iconic talent including The Roots, Herbie Hancock, Wyclef Jean, and many more.