Headlines about "Actuarial - aging workforce"
Gathered from the web by the editors at BenefitsLink.com.
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)
Older Workers Are Increasing Their Labor Force Participation and Hours of Work (PDF)
14 pages. Excerpt: "IN THE PAST 12 YEARS, A MAJOR REVERSAL of the long-run decline has occurred in the supply of labor at ages 60 and older and apparently in the demand also. Though it is difficult to judge the pace and extent of further gains in the labor force participation rates and full-time employment of these older men and women, there is reason to believe these trends will continue." (U.S. Bureau of Labor Statistics)
Companies Find Ways to Retain Expertise of Older Workers
Excerpt: "Weyerhaeuser's new delayed-retirement project, called Gray Matters, is grounded in research about the attitudes of its employees age 55 and over. The vast majority say they want to work longer rather than completely retire. But they want it all -- a flexible schedule, health-care benefits and no negative financial impact. And they want the work to be meaningful. In response, Gray Matters offers selected employees the opportunity to retire gradually, but they must average 25 hours of work a week in order to keep health benefits. The part-time work also shouldn't go on for too many years or it could negatively impact their pension. Still, working part time rather than retiring entirely ultimately builds a bigger nest egg." (The Seattle Times)
Why Do More Older Men Work in Some States?
Excerpt: "One avenue of investigation not previously exploredis the variation in labor force activity of older workers across different states. In South Dakota, nearly 90 percent of men aged 55-64 are in the labor force compared to only 40 percent in West Virginia. The question is the extent to which this variation can be explained by differences in replacement rates -- benefits relative to pre-retirement income -- across states." (Center for Retirement Research at Boston College)
Employment at Older Ages and the Changing Nature of Work
Excerpt: "About 7 percent of American workers held highly physically demanding jobs in 2006, and 35 percent held highly cognitively demanding jobs. The share of the workforce in physically demanding jobs fell by about one-sixth between 1971 and 2006, while the share in cognitively demanding jobs increased by more than one-third. Stressful occupations also grew rapidly over the past 35 years. The decline in physically demanding occupations will likely improve employment prospects for older adults, but the growth in cognitive demands may limit options for some older people, especially those with limited education." (Urban Institute)
[Opinion] Interview with Roy Krause on Trend Toward Putting Consultants on Payrolls
Excerpt: "Q. We are hearing a lot about the retirement of the baby boomers creating job shortages, as soon as 2010 or 2011 by some estimates. How would a recession affect this phenomenon?" (The New York Times; free registration required)
Aging of U.S. Workforce - Proposed Strategies to Meet the Challenges
Excerpt: "The concern about keeping older workers in the work place is generated at least in part by the fact so many high growth – and strategic – industries have such a large percentage of their workers at ages 45 or older." (Deloitte via BenefitsLink.com)
Small Biz Owners Planning for Boomer Retirement 'Brain Drain'
Excerpt: "Twenty-eight percent of the small-business owners in a recent survey have planned to have older workers transfer their professional knowledge to younger colleagues. A news release from the National Association of Professional Employer Organizations (NAPEO) about its survey on the potential for a 'brain drain' when baby boomers retire, said respondents in the current survey also reported they had more older workers this year than last." (PLANSPONSOR.com; free registration required)
Current Strategies to Employ and Retain Older Workers. (PDF)
47 pages. Excerpt: "The findings indicate that as older adults are becoming an increasingly important labor source due to demographic changes, employers are beginning to tailor their programming and services to individuals age 50 and older. For employers, the challenge is to develop workforce policies that appeal to older workers without sacrificing productivity. This report explores employer strategies such as flexible work arrangements and phased retirement plans. It also includes additional resources focused on job search assistance and training." (U.S. Department of Labor, Employment and Training Administration)
Report of the Taskforce on the Aging of the American Workforce (PDF)
48 pages. Excerpt: "The aging of the American people will affect many aspects of our society, from the health care system to financial markets, and has many implications for the U.S. labor market. Employers rely on the skills and experience of this skilled labor pool, and as the population ages and more people retire, many industries could face worker and skill shortages." (U.S. Department of Labor Employment and Training Administration)
Costs of Federal Government Benefits for Seniors Rise 24% Above Inflation Rate Since 2000
Excerpt: "The cost of government benefits for seniors soared to a record $27,289 per senior in 2007, according to a USA TODAY analysis. . . . Medical costs are the biggest reason. Last year, for the first time, health care and nursing homes cost the government more than Social Security payments for seniors age 65 and older." (USA TODAY)
Federal Government Data Shows Increase in Older Workers
Excerpt: "A report published by the Department of Labor's Bureau of Labor Statistics indicates more older Americans are continuing to work past retirement age and are continuing to work full-time." (PLANSPONSOR)
Contrary to Previous Reports, Oldest Boomers Eager to Retire
Excerpt: "A majority of the 2.9 million Americans who turn 62 this year say they will be fully retired by the age of 65, according to a new survey released by MetLife. That's in direct conflict with what previously has been forecast. Economic uncertainties, poor retirement planning, collapsing pension plans and longer lifespans were all considered reasons that many people would continue working past the age of 65." (JJ Acquisition Corp.)
Workforce Trends - An AARP Study of Employers and Workers in Puerto Rico
Excerpt: "Two AARP surveys in Puerto Rico suggest that to prevent a labor shortage within their companies, employers in Puerto Rico need to address the retaining and recruiting of older employees." (AARP)
Lilly Staffers Will Work Longer, Retirees Pay More for Benefits
Excerpt: "More than 20,000 workers of Eli Lilly and Co. will have to pay a larger share of their health-care premiums when they retire, and some might wind up working longer than expected to earn their full pensions. The Indianapolis drugmaker, under pressure to control drug prices and facing a wave of patent expirations, informed its 20,300 U.S. employees Tuesday of numerous changes in their retirement benefits." (Federated Publications, Inc.)
Older Workers Turning to Government for Second Careers
Excerpt: "Older workers are also looking beyond federal departments and agencies to state and local governments, where retirements will create many vacancies in social services and health care." (The Dallas Morning News; free registration required)
Changing Trends in the Labor Force: A Survey (PDF)
16 pages. Excerpt: "In this paper, the authors review the evidence of changing labor force participation rates, estimate the trends in labor force participation over the past 50 years, and find that aggregate participation has stabilized after a period of persistent increases. Moreover, they examine the disparate labor force participation experiences of different demographic groups. Finally, they survey some of the studies that have provided explanations for these differences." (Federal Reserve Bank of St. Louis)
Longer Life Expectancies Have Consequences for HR and Benefits Managers
Excerpt: "Why does this matter for human resource executives? Think about your own plans: Will you actually want to retire around 65 if you are going to be healthy and active for another 20 years? And think about the effects on the overall labor force. Shoven calculates that if the additional years of life expectancy are added to the working life of men who would normally retire at 65, the size of the entire labor force in the United States will grow by an additional 10 percent between now and 2050. Still worried about that coming labor shortage?" (Human Resource Executive Online; free registration required)
Working Past Retirement Age Brings Benefits and Challenges
Excerpt: "Having a continuing income is a decided advantage of postponing retirement, whether you work in the same field as before retirement age or change roles altogether. Working longer increases lifetime earnings, Social Security payments - when those payment are deferred - and employer-sponsored pension credits. It also shortens the period over which lifetime savings must be spread." (Oregon Live LLC)
As Boomers Near Retirement, a Brain Drain Is Feared in Government
Excerpt: "Baby boomers -- usually defined as those born between 1946 and 1964 -- are top managers at many institutions in this country. If they retire in waves, observers warn, they could leave unprepared organizations scrambling to find qualified executives and middle managers. Some observers worry particularly about government." (The Austin American-Statesman)
Technical Corrections Bill Not Acted Upon by Congress; New Funding Rules Are Effective 1/1/2008 Without Guidance from the IRS
Excerpt: "Last night, Congress adjoined without acting on H.R. 3361, the House of Representative's version of the Pension Protection Technical Corrections Act of 2007. The Senate passed S. 1974, the Senate version of the Pension Protection Technical Corrections Act of 2007. The House could still pass their version of the bill after the holiday recess but it will not be in time to delay PPA's new funding rules for defined benefit plans." (Pension Protection Act Blog)
Conference Board Unveils Mature Workforce Employer Practices Database
Excerpt: "The Conference Board has launched an Employer-Practices Locator, a Web-based database that includes specific actions employers have taken to address challenges presented by the mature workforce." (PLANSPONSOR.com; free registration required)
Fact Sheet: Are Employers Willing to Hire and Retain Older Workers? (PDF)
6 pages. Excerpt: "Older adults' employment is attracting attention as many baby boomers approach traditional retirement ages. This fact sheet examines employers' current attitudes toward older workers and the likely future demand for their services." (Urban Institute)
Fact Sheet: Should People Work Longer, and Will They? (PDF)
7 pages. Excerpt: "Choosing when to retire is a crucial decision for workers. Working longer increases lifetime earnings, Social Security and employer-sponsored pension credits, and other savings, and shortens the period over which retirement savings must be spread." (Urban Institute)
Working Paper: The Effect of Economic Conditions on the Employment of Workers Nearing Retirement Age
Excerpt: "The decline in employment of men near retirement age was concentrated between the early 1970s and 1980s, a period of dramatic shifts in the United States labor market. The paper begins to explore the effect of these shifts on retirement behavior. To do so, it analyzes the effect of changes in economic conditions at the individual, industry, and state level on employment of workers near retirement." (Center for Retirement Research at Boston College)
Working Paper: Health Insurance and the Labor Supply Decisions of Older Workers
Excerpt: "This paper exploits a major mid-1990s expansion in the U.S. Department of Veterans Affairs health care system to provide evidence on two important and interrelated U.S. policy issues: retirement policy and universal health care." (Center for Retirement Research at Boston College)
Employment at Older Ages and the Changing Nature of Work
Excerpt: "In this AARP Public Policy Institute Issue Paper . . . the changes over time in job demands and the impact of these changes on the employability of older workers [is examined]." (AARP)
Audio Files: Who Will Hire Me When I'm 64? Challenges in Increasing the Employment of Older Workers
Listen to the opening remarks and presentations of the December 4th event. (Urban Institute)
Labor Force Projections to 2016: More Workers in Their Golden Years (PDF)
20 pages. Excerpt: "As the U.S. population ages, the labor force will grow more slowly during the next decade; the older labor force is projected to grow more than 5 times faster than the overall labor force . . . ." (U.S. Bureau of Labor Statistics)
Singapore's Government to Introduce Re-Employment Law
Excerpt: "Employers would have to offer re-employment to employees beyond the retirement age of 62 under a proposed law that will take effect in 2012 if approved by Singapore's parliament. Initially, the proposal would require employers to offer re-employment to workers up to age 65. Eventually, this would be raised to age 67." (Watson Wyatt Worldwide)
Leading Edge Solutions for Leveraging an Aging Workforce (PDF)
32 pages. Excerpt: "Following an introduction to the overriding concerns related to the changing workforce, each section includes a short case study of what an organization has done in this area. These cases are used as the starting point to identify lessons learned and insights from other companies that have tried programs in these areas. The last section draws overall conclusions and recommendations for action." (MetLife Inc.)
The links shown above have been gathered from the web by the editors at BenefitsLink.com. Each article's publisher is shown above in parentheses. Opinions expressed in each article are those of the article's publisher, not necessarily those of BenefitsLink.com, Inc. or any web site that displays these headlines in a "frame." You should contact the listed publisher for copyright information about any particular article or to inquire into the right to use the article in any manner.