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Update to 2020 profit sharing

Released on: Apr 27, 2020, 14:00 PM
We’re here for you. We know times are tough, which is why we are taking this opportunity to reaffirm our commitment and support to you, our independent agent partners.

To help ease any financial strain your agency may be experiencing, we are providing an opt-in, one-time payment advance on your 2020 profit sharing. The amount of the advance, if you choose to participate, will be 20% of your 2019 profit sharing amount. This accelerated payment will be made by the end of May 2020. 

We are in business because of you—it’s as simple as that. Please review the plan details below and know that we are thankful for your partnership today, tomorrow and beyond. 

2020 profit sharing advance plan: eligibility and guidelines
  • Agencies are eligible to opt-in to a one-time payment if they received a profit sharing payment this spring, applicable to the 2019 calendar year.
  • The payment advance will be calculated as 20% of the 2019 profit sharing payment subject to a $100,000 limit.
  • The payment will be deducted from the agency’s total 2020 profit sharing amount (first) or Tier 1 Platinum Rewards dollars from 2021 if available (second).
  • If this advanced payment is not satisfied by the 2020 profit sharing or Tier 1 Platinum Rewards amount, we will work with the agency to arrange repayment by April 1, 2021.
  • The one-time payment will be directly deposited in the account we have on record for the agency by May 31, 2020. 
How to receive your profit sharing advance payment:
  • Only the agency designee has the authority to trigger the advance. They must email marketing@unitedfiregroup.com to make their request. 
  • The agency designee must email their request on or before 5 p.m. CT on Friday, May 15, 2020.
  • The agency must be signed up for direct deposit as that is the method of payment delivery. 

UFG marketing representatives will be contacting each eligible agency to discuss this plan in further detail and answer any questions. If you do not wish to benefit from the plan, there’s no need for action on your part. 

We appreciate your continued partnership. From all of us at UFG, we wish you, your families and colleagues good health.