n - MFDA

May 2014 – www.mfda.com
Fastener Information for Every Member
Message From the President
Jay Minichino, BMB Fasteners, Inc.
As you can see, we’ve returned to publishing an MFDA Newsletter.
With so much going on, it’s another avenue to update our members and
non-members alike. We hope you’ll consider advertising in future issues.
It’s a great way to showcase your company.
As you read through this issue, you’ll see final plans have been made for
Golf Outing and Table Top Show, our scholarship program is well underway,
and we are offering various advertising opportunities. Visit our newly
updated website www.mfda.us for more details on all of these topics.
MFDA members have supported and grown this group for over 50 years;
let’s continue to make it an even stronger and larger association. When
given, the opportunity, please share a membership application with your
peers who have not yet joined the MFDA.
I’d also like to thank the MFDA Board of Directors for continually
volunteering their time to in assist building our successful association.
Our goal is to provide our membership with informative, educational and
networking events. All of our events offer something of value so be sure to
attend as many as possible.
Lastly, I’d like to invite you to share any ideas, speakers, topics of interest,
and suggestions that you believe will enhance the MFDA and it’s
membership. We are happy to utilize any and all tools available to offer more
information and events to our membership.
I look forward to seeing all of you throughout the year.
Visit our updated
website: www.mfda.us
Consider advertising
with us — you can
obtain all the details on
the website.
whats inside ....
MFDA 2014 Officers......................2
Calendar of Events ......................2
MFDA Supports Toys for Tots ....3
MFDA Welcomes the Following
New Members
ITR Economics Addresses MFDA 3
MFDA Panelists Discussion ........4
Scholarship Program ..................4
Bill Weisberg Addresses MFDA ..7
B&B Electro-Mechanical Components of West Babylon, NY
Golf Outing Schedule ..................8
Vogelsang Fastener Solutions of Lakewood, NJ
Affordable Care Act ....................8
1
MFDA 2014 Officers
1st VICE
PRESIDENT
2nd VICE
PRESIDENT
Jay Minichino
Marilynn Efron
Kellie Nirmaier
Ken Schneeloch
Jhonna Van Dunk
BMB Fasteners, Inc.
973-256-4010
ext. 16
Fastbolt Corp.
201-440-9100
Kanebridge Corp.
201-327-3200
ext. 2230
McCormick Assoc.
201-644-7424
Kanebridge Corp.
201-337-3200
ext. 1210
PRESIDENT
TREASURER
SECRETARY
2014 DIRECTORS
Michael White - Brighton Best
Andrew Licht - Fastbolt Corp.
Rob Rundle - R.W. Rundle Assoc.
Bill Lang - ND Industries
Toys for Tots
Membership & Programming
Doug Thonus - Fastar Toys for Tots
Pat Lang - Kanebridge Corp. – Newsletter
Barbara Traum - Brighton Best Scholarship
Brian Eakins - ND Industries –Golf
Nancy Rich - Executive Director
2014 Calendar of Events
June 10, 2014
35th Annual Scholarship Awards Dinner
Al Di La Ristorante / East Rutherford, NJ
September 20, 2014
Cocktail Pary
Wild Turkey Golf Course
September 21, 2014
19th Annual Golf Outing
Wild Turkey Golf Course
Crystal Springs Golf & Resort
September 22, 2014
Table Top Show Trade Show
The Fiesta / Wood Ridge, NJ
December 2, 2014
16th Annual Toys For Tots Holiday Party
Al Di La Ristorante / East Rutherford, NJ
MFDA
CALENDAR
For information on any event, call or email us:
Executive Director: Nancy Rich 201-254-7784;
email: [email protected] or [email protected]
President: Jay Minichino 973-256-4010 ext. 16;
email: [email protected]
Mark Your Calendars
for the Golf and
Table Top Show,
Sept. 21-22nd, 2014
See details on
back page.
Programming Chair: Kellie Nirmaier 201-337-3200 ext. 2230
email: [email protected]
Scholarship Donations Appreciated
Thank you to all who have donated so far. To donate, please go to
website www.mfda.us and download application for donation.
2
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All Products Proudly
Made in The USA
Toll-Free: 888-KEN-FORGING (536-3674)
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WWW+EN&ORGINGCOMs%MAILSALES
KENFORGINGCOM
MFDA Proudly Supports Toys for Tots Program
Showing the generosity of its
membership, some of whom are
themselves still struggling with the
aftereffects of Hurricane Sandy, the
Metropolitan Fastener Distributors
Association completed its most
successful “Toys for Tots” drive with
its 2013 campaign. Culminating with
a dinner at the Al Di La Restaurant in
East Rutherford NJ, the MFDA
received its largest ever donation of
toys from members and friends of the
MFDA alike.
According to the director of the
Toys for Tots drive, the MFDA’s cash
donation of five thousand dollars in
addition to the toy donation, means
the MFDA will be designated as a
“National Corporate Donor” for
the 2014.
Picture courtesy of Terri Plat.
Andrew Duguay, of ITR Economics
Addresses the MFDA
On February 11th, 2014, the MFDA hosted its annual Economic Forecast at
Moran’s Restaurant in the heart of Manhattan’s Chelsea District. Thank
goodness the weather cooperated, as the meeting was originally slated for
January 21st, but had to be re-scheduled due to the impacts of a major
snowstorm. This was the first in a series of educational seminars scheduled
for 2014 in the greater New York City area.
Jay Minichino, President of the MFDA, welcomed approximately 45 guests,
who were all eager to hear Andrew Duguay, of ITR Economics, presentation
“Ahead of the Curve: The Economy 2014 & Beyond”. This was the first
occasion that Andrew presented to the MFDA membership, however ITR
Economics, has presented many times over the past few decades. Andrew
is a senior economist with the ITR Economics, where he provides economic
consulting services for small businesses, trade associations, and Fortune
500 companies across a spectrum of industries. His economic insight and
forecasting experience play a key role in the long-term 94.7% accuracy rating
for his firm.
Andrew stated that the US economy has been growing each year since
2009 and will continue to grow over the next 3-5 years. Leading economic
indicators show no signs of collapse, as we have been hitting pre-recession
levels since 2009. He also discussed how near-shoring or re-shoring, is
going to help our continued economic growth, as companies are bringing
jobs back to the United States. He went on to tell the membership about the
incline in online sales, and according to the Fastener & Bolt Index, the
fastener industry is growing slowly but securely. He suggested that we try to
hold on to employees that hold special skill sets, and that we invest in
training programs, as finding skilled workers in the future will be difficult and
costly.
Duguay concluded the presentation with his suggestions of we should do
during this business cycle. We should stay realistic; realize that growth is
organic and leveraged. We should build efficiencies to maintain the margins,
while we cross train personnel. As business people we should assess our
capacity while keeping an eye for the business cycle upturn in 2015, and do
our best to lock in cost ahead of the rising interest rate and inflation.
For more information on future meetings, please see the calendar page on
the organization’s updated website: www.mfda.us or contact the MFDA’s
Administrator/Executive Director Nancy Rich at (201) 254-7784 or email
[email protected].
To be sure your company news
gets into the next MFDA
newsletter. Mail, fax or email
your news release to:
MFDA, PO Box 72
Lake Zurich, IL 60047
Fax: 847-516-6728
Email: [email protected]
The deadline for the next
newsletter is July 20th.
5
MFDA Panelists: Sales Are Up,
But No Sustained Boom Yet
Panel Discussion April 11th
Sales are up, but Metropolitan
Fastener Distributors Association
panelists weren’t ready to declare an
economic boom.
Panel moderator Mike Smith of rep
agency Smith Associates asked the
four April 2014 panelists to
summarize business this year.
“We seem to be seeing light at the
end of the tunnel,” said master
distributor Ed Werner of EZ Sockets.
But projected inflation and
slowdowns in 2015 could be “an
oncoming train,” he said.
Domestic manufacturer Matthew
Boyd of Parker Fasteners declared
he is “optimistic on manufacturing,”
and anticipates a “correction in 2014
with steady, but slow increases.”
“Sales are up,” manufacturers rep
Rob Rundle of R.W. Rundle
Associates finds. “We base our
forecast on quote activity,” and that
implies incremental increases for
2014, Rundle said.
There was general agreement that
the economic outlook had been
bleak in December, when Congress
was shutting down the government.
While the situation has improved,
the economy is not strong yet.
Smith noted Kiplinger reports GDP
was up 3% last year and expects a
2% rise this year. Are panelists
seeing similar numbers?
Boyd: “We’re up.” Helping is an
push for “onshoring” or domestic
fasteners.
Werner: “Not 3% yet” for the year,
as before February it was running
1% up.
Importer Simmi Sakhuja of Stelfast
Inc. pegged the current fastener
price increase rate at 2%. Based on
looking 90 to 120 days ahead, she
forecast gradual price increases
probably through 2014.
Importers are watching the closing
of some surface treatment plants
due to pollution (see FIN, April 7,
2014).
“We are concerned about China
and Taiwan, where governments are
imposing requirements on plating
and heat treating that will probably
cause interruption in supply and
increases in prices,” Simmi said.
Relocating plating will increase
costs, she noted.
Importers also are watching tariffs,
Simmi added.
Werner cautioned of potential
large duties – as much as 85% – on
China stainless steel fasteners.
Moderator Smith asked panelists
about customer loyalty.
Werner responded that “customers
are loyal unless they have a reason
not to be.”
Scholarship Program
The Scholarship Donation Pledge forms are available on the website. We
appreciate everyone’s support of this program. Thank you to those who have
already contributed to this year’s Scholarship Fund:
Baco Enterprises
BGM Fastener Co., Inc.
Brighton Best International
Captive Fastener
Delta Secondary Inc.
EFC International
EZ sockets Inc.
Fall River Mfg. Co. Inc.
Fastbolt Corp.
Ford Fasteners Inc.
G&G Safety Products LLC
6
GKY Industries
K&C International
Kanebridge Corp.
Ken Forging Inc.
Lee S. Johnson Associates Inc.
Marilynn & James Efron
McCormick Associates
Metric & Multistandard Components Inc.
Prestige Stamping Inc.
Solution Industries
Star Stainless Screw Co.
Weinstock Bros. Corp.
Loyalty needs to be a two-way
street, Simmi said. “Does the
customer give us honest information
and honest feedback?” she asked.
Werner said. “What is the tensile
strength of an item the customer
needs?”
Smith asked about motivation in
their companies.
“We think of Stelfast as a team,”
Simmi said. There is motivation by
“creating a family environment.”
Werner agreed with working as a
team and suggested motivating “by
treating everyone properly.”
Rundle and Smith agreed that just
a commission check is not the prime
motivator.
Alaska
Al
aska
California
Cal
ifornia
N
evada
Nevada
Oreg
on
Oregon
Washington
Washington
Hawaii
H
awaii
New
Mexico
New M
exico
Colorado
Colorado
W
yoming
Wyoming
MORE
M
ORE THAN FAST
FASTENING
ENI N G
Raymond
Arizona
Arizona
Utah
Utah
I
daho
Idaho
M
ontana
Montana
Texas
T
exas
Louisiana
L
ouisiana
Alabama
A
labama
Mississippi
sippi
p
Tennessee
North
North
Carolina
Carolina
Virginia
V
irginia
South
South
Carolina
Carolina
Florida
Flo
F
rida
da
a
Georgia
Geo
rgia
Kentucky
New
Jersey
N
Ne
ew J
ersey
M
assachus
c
etts
Massachusetts
Rhode
Rhode
Rh
d Island
Connecticut
Conne
nn cticut
n
New
Hampshire
N
ew H
ampshire
NORTHWEST
SOUTHWEST
MIDWEST
EAST
REGIONAL
SALES OFFICES
Delaware
De
Del
e aware
Maryland
Maryland
Maine
M
aine
Vermont
V
e mon
er
nt
New
York
Ne
w Yo
rk
Pennsylvania
Pennsylv
ania
West
W
est
Virginia
Vi
V
rginiia
a
Ohio
Oh
io
Michi
ga n
Michigan
Indiana
I
ndiana
Ill
inois
Illinois
Arkansas
Arkansas
Missouri
Missouri
Iowa
Iowa
Wisconsin
Wisconsin
Minnesota
Minnesota
Oklahoma
Kansas
K
ansas
Nebraska
N
ebraska
South
Dakota
South D
akota
North
Dakota
a
North Dakot
Advance covers the country
MFDA Panelists:
(cont.)
“The commission check is not the
report card,” Smith said.
Rundle said his personal
motivation is that his father started
the rep agency. “I have the
responsibility now.”
Another motivator for Rundle is “to
see that our principal is successful.”
Boyd said updating employees and
communicating is important. “Get
people engaged,” Boyd advised.
Smith said his motivation is that “I
don’t want to let my customer down.”
Smith: Percentage of quotes to
orders?
Boyd finds 17% of quotes
eventually become orders. “Our goal
is 30%,” he added.
Email increases price competition
by facilitating “fast quotes,” Werner
observed. “There’s a lot of quoting
for the amount of orders that are
actually written.”
Smith asked panelists what impact
the Affordable Care Act is having on
fastener companies and what is the
trend in employer health care plans?
Panelists agreed health care costs
are rising and that both employers
and employees are paying more and
insurers are cutting back. Werner
said his overall company health
insurance rate rose 18%.
“Health care rates are now age
rated and therefore all different rates
prevail,” Werner explained. Older
employees pay more than younger.
“ACA is good for the poor and the
working poor, but insurance
companies are taking it out on
everyone else.”
Simmi said the increased rates hit
with the annual policy renewal.
Premiums up 17%, deductibles up
and rates being set by age.
Boyd noted that a 50% jump in
rates at renewals led to employees
paying more too.
It's not too early to
register for the
Golf Outing & Table
Top Show!
Download forms at:
www.mfda.us
under Golf Outing and
Table Top tabs.
continued on page 6
5
MFDA Panelists:
(cont.)
Despite health insurance
increases, the panelists want to
continue providing coverage to
employees.
Smith: How are you using the
Web?
Their websites are “informational,”
panelists agreed. Websites are not
for listing prices.
After providing basic information
online, Stelfast communicates by
email “to do the work for customers.
We find out what they need.”
As a rep, Rundle’s online presence
is focused “toward principals we
represent.”
In explaining that EZ Sockets'
website is informational, Werner said
“e-commerce is not our operation.”
Boyd said the Parker website
protects distributor customers with a
customer login section.
6
Boyd added that there is still a
value to meeting customers in
person. Beyond anything online,
having customers visit the plant is
valuable. “Tours are good.”
Smith: What is your single biggest
challenge?
Boyd: “Growth.”
Simmi: Discussing how to handle
challenges. Stelfast’s values are
people and service – not technology.
Werner: “Ensuring a viable
company for the future. What do we
have for the future — technology lets
us do everything on the phone, Too
fast for me!”
Panel discussion reported by
GlobalFastenerNews.com
Send your company
announcements for the
next newsletter by
July 20th to Nancy Rich at:
[email protected]
Bill Weisberg Addresses MFDA
Discussing Conflict Minerals
On March 11th 2014, the MFDA invited Bill Weisberg,
of the Law Offices of William Weisberg , back again, this
time to discuss with it’s membership the topic of Conflict
Minerals. The Securities and Exchange Commission
adopted a rule mandated by the Dodd-Frank Wall Street
Reform and Consumer Protection Act to require
companies to publicly disclose their use of conflict
minerals that originated in the Democratic Republic of
the Congo (DRC) or an adjoining country. These
minerals include: tantalum, tin, gold, or tungsten. If
those minerals are “necessary to the functionality or
production of a product” manufactured by those
companies, companies are required to provide this
disclosure on a new form to be filed with the SEC called
Form SD.
The regulatory reform law directed the Commission to
issue rules requiring certain companies to disclose their
use of conflict minerals that include tantalum, tin, gold,
or tungsten if those minerals are “necessary to the
functionality or production of a product” manufactured by
those companies. Companies are required to provide
this disclosure on a new form to be filed with the SEC
called Form SD. Bill Weisberg, who has practiced
government contract law for over 25 years, while leading
the Government
Contract practice
groups at large,
international law
firms for most of the
last 15 years, informed
the audience as to their responsibilities. While much of
the fastener industry may not be using the metals
discussed in the DoddFrank Act, there is still the
obligation to provide
documentation stating so,
as requested by customers.
The United States
Government being the
largest single purchaser of
goods and services in the
world “government
procurement” is a key
element of our national
(and world) economy. This
leads Mr. Weisberg’s Firm to concentrate on government
contract and closely related areas.
7
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8
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Golf Outing and Table Top Show Schedule
September 20th, 21st & 22nd, 2014
Mark these important dates for our annual Golf Outing and Table Top Show.
We will be in the same locations as last year with the following schedule
(full details at www.mfda.us). It’s not too early to get your registrations in!
September 20th
Cocktail Party-4:30 p.m.-7:30 p.m.
Wild Turkey Golf Course
September 21st
Golf Outing 8:00 a.m. shot gun start
Wild Turkey Golf Course
September 22nd
Table Top Show - The Fiesta
Hotel accommodations are available at Minerals Hotel/Resort & Spa
(rates $169-$225) 973-872-5996 and at the Courtyard Meadowlands Lyndhurst ($144) 201-896-6666.
Key Provisions Under the Affordable Care Act
for Employers with Up to 50 Employees
Implementation of the Affordable Care Act occurs in
stages, with many of the reforms and requirements
originally scheduled to take effect in 2013 and 2014.
Some of the provisions that may impact employers with
up to 50 employees include:
• Small Business Health Options Program-small
employers with generally up to 50 employees have
access to the new Health Insurance Marketplace
through the Small Business Health Options Program
(SHOP). Small businesses may pay on average
18% more than big businesses for health insurance.
• Employer Notice to Employees of the New Health
Insurance Marketplace
Under the Affordable Care Act, employers covered by
the Fair Labor Standards Act (generally, those firms that
have at least one employee and at least $500,000 in
annual dollar volume of business), must provide
notification to their employees about the new Health
Insurance Marketplace; inform employees that they may
be eligible for a premium tax credit if they purchase
coverage through the Marketplace; and advise
employees that if they employee purchase a plan
through the Marketplace, they may lose the employer
contribution (if any) to any health benefits plan offered by
the employer.
• Summary of Benefits and Coverage (SBCs)
Disclosure Rules
Employers are required to provide employees with a
standard “Summary of Benefits and Coverage” form
explaining what their plan covers and what it costs.
Medical Loss Ratio Rebates
Under ACA, insurance companies must spend at least
80% of premium dollars on medical care rather than
administrative costs.
Limits on Flexible Spending Account
Contributions
For plan years beginning on or after January 2013, the
maximum amount an employee may elect to contribute
to health care flexible spending arrangements (FSAs) for
any year will be capped at $2500, subject to cost-ofliving adjustments. Note that the limit only applies to
elective employee contributions and does not extend to
employer contributions. To learn more about FSA
Contributions, as well as what is excluded from the cap,
refer to documentation provided by the IRS.
Information provided by http://www.sba.gov/healthcare
For a more detailed article, please visit the website.
P.O. Box 72, Lake Zurich, IL 60047
847-370-9022 • Fax 847-516-6728
[email protected] • www.mfda.com
Linked in
For more information contact Nancy Rich 201-254-7784 or [email protected]
8