GNYADA July 2015 Newsletter

21 New NADA Retirement Program from Empower

NADA is confident that the new NADA Retirement Program from Empower will provide a competitive and attractive program that NADA, and state and metro dealer associa- tions, can be proud of. To learn more, please visit https://dcprovider.com/ NADAWR/index.html. You will need the following password for access: NADA@Empower2015. About NADA The National Automobile Dealers Association (NADA) represents near- ly 16,000 new car and truck dealer- ships, with 32,000 domestic and international franchises. For more information, visit www.nada.org . About Empower Retirement Empower Retirement, a division of Great West Life & Annuity Company, is the second largest 401(k) provider in the country. It provides retirement services for 7 million participants, and has 30,000 plans and over $400 billion in assets administered. Visit www.empower-retirement.com . greater control over its proprietary metrics and prevents distribution of data a dealership may not wish to share. Not only is data the valuable property of the dealership, but any statistics containing customer information must be protected in agreement with federal and state law. The dealership will ultimately be responsible for any data breaches. The foregoing information is provided for educational purposes only and is not to be construed or interpreted as legal advice.

NADA is excited about its all-new retirement program from Empower Retirement. Because NADA remains committed to providing its dealer members and their employees with a high quality retirement program, the NADA board decided to phase-out the current NADART retirement pro- gram and replace it with a more enhanced offering. The new program will offer signifi- cantly lower fees while still providing top-shelf service and class-leading investment options. Meanwhile, NADART is healthy and operating well and during the transition – it’s business as usual. NADA’s name and excellent reputa- tion. NADA has secured important long-term contractual commitments from Empower, and will maintain a fulltime quality-control staff to moni- tor the new program. Highlights of the new program include: The plans and services offered to dealers by Empower will bear

A “Favored Program” Provision All investment options available through the NADA Retirement Program will be offered on pricing terms equal or superior to identical options in the Empower portfolio. Dedicated Assistance The establishing and maintaining of a dealer-dedicated service and call center will supply dealer plan sponsors with a single point of contact for all plan needs. Empower has actually hired a number of former NADART employees to work on this new team. This dedicated team adds to the vast compliance, plan design, testing and other capabilities Empower features. Robust Fiduciary Services The new NADA program (like the outgoing NADART program) will include: a 3(16) Plan Administrator, to review and exe- cute Form 5500; a Plan Trustee; and a 3(38) Investment Manager, to select and monitor investment options. agreement. Among other things, deal- ers should ensure that the agreement limits the extraction of data without notifying the dealership, provides a warranty of confidentiality and nondisclosure, and contains an indemnification clause allowing the dealership to terminate the agree- ment, if necessary. The ideal data sharing agreement is one that allows the dealership to “push” any requested data to a manu- facturer or vendor, rather than giving them access to all data in your sys- tem. This gives the dealership much

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Data Sharing Agreement Precautions by Richard Sox, Esq. 22

Dealers being presented with new data sharing agreements from their manufacturers should take the oppor- tunity to negotiate the terms of that

Greater New York Automobile Dealers Association • www.gnyada.com

The Newsletter • July 2015 11

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