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Here Comes Feb. 24, Ready or Not


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11 minutes ago, CuseFan said:

Happy 59 1/2!

Last year I hit 55 and a co-worker innocently enough said, "now you're eligible for early retirement", to which i responded, "what're you trying to tell me?"

Or, if you quit or get fired, you are exempt from the penalty, too!

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All kidding aside - are many young people coming into this industry these days? Back in the "old days" when I was just a pup, a lot of TPA organizations, insurance companies, etc., would take in people who knew nothing about qualified plans and train them. It seems like now, employers are less willing to train folks, and they all want someone who knows the business. Most of the TPA folks I see these days are 50+. I suppose at some point supply and demand will correct the imbalance.

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34 minutes ago, Belgarath said:

All kidding aside - are many young people coming into this industry these days? Back in the "old days" when I was just a pup, a lot of TPA organizations, insurance companies, etc., would take in people who knew nothing about qualified plans and train them. It seems like now, employers are less willing to train folks, and they all want someone who knows the business. Most of the TPA folks I see these days are 50+. I suppose at some point supply and demand will correct the imbalance.

Interesting observation - and one I hadn't thought about before.  The truth of the matter is that in my "team" of 10 people, we have 252 combined years of experience with the youngest rapidly approaching 40 and the oldest (not me) well into RMD land but for being employed.  Six of us are past the half century mark and three have notched another decade on top of that (with another not far behind).

Within the broader organization (about 600 people in the retirement services division), the youngsters tend to be concentrated in the call center - which is a job to exit as rapidly as possible.  Unfortunately, about equal numbers leave the company as remain, and of those who remain, many don't stay in the retirement services side of the business.

I only hope enough remain to continue to service me through my retirement!

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There do seem to be quite a few folks in the same age range among my acquaintances in this business. (Dave, I'm right behind you.) Years ago, I recall working in a small office with about a dozen other women and thinking it was going to get really ugly when we all started getting hot flashes at the same time.

The young people that I meet in the retirement business seem to be going into sales and investment advice more than administration. As we were looking for someone to add to our team last year, we only had one applicant who wasn't catch up eligible.

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I'm looking forward to 9/1/18 for my first maximum SS check. I'v been in this industry too long. I'm the only person in my office who has a pre-erisa break in service from a former job. All you folks are youngins. Bless you all.

 

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On 2/23/2018 at 5:15 PM, jevd said:

I'm looking forward to 9/1/18 for my first maximum SS check. I'v been in this industry too long. I'm the only person in my office who has a pre-erisa break in service from a former job. All you folks are youngins. Bless you all.

 

I bow down in admiration - and hope I am not around as long as you!

And where were you when I needed some pre-ERISA expertise for an abandoned plan I was working on?????

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