Headlines about "Actuarial - aging workforce"
Gathered from the web by the editors at BenefitsLink.com.
Extending Life Cycle Models of Optimal Portfolio Choice: Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts
Excerpt: "This paper derives optimal life cycle portfolio asset allocations as well as annuity purchases trajectories for a consumer who can select her hours of work and also her retirement age. Using a realistically-calibrated model with stochastic mortality and uncertain labor income, we extend the investment universe to include not only stocks and bonds, but also survival-contingent payout annuities. We show that making labor supply endogenous raises older peoples' equity share; substantially increases work effort by the young; and markedly enhances lifetime welfare. Also, introducing annuities leads to earlier retirement and higher participation by the elderly in financial markets. Finally, if we allow for an age-dependent leisure preference parameter, this fits well with observed evidence in that it generates lower work hours and smaller equity holdings at older ages as well as sensible retirement age patterns." (Pension Research Council; registration required to download fulltext of paper)
A Tidal Wave Postponed: The Economy and Public Sector Retirements (PDF)
4 pages. A survey of two groups of government managers reveals that the slumping economy is holding back retirements among state and local government employees. (Center for State and Local Government Excellence)
Why Are Older Workers at Greater Risk of Displacement?
Excerpt: "This brief analyzes changes in the displacement of older and prime-age workers since the mid-1990s and the effect of three factors ? tenure, educational attainment, and employment in manufacturing ? identified as having a significant effect on displacement risk. The results show that all three factors contributed to the rising dislocation risk older workers face and their rising risk vis-?-vis prime-age workers." (Center for Retirement Research at Boston College)
Older Workers: Recareering in Later Life
Excerpt: "The research concludes that later-life career change seems to be an important part of the retirement process. Many changers later in life appear to be pushed into new lines of work involuntarily following job layoffs or business closings. Others, however, appear to place a high premium on leaving 9-5 work and moving into more flexible positions, even at less pay. Some older workers may change careers in hopes of finding more meaningful jobs that give added purpose to their lives." (AARP)
Engaging the 21st Century Multi-Generational Workforce: Findings from the Age & Generations Study (PDF)
33 pages. Excerpt: "Major findings from this study include: Older workers are more likely to have higher levels of engagement than younger workers. Employees reporting better physical and mental health are more likely to have higher levels of engagement than those with poorer physical and mental health. Employees who are satisfied with the training and development opportunities available to them are more likely to have higher levels of engagement than those who are not satisfied. Employees working in teams that have a culture supportive of workplace flexibility are more likely to have higher levels of engagement. The investment that employers make in their benefits programs also contributes to the level of the engagement of their workforce, specifically, employers who offer health insurance for the family members of full-time employees, life insurance, and employer-contributions to the employees' defined contribution plans are more likely to have higher levels of engagement." (The Sloan Center on Aging & Work at Boston College)
Largest Teacher Retirement Wave in History Approaching (PDF)
20 pages. Excerpt: "In a recent survey, NCTAF found that almost 60 percent of Baby Boom teachers said they intend to work after retirement. This echoes the intentions of more than half of the 78 million Boomers in the wider workforce who say that after retirement they 'want jobs now or in the future to help improve the quality of life in their communities.' Yet teachers, like all professionals, want new challenges and opportunities. Seventy percent of the teachers nearing retirement would be interested in staying if they were able to work in new education roles in 'phased or flexible retirement' according to NCTAF's survey." (National Commission on Teaching and America?s Future)
[Guidance Overview] Don't Throw Baby Boomers Out with the Bath Water: Consider Phased Retirement
Excerpt: "As baby boomers have grown older, many companies have toyed with the idea of establishing a phased retirement program. But now that the economic crisis is forcing organizations to reduce costs any way they can, more and more are giving phased retirement a serious look. In the past, it was not unusual for businesses to offer selected employees an informal opportunity to scale back their hours or continue working part time after they retired. However, until recently, a number of real and perceived barriers discouraged organizations from offering phased retirement on a widespread basis." (Deloitte Development LLC)
Aging Boomers Require Workplace Flexibility, Says American Management Association
Excerpt: "[Ed Reilly] recently spoke with Workforce Management staff writer Ed Frauenheim. Workforce Management: Why should companies care about demographic changes? Ed Reilly: There's no question that over the next several years, the group of people who are 30 to 45 years old will assume the management positions in America, and this group is smaller in number than the baby boomers." (Workforce Management; free registration required)
Elderly Immigrants' Labor Supply Response to Supplemental Security Income
Excerpt: "This paper examines the effect of changes in immigrant eligibility for Supplemental Security Income in 1996 on the employment and retirement behaviors of foreign-born elderly persons. I find that denial of SSI was associated with a 5 percentage point (15 percent) increase in the employment of non-citizen elderly men and a 5.6 percentage point (11 percent) decrease in their retirement rate." (Center for Retirement Research at Boston College)
Economic Restructuring and Retirement in Urban China
Excerpt: "In its gradual approach to economic transition, China deferred the difficult process of restructuring state owned enterprises (SOEs) until the mid-1990s. When restructuring of large scale SOEs accelerated after 1997, China witnessed sharp declines in the employment of urban residents. While some dislocated state sector workers made a transition to work in the non-state sector, large shares of laid off workers spent long periods unemployed or out of the labor force. Much of the transition out of the state sector occurred through early retirement and exit from the labor force of older workers." (Center for Retirement Research at Boston College)
DB Plan Meltdowns: Victims of Current Crisis
Excerpt: "[A] radical overhaul of the private pension system, especially the defined benefit branch, will be required if it is to be preserved as a key engine for assuring the retirement security of our workers and their families. Whatever last legs the defined benefit plan design had been balancing on after the 'perfect storm' of 2002 have been knocked out from under it with the financial collapse of 2008." (Attorney Alvin D. Lurie)
Maximizing the Productivity of Older Workers (PDF)
6 pages. Excerpt: "This InsightOut will: Explore the characteristics and implications of an aging workforce; Offer strategies for maximizing the contributions of older workers (and indirectly, workers of all ages); Pose situation-specific questions employers can use to assess the potential impact on their organizations and formulate a relevant response." (Buck Consultants)
Why You'll Work Through Your Retirement
Excerpt: "There is a major social and cultural message in the current economic collapse for the future retirees of America: Forget retirement. That's right. The recession is making clear what we've suspected for a long time. The concept of not working and embracing leisure for the last third of one's life isn't practical for most people. Put it this way: Survey after survey has shown that a majority of aging baby boomers plan on working in retirement. Well, that plan is coming true." (BusinessWeek)
Recessions and Older Workers
Excerpt: "With the economy sliding ever deeper into recession, questions arise about how older workers are faring and how their fate relative to younger workers compares to the past. The answer to these questions turns out to be a little complicated. Two forces are at work. On the one hand, labor force participation among older workers has been rising since the early 1990s, a reversal of the long-standing trend toward ever-earlier retirement. Participation rates among older workers have even continued to rise during both of the recessions in this decade ? a dramatic change from previous experience. On the other hand, the edge that older workers used to have relative to younger workers when it comes to layoffs seems to have disappeared, so the rise in the unemployment rate for older workers in recessions now looks similar to that for younger workers." (Center for Retirement Research at Boston College)
Can the Bottom Third of the Workforce Work Longer?
Excerpt: "This brief addresses the question of whether men in the bottom third of the educational distribution ? a proxy for earnings levels ? can be expected to work longer. The first section describes the employment patterns of men and the change in employment patterns since the early 1960s. The second section examines the primary factors that might explain the decline in employment among older low-skill workers ? changes in availability of alternative sources of income (Social Security disability and retirement benefits and the advent of the Supplemental Security Income program), changes in the composition of labor demand, and changes in health. The concluding section assesses the implications for retirement income policy." (Center for Retirement Research at Boston College)
The Opinions of Florida Workers Aged 40+ About Their Jobs, Employers, and Retirement
Excerpt: "Key Findings: 7 in 10 workers say they are very satisfied with their job overall, and about 2 in 3 are very satisfied with their work hours and their boss; 7 in 10 say their employer provides a defined contribution plan, but only 3 in 10 say their employer automatically enrolls employees into such a plan; 9 in 10 full-time workers and 6 in 10 part-time workers receive health insurance; 51% have calculated how much money they will need when they retire, and 6 in 10 of these respondents say they are saving enough for retirement; and, 6 in 10 respondents plan to work beyond the normal Social Security retirement age." (AARP)
Study Says Social Security Shifts Influencing Retirement Patterns
Excerpt: "The paper notes that one of the main reasons for enacting the 1983 Social Security reforms in the United States was to increase the labor force participation rate of older workers. Additionally, in 2000 Congress further expanded work incentives by abolishing the Social Security earnings test for people over the normal retirement age. As a consequence, the authors assert that in 2004 more men over age 65 were working than in earlier years." (PLANSPONSOR.com; free registration required)
What If Boomers Don't Retire?
Excerpt: "What happens when the most expensive, longest tenured, most experienced, and, some would say, most devoted contributors won't, or can't, leave their positions? What happens to the emerging generation of leaders and managers who discover that the people to whom they report won't be departing any time soon? And what happens to the generation of workers after them? Is the US workforce headed for a multi-generational train wreck within organizations large and small?" (The Florida Times-Union)
Older Workers and the Recession
Excerpt: "During previous downturns, relatively few older Americans were counted as unemployed. Although many lost their jobs, they generally retired instead of looking for work. During the severe 1981-82 recession, seniors' unemployment rate grew by just 0.8 percentage points ? only about one-fourth the increase for prime-age workers (25 to 54). Today, however, seniors are nearly as likely as their juniors to join unemployment lines, because pink-slipped seniors can no longer afford to put their feet up. Shrinking Social Security benefits, traditional pension plans, and 401(k) balances combine with soaring health care costs to force them to keep pounding the pavement." (Richard W. Johnson via Urban Institute)
Demographic Change and Consequences for Businesses
Excerpt: "Over the past years, different publications clarified that many older employees will have to stay in the workforce because they simply cannot be replaced due to a lack of qualified, or even existing, young workers. Moreover, 'future leaders are likely to face not simply a labour shortage, but a knowledge shortage, as organisations bleed technical, scientific, and managerial know-how at unprecedented rates' (DeLong 2004: 18). It therefore is of utmost importance that businesses start emphasising special retention strategies for retaining older employees such as constant provision of good training as well as motivation and energy. The aim of this master's thesis comprises of the evaluation and comparison of different strategies to cope with demographic challenges." (Social Science Research Network)
Alzheimer's Growing Concern for Businesses: How Employers Can Help Affected Workers Stay Productive and on the Job
Excerpt: "As the workforce ages, the number of people working with early symptoms of dementia is likely to grow. Many large corporations hope to hold on to skilled employees past traditional retirement age. While most older employees are likely to be healthy, two out of every 100 people 65 to 74 years old have Alzheimer's disease.' (Workforce Management; free registration required)
Identifying Local Differences in Retirement Patterns (PDF)
30 pages. Excerpt: "The ability to retire at an age and in a manner of one's choosing depends on one's ability to retain or find employment at older ages, which depends in turn on local labor market conditions. We investigate how local labor markets affect retirement transitions. We match households from the Health and Retirement Study to MSA unemployment rates and estimate multinomial logit regressions on annual job transitions." (Leora Friedberg, Michael Owyang, and Anthony Webb via Center for Retirement Research at Boston College)
[Opinion] A Strategic Argument for Phased Retirement
Excerpt: "Commentary: Why should employers care about the social good of phased retirement -- especially in today's downturned economy, when getting expensive workers off the books is a matter of some urgency for many organizations? It's simple: Phased retirement is good for business." (Workforce Management; free registration required)
Cities Ask for Economic Assistance for Pensions
Includes link to the text of the letter. Excerpt: "On November 13, the Mayors of Atlanta, Philadelphia and Pheonix wrote a letter to Treasury Secretary Paulson asking that the federal government provide economic assistance to cities. The letter asked that money be made available, for among other purposes, to help in paying for unfunded accrued actuarial liabilities in public pension funds." (National Conference on Public Employee Retirement Systems)
Employers Must Focus on Older Employees to Retain Competitive Edge, Especially in Current Economic Crunch
Excerpt: "[D]isgruntled older workers could resort to litigation or work sabotage over their lack of retirement savings, experts say. . . . These scenarios mean that it is more important than ever for companies to have effective performance management systems, thorough financial education programs and processes in place to engage older workers and keep them productive . . . ." (Workforce Management)
Phased Retirement and Older Workers: Keeping Talent on Board
16 pages. Excerpt: "In this Perspective, we look at the combination of challenges and opportunities faced by employers as they try to retain these veteran workers and meet their business goals. Changes to the workforce profile are inevitable, and the question is how will you respond?" (Mercer LLC)
Subjective Health Assessments and Active Labor Market Participation of Older Men
Excerpt: "We use panel data from the US Health and Retirement Study 1992-2002 to estimate the effect of self-assessed health limitations on active labor market participation of men around retirement age. Self-assessments of health and functioning typically introduce an endogeneity bias when studying the effects of health on labor market participation. This results from justification bias, reflecting an individual's tendency to provide answers which 'justify' his labor market activity, and individual-specific heterogeneity in providing subjective evaluations." (Social Science Research Network)
Are Older Men Healthy Enough to Work?
Excerpt: "In determining whether people will be able to work longer, it is not simply measuring how long they will live, but rather how much longer they will be capable of working. Life expectancy may be increasing, but can the same be said for healthy, disability-free life expectancy? This brief uses the National Health Interview Survey to estimate trends in disability-free life expectancy for men at age 50..." (Center for Retirement Research at Boston College)
Work Expectations, Realizations, and Depression in Older Workers
Excerpt: "We explore the impact on depressive symptoms of deviation in actual labor force behavior at age 62 from earlier expectations. Our sample of 4,241 observations is drawn from the Health and Retirement Study (HRS)." (National Bureau of Economic Research; paid subscription or individual purchase required to retrieve fulltext)
Working Longer as Jobs, and Retirement Funds, Contract
Excerpt: "Even as workers in their 40s, 50s and 60s accept having to work years longer than anticipated, many companies are laying off employees amid the economic downturn. This often means that older workers are pushed out first, because they are usually the highest-paid employees." (The New York Times; free registration required)
[Opinion] Younger Workers Hurt When Boomers Can't Afford to Retire
Excerpt: "The first wave of baby boomers is scheduled to retire in 2011 - the same year my daughter graduates from college. Will a big percentage of the 4 million college graduates wind up jobless because my generation's 3.4 million baby boomers can't afford to retire? Even if Barack Obama or John McCain convinces Congress to adopt my proposal of a mandatory 401(k) contribution at 9% of pay, it won't be enough for the baby boomers who are scheduled to head out the door." (Employee Benefit News; free registration required)
The Decline of Career Employment
Excerpt: "[S]ome indication that people might be willing to work longer comes from the fact that the century-long downward trend in the labor force participation of older men has clearly ceased, with participation rising slightly since the mid-1990s. But the changes to date fall far short of what is required to offset declining Social Security benefits and modest 401(k) balances – an increase in the average retirement age from the current 63 to an estimated 67." (Center for Retirement Research at Boston College)
Baby Boomer Retirements May Create Labor Crunch
Excerpt: "The labor supply may experience shortages in coming years as more Baby Boomers retire, according to a study by KPMG. The firm found there is a lack of Generation Y workers to replace those who are expected to retire in the years ahead. That could lead to a lack of consumer spending and a contraction in the tax base." (WebCPA.com via On Wall Street)
New Data Confirms Americans Working Through Retirement
Excerpt: "An analysis of new Census Bureau data by the Congressional Research Service (CRS) confirms earlier theories that Americans will work longer than in previous generations - either by choice or because they have to. According to an updated CRS summary of older workers' employment trends, 52% of men aged 62 to 64 were employed in March 2008, compared to 43% in 1995 and 42% in 1990. Of men aged 65 to 69, 33% were employed in March 2008, compared to 27% in 1995 and 26% in 1990." (PLANSPONSOR.com; free registration required)
Do State Economics or Individual Characteristics Determine Whether Older Men Work? (PDF)
13 pages. Excerpt: "The difference in labor force participation rates of men aged 55-64 across the United States is astounding. For example, West Virginia has a participation rate below 60 percent, while South Dakota has a participation rate approaching 90 percent (see Figure 1). This fact in itself has significant implications for the pressures that states will face as the baby boom starts to retire in the face of a contracting retirement income system, declining housing prices, and a lackluster stock market." (Center for Retirement Research at Boston College)
George F. Will on the Governmental Pension Plan Time Bomb
Excerpt: "Vallejo [California] is an ominous portent for other cities, and some states, few of which are accumulating financial resources sufficient to fulfill pension promises they have made to employees. Are you weary of the crisis du jour -- subprime mortgages and all that? Get a head start on worrying about the next debacle by reading Roger Lowenstein's new book, 'While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom as the Next Financial Crisis.'" (Washington Post; free registration required)
Text of Congressional Research Service Report on Pension Participation and Sponsorship: Recent Trends (PDF)
20 pages. Excerpt: "[A]mong private-sector workers aged 25 to 64 who were employed year- round, full-time: The percentage of workers whose employer sponsored a retirement plan rose from 57.2% in 2006 to 59.9% in 2007. The percentage of workers who participated in employer-sponsored retirement plans rose from 49.2% in 2006 to 52.0% in 2007. Only 25.5% of workers at firms with fewer than 25 employees participated in an employer-sponsored retirement plan in 2007, compared to 45.5% of workers at firms with 25 to 99 employees and 65.4% of workers at firms with 100 or more employees." (Congressional Research Service, U.S. Library of Congress)
Changing Demographics and Cruddier Retirement Plans Mean More Workers Will Delay Job Exit
Excerpt: "'The American work force is aging -- it is a very dramatic demographic transformation for the country,' said Gayle Gamauf McCoy, vice president of senior programming for the National Able Network, which helps train older workers. Indeed, with pensions rare and investments losing value, more Americans will be delaying retirement -- or trying to. But in a tough economy, cutbacks commonly include early retirement buyouts, even for workers in mid-career." (Financial Week; free registration required)
Corrected Link: Pension Timebomb Ticks in Europe as Population Ages
Excerpt: "The European Union's population is set to reach 506 million by 2060, when there will be only two people of working age for every person aged 65 or more, the EU statistical office said on Tuesday." (Reuters via Forbes.com)
A Tax Revolt Is Quietly Brewing in Some States
Excerpt: "These and other battles come at a time when many states are struggling to cope with tough economic times." (Wall Street Journal via Baltimore Sun)
Pension Timebomb Ticks in Europe as Population Ages
Excerpt: "The European Union's population is set to reach 506 million by 2060, when there will be only two people of working age for every person aged 65 or more, the EU statistical office said on Tuesday." (Reuters via Forbes.com)
Economists Underscore Risks of 'Age Inflation'
Excerpt: "While there has been growing talk of the aging of America, two National Bureau of Economic Research economists have now coined a term for it: 'age inflation,' The Wall Street Journal reports. The government and individuals alike will be in for a rude awakening, warn John Shoven and Gopi Shah Goda. As it stands, the number of people eligible for Social Security is going to increase by 20% by 2050, as Baby Boomers retire. But that number will actually be far higher, due to ever-increasing life expectancies." (On Wall Street)
Companies Taking Specific Steps to Keep Older Workers
Excerpt: "According to Gray Matters: Engaging the Older Workforce, a 2007 white paper by Milwaukee-based Manpower Inc., employees ages 55 and older are projected to comprise more than 20 percent of America's workforce by 2016, creating a pool of 27 million workers to help meet employment needs. Yet fewer than 18 percent of employers surveyed by Manpower have developed strategies to recruit older workers, and only 28 percent are planning retention programs for this population." (Human Resource Executive Online)
Companies Consider Impact of Upcoming Employee Retirements
Excerpt: "Employers facing an unprecedented talent shortage, with 25% of the workforce nearing retirement age, are considering the impact upcoming retirements on their organization. According to a Hewitt Associates news release, its survey of more than 140 mid-size and large employers revealed more than half (55%) have already evaluated the impact potential retirements could have, and 61% say they have developed or will develop special programs to retain targeted, near-retirement employees." (PLANSPONSOR.com; free registration required)
'Benefits Quarterly,' 3rd Quarter 2008, Executive Summaries of Articles
Articles are titled: The Supreme Court Gives a 'Green Light' to Individual 401(k) Lawsuits; FMLA Expanded for Leaves Related to Family Members Serving in the Military; Nationwide Savings Plan Automatic Enrollment Getting Associates PREPared for Retirement; Work Options for Older Americans: Employee Benefits for the Era of Living Longer; Alternatives to Cash in Ensuring the Solvency of Defined Benefit Pension Funds; Lessons From Pension Reform in the Americas; and, The Future of Retirement: An Exploration and Comparison of Different Scenarios. (International Society of Certified Employee Benefit Specialists)
Retiring in Stages: Boomers Get More Options
Excerpt: "A study released Wednesday by Hewitt Associates found 61 percent of U.S. companies have or will develop programs that let workers retire in stages. The programs are intended to hold onto the experience of baby boomers, and ease the difficulty of replacing their skills. The study included 140 mid-size and large-size companies." (AP via The New York Times; free registration required)
Will Employers Want Aging Boomers?
Excerpt: "This report examines the current employer demand for older workers and explores how demand may be changing over time. It begins by displaying the occupations at which older workers are most likely to be employed today. The report then discusses the personal and social benefits of increased work by older adults and the reasons why boomers are likely to try to work longer than earlier generations. Later sections of the report examine whether employers will want older workers and how changes in the nature of work, demands for different occupations, the characteristics of older workers, and overall labor force growth will affect the future demand for older workers. The report concludes with some policy recommendations." (The Urban Institute)
Groups Make Available Older Worker/Elderly Scam Prevention Materials
Excerpt: "The Financial Industry Regulatory Authority (FINRA) and the International Foundation of Employee Benefit Plans are working together to get out the word about two new online resources to help companies and their older workers protect themselves from early retirement scams." (PLANSPONSOR.com; free registration required)
Companies not Actively Pursuing Ways to Ease Boomer Brain Drain
Excerpt: "A recent study by the Institute for Corporate Productivity (i4cp) finds that most companies are not looking for ways to keep the accumulated knowledge of baby boomer employees under their wings. The study found that 77% of responding organizations do not have a phased retirement program - allowing an employee who is approaching retirement to continue employment with a reduced workload." (PLANSPONSOR.com; free registration required)
Executive Summaries of Articles in Benefits Quarterly, 3rd Quarter, 2008
The articles are titled: The Supreme Court Gives a 'Green Light' to Individual 401(k) Lawsuits; FMLA Expanded for Leaves Related to Family Members Serving in the Military; Nationwide Savings Plan Automatic Enrollment Getting Associates PREPared for Retirement; Work Options for Older Americans: Employee Benefits for the Era of Living Longer; Alternatives to Cash in Ensuring the Solvency of Defined Benefit Pension Funds; Lessons From Pension Reform in the Americas; and, The Future of Retirement: An Exploration and Comparison of Different Scenarios. (International Society of Certified Employee Benefit Specialists)
Factsheet: Update on the Aged 55+ Worker: 2007
Excerpt: "This fact sheet by Sara E. Rix of AARP's Public Policy Institute highlights the employment situation of workers aged 55 and older and those under age 55 in 2007, reporting on employment gains and losses, the growth in full-time employment, age discrimination in employment, and labor force projections." (AARP)
[Opinion] Working Longer: The Solution to The Retirement Income Challenge
Book review excerpt: 'This timely and insightful book assesses the potential of longer work lives to strengthen retirement security. With a clear-eyed view of the challenges associated with such a major social and economic change, this book is an essential resource for individuals, employers, and policymakers alike." (Center for Retirement Research)
Calif. City in Bankruptcy May Be Model for Others
Excerpt: "Vallejo's day of financial reckoning arrived last week when it became California's largest city to declare bankruptcy." (International Herald Tribune)
Baby Boomers Retiring and Leaving Employers Short on Talent
Excerpt: "Talk about a brain drain: according to a new study of large corporations by Aon Consulting, the majority of employers feel that the wave of baby boomers now starting to retire will leave them with a substantial shortage of leadership talent in the very near future. Specifically, 60% of corporations polled by Aon said that they expect the performance of their businesses to be affected by the loss of baby-boomer talent -- up from only 16% of employers who reported the same concerns last year." (Financial Week; free registration required)
Older Staffers Get Uneasy Embrace
Excerpt: "Surveys by Boston College's Center for Retirement Research found that employers expect about a quarter of employees currently in their 50s will want to work two to four years longer than past workers. Then employers were asked if they would accommodate half those who wanted to work later. 'On a scale of 1 (unlikely) to 10 (likely), the median response was a lukewarm 6,' the researchers say." (The Wall Street Journal)
[Opinion] Older Workers: Federal Agencies Face Challenges, But Have Opportunities to Hire and Retain Experienced Employees (PDF)
30 pages. Excerpt: "The Chairman of the Senate Special Committee on Aging asked GAO to discuss (1) the age and retirement eligibility trends of the current federal workforce, (2) the strategies federal agencies are using to hire and retain older workers, and (3) our observations on how these strategies position federal agencies to engage and retain older workers." (U.S. Government Accountability Office)
Text of ''Incentives for Older Workers Act'' (PDF)
14 pages. Excerpt: "To improve the employability of older Americans." (U.S. Senate via American Benefits Council)
Official Summary of 'Incentives for Older Workers Act' (PDF)
2 pages. Excerpt: "Under this proposal, the average compensation taken into account under a defined benefit plan may not be reduced by reason of a participant's phased retirement. More specifically, the proposal would apply to any participant in a defined benefit plan (1) who has attained age 50 or 30 years of service, (2) who begins working on a reduced schedule or with modified responsibilities, and (3) whose compensation is reduced by reason of such reduced schedule or modified responsibilities." (U.S. Senate via American Benefits Council)
Hearing on Leading by Example: Making Government a Role Model for Hiring and Retaining Older Workers
The page provides links to the Witness Testimony of Barbara Bovbjerg, Director, Education, Workforce and Income Security Issues, US Government Accountability Office; Robert Goldenkoff, Director, Strategic Issues, US Government Accountability Office; Nancy Kichak, Associate Director, Strategic Human Resources Policy, Office of Personnel Management; Thomas Dowd, Administrator, Office of Policy Development and Research, Employment and Training Administration, US Department of Labor; Max Stier, President and CEO, Partnership for Public Service; and, Chai Feldblum, Co-Director, Workplace Flexibility 2010. (U.S. Senate, Speical Committee on Aging)
Programs for Retaining Older Workers Are Slowly Emerging
Excerpt: "At Pacific Gas & Electric in San Francisco, 42 percent of its workers -- and 50 percent of managers -- are eligible to retire. The company has been interviewing these people about their jobs and posting the information on an intranet database. It is pairing would-be supervisors with older ones. It may soon film experienced workers as they do their jobs, and post the films on the intranet. 'And we're taking a fresh look at our pension calculator to see if we can make it financially worthwhile for older workers to ratchet down hours rather than just leave,' said Van Ton-Quinlivan, director for work-force strategy and diversity." (The New York Times; free registration required)
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