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Something Different
Retirement Related Topics
401k Retirement Infographic
Something Different
AUGUST 7, 2015
Check out this great retirement infographic from Personal Capital outlining a myriad of facts about 401k plans. From the amount of money most people are saving, to the amount most people need, this infographic has it all. Check out out, and if you like what you see then follow Personal Capital on Twitter here. Happy Friday, Rory. Benefits 401-k benefits hr human resources
The Importance of Helping Employees Visualize Mission When Implementing Change
Something Different
DECEMBER 14, 2015
…I share the above story after reading a fantastic Aon Hewitt blog post titled “ Why Retirement Models are Perfect, While People are Not. ” It highlights that 60% of workers will not have enough money saved to retire at 65 (the new normal will be 68), and that 16% of workers won’t even have enough to retire by 75. If so, why? Best, Rory.
Benefits That Employees Value More than Pay Increases
Something Different
DECEMBER 31, 2015
401(k) plan, retirement plan and/or pension: 31%. Diversity program: 3%. ^Of note 401K/Pension is 5th on the list at 31%, meaning that just under a third of employees value retirement benefits from employers more than increased salary. Thanks to HLBR for sharing this Glassdoor survey highlighting the perks that employees most value. medical, dental): 40%. Vacation/Paid time off: 37%.
The Importance of Honoring Service
Something Different
MAY 20, 2015
…So I support a client group that has seen a lot of retirements, lately. 1 I support lots of 30+ year employees that have had long, respectable careers and are ready to move onto the next step. Ergo, when a colleague informs me of their retirement it is always particularly striking to me that I am the person charged with managing that transition. <myndset.com> 1.
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A Few Thoughts on Utilizing Lump Sum Windows as a Pension Risk Management Strategy
Something Different
AUGUST 25, 2015
The strategy can make sense for employers because it allows them to reduce long-term liabilities, while it can add value for employees by giving them greater flexibility in how they manage earnings in retirement. <www.linkedin.com> …So this evening I read another great white paper from Aon Hewitt on retiree lump sum windows. Morbid, I know. expectancies. 1. Best, Rory.
Only One in Five Workers are on Track to Retire at Age 65…
Something Different
DECEMBER 30, 2015
<Forbes.com> …So this evening I came across a white paper from Aon Hewitt here that shows only 1/5th of the workforce is putting away enough earnings to retire when their parents did. That said, companies are doing all sorts of creative things via 401K/DC plans to position their employees to be in good financial shape at retirement. Best, Rory.
The After-Tax 401(k) – A Super Saver’s Dream?
Something Different
AUGUST 18, 2015
…Ultimately, even a high earner that had access to such a plan option would be well served to max out their $18,000 pre-tax 401/Roth(k) contributions and $5,500 traditional/Roth IRA contributions before taking advantage of the new IRS rule; this is because the former options all enjoy intrinsic tax relief, while after-tax 401(k) contributions need to be rolled over into an IRA via an in-service distribution (or at retirement) before a contributor can enjoy the same benefits. Thoughts? As always, please share in the comments section below. Best, Rory.
Understanding Your Audience is Key When Communicating Employee Benefits Programs
Something Different
FEBRUARY 3, 2016
This harms (1) the employee because they may be underutilizing a product that could significantly improve their health, engagement, or retirement/financial security outcomes. This means it’s important to always consider how colleagues across all segments of our workforce are engaging with our HR platforms… and also to think about how accessible the information housed on them is.
Understanding Your Audience is Key When Communicating Employee Benefits Programs
Something Different
FEBRUARY 3, 2016
This harms (1) the employee because they may be underutilizing a product that could significantly improve their health, engagement, or retirement/financial security outcomes. This means it’s important to always consider how colleagues across all segments of our workforce are engaging with our HR platforms… and also to think about how accessible the information housed on them is.
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A Few Thoughts on 401(k) Employer Matches
Something Different
AUGUST 24, 2015
<lifehacker.com> …Okay, so you may recall that last week I wrote a post about how employers could give employees a huge leg up on retirement savings by tweaking their plan rules to allow them to put after-tax monies into their 401(k). think a more aggressive 401(k) match is probably needed here to position workers for a retirement as comfortable of that of their parents, yes?
A Few Thoughts on Nonqualified Deferred Compensation Plans
Something Different
SEPTEMBER 1, 2015
This is important because qualified plans don’t allow high earners to put away a large enough percentage of their income to prepare for retirement. …I still think that bigger employer matches + training employees on financial literacy is the answer to helping workforces of the future retire with dignity… but maybe I’m wrong? Best, Rory.
An Overview of Executive Benefits and Perquisites
Something Different
JUNE 26, 2015
Sue Holloway, Senior Practice Leader at WorldatWork discusses the differences between benefits for executives and other employees, deferred compensation plans, supplemental executive retirement plans, plan design, and uses of nonmonetary compensation. In such a case, an executive would have to pursue their promised supplemental retirement benefits the same way any other creditor would.
Offering Retirement Plans May Soon Become Mandatory For Employers
TriNet
MAY 27, 2016
If you don’t currently offer your employees a retirement plan, you may want to pay attention. Legal News & Compliance mandatory retirement benefitsAt both the state and federal level, the government is continuing to push legislation to make mandatory. Visit site for full story.
Are Your Retirement Benefits Keeping up With Millennial Demand?
TriNet
JUNE 24, 2016
Visit site for full story. Employee Benefits
The New Federal Government Retirement Account and its Impact on Employers
TriNet
NOVEMBER 17, 2015
Legal News & Compliance retirement Retirement laws CaliforniaOver 55 million Americans currently do not have a 401(k) or other employer-sponsored savings plan. On November 5, the U.S. Department of the Treasury responded to this growing issue by rolling out a. Visit site for full story.
Mandatory Retirement Plans in Illinois
Ogletree Deakins
JANUARY 5, 2015
Is Illinois the precursor to mandatory retirement savings programs across the country the way that Massachusetts was for mandatory health care? Illinois has become the first state to require that private-sector employers offer their employees retirement benefits. 2758) , signed into law by Illinois Governor Pat Quinn on January 4, 2015, requires employers to offer their employees a state-run automatic enrollment payroll deduction Individual Retirement Account (IRA) program (a Roth IRA) known as the “Illinois Secure Choice Savings Program Fund.” Karen N. Aimee E.
Help Millennials Make Retirement Saving a Priority
Paychex
OCTOBER 22, 2016
Millennials, especially those who have just begun their first full-time job, may not be thinking about stashing savings away for their retirement. But it doesn’t have to be difficult. Is there anything an employer can do to encourage saving in an environment of low entry-level wages, and high college debt
Small Business Retirement Marketplace: Innovative Solution to Retirement Woes
Paychex
AUGUST 20, 2015
The Washington Small Business Retirement Marketplace is offering a retirement solution for employers and employees
What Employers Need to Know About the US DOL Final Rule & State Retirement Programs
Ceridian
OCTOBER 24, 2016
Let’s be honest: regardless of age, we all sometimes dream about retirement. Unfortunately, for a lot of Americans who aren’t eligible for retirement savings plans through their employer, those dreams are difficult to make a reality. Although the DOL final rule takes effect October 31, 2016, no state retirement programs are scheduled to be in effect until 2017.
Forced retirement is an age discrimination no-no
Ohio Employer's Law
SEPTEMBER 12, 2016
While not necessarily on point, this case does segue into an important issue—mandatory retirement. It’s still a fairly popular misconception that businesses can force employees to retire at a certain age. In truth, with the exception of a few limited circumstances, mandatory retirement ages are about as close to a slam dunk case of illegal age discrimination you can find.
Retirement Annuity Accounts
HR Times
APRIL 6, 2016
A defined contribution benefit plan option to help stabilize retirement and reduce risk. Will I be able to retire? More than 85 percent of Americans believe the nation is facing a retirement crisis 1 and 72 percent of surveyed employers feel only some employees will be ready for retirement. Retirement Annuity Accounts. complement to current retirement plans.
Retirement Planning: The Gender Gap Persists
HRE's The Leader Board
JUNE 27, 2016
A quick search of our website, using the terms “women” and “retirement,” brings back an article from August 2008 that describes retirement planning as “a nightmare for many women.”. In examining the retirement saving and investing behaviors of roughly 3.5 times their final pay to meet their financial needs in retirement, but finds “a gap of 3.3 times pay for men.
Mandated Employer Retirement Plans: What They Mean for Small Businesses in California and Beyond
TriNet
JULY 23, 2015
In 2012, California passed a law requiring companies with five or more employees to offer retirement plans. The California Secure Choice Retirement Savings Trust Act is expected to be implemented by. Benefits Retirement California 401K California small business retirement law in CaliforniaVisit site for full story.
The Pros and Cons of Various Retirement Plans and Why Now is the Time to Consider Offering One to Your Employees
TriNet
JUNE 3, 2016
Do you offer your employees a retirement plan? major Gallup poll shows that retirement saving is Americans’ top financial concern. Employee Benefits Retirement benefitsIf not, now is the time to consider it. Yet almost half of. Visit site for full story.
The Case For Switching Retirement Providers
Paychex
MAY 18, 2016
Switching retirement providers to better meet the needs of your small business and its employees may be a daunting, but ultimately beneficial, experience. Here are some common reasons why businesses decide to make the switch
it’s time to retire these workplace phrases
O.C. Tanner
JULY 25, 2016
Consult this list to see whether you’ve been using these workplace phrases it’s time to retire. There’s a time and a place for business jargon—and with the rise of social media and the 21 st century workplace, we’ve accumulated a wealth of new words to communicate our modern work lives. But even as new phrases are coined, old business jargon falls out of style. Let’s put our heads together.
Comparing Small Business Retirement Plans
Paychex
MARCH 31, 2015
For small-business owners and fledgling entrepreneurs, offering a solid retirement plan is no luxury — it''s a necessity. This article gives an overview of retirement plans small-business employers may consider offering their workers
Preparing for the Retirement Boom
TalentCulture
SEPTEMBER 22, 2016
The baby boomer generation is beginning to hit retirement age, and companies must prepare for what could be a major exodus. The US Bureau of Labor Statistics reports that as many as one out of ten workers will retire either this year or the next. The first thing to realize about the upcoming retirement boom is that it may not be so much of a boom. Pass the Torch.
Understanding ERISA Fiduciaries and Their Retirement Plan Responsibilities
Paychex
MAY 18, 2016
With retirement plans come ERISA fiduciaries and their responsibilities: What are fiduciaries, and how do they help keep your retirement plan safe and functioning well for your employees
Should Your Employees Use Their HSAs as Retirement Accounts?
Synergy
OCTOBER 24, 2016
According to some estimates, a relatively healthy 45-year-old who plans to retire at 65 should expect to pay retirement health care costs of almost $600,000 – and that’s at today’s rates; inflation projections put that amount at $1.6 One study suggests that the answer is a resounding no ; the average American couple, just 10 years away from retirement, only has $17,000 saved up.
6 Steps to Take Before Key Employees Retire
ATD Human Capital
DECEMBER 28, 2015
An increasing number of workers are approaching retirement age in the United States. One organization that is facing this threat of impending retirements is KONE, a major Finnish company (with a large U.S. Several of these “go-to” veterans have expressed their intent to retire or drastically reduce their work hours. Case in Point. Within KONE’s U.S.
Future Friday: The vision of retirement is already changing
OmegaHR Solutions
SEPTEMBER 23, 2016
Older workers eschewing retirement because they want to stay working. The vision of retirement is undergoing a major change. Many people envision that retirement is sitting at the local Starbucks chatting with friends or sitting on the front porch rocking away enjoying “the good life.” Many older workers today are not retiring for a number of reasons. Mortality.
Smaller Businesses Need An Employee Retirement Program Too
TLNT: The Business of HR
NOVEMBER 1, 2016
Navigating the vast array of retirement plan options can be challenging for small and mid-sized businesses. Government Accountability Office found that only about 14% of small businesses (fewer than 100 employees) offer retirement plans to employees. 401(k) Compensation & Benefits Retirement FeaturedIn fact, a recent survey by the U.S.
Why Job Hopping Hurts Your Retirement
TalentCulture
MARCH 20, 2015
Any step taken in haste may as well translate into a difficult post-retirement phase with very little savings to fall back on to meet your essential daily and old-age health and other expenses. Not in the least, if one does his or her homework well and chalks out an exit plan on the basis of existing financial standing to cope with the vagaries of a life after retirement. But, wait!
Prepare for Nurse Retirements and Shortage with Intelligent Workforce Planning
Visier
FEBRUARY 25, 2016
With baby boomers heading into retirement — by 2050 an estimated 88.5 But there is another retirement population that is perhaps even more worrying to them: nurses. This means that more than one million RN’s will reach retirement age within the next 10-15 years, leading to a drastic shortage of skilled, tenured nurses. million people in the U.S.
Retirement Savings Gone to the … Worms?
HR Daily Advisor
DECEMBER 14, 2015
Retirement is something most people look forward to! Most people start saving for retirement in their twenties either by investing in a 401(k) or in a Roth IRA. But one paranoid man decided not to trust John Hancock or the banks, so he buried his retirement savings in the ground. Unfortunately, as HR SBT would have it, his entire life’s savings went to the worms.
Work Now, Retire Later
ADP
JULY 31, 2015
Despite the attraction of retirement, however, the baby boomer generation continues to delay leaving the workforce. Human Capital Management Retirement ADP Research Institute adpri Employee Benefits retirement Retirement Planning
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