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Distributions - phased retirement

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[Guidance Overview] IRS Issues Guidance on Tax Treatment of Phased Retirement Payments
"Notice 2016-39 [includes] guidance on: The appropriate present value factors to be used for purposes of determining the basis recovery fraction of each payment received during phased retirement ... [and the] time for determining the basis recovery fraction for these phased retirement payments. The Notice includes examples of basis recovery calculations for phased retirement and full retirement payments." (Practical Law Company)
[Guidance Overview] Taxability of Phased Pension Retirement Payments
"[Notice 2016-39] provided three requirements that, if met, allow pension payments received during phased retirement to be treated as payments not received under an annuity.... [W]hen the employee fully retires, the payments to be received will be calculated based upon the plan's terms for taking into account the phased retirement payments already received. The amount of the pension payments to be received in full retirement that will be includible in gross income are amounts received as an annuity and will follow the applicable rules for the recovery of basis of annuity payments." (RSM US)
The Perils of Retirement at Age 65
"Age 65 is the year we traditionally associate with retirement, but this age is declining in significance.... You won't qualify for full Social Security benefits.... You have a small window in which to sign up for Medicare.... You can start retirement account withdrawals, but aren't forced to.... If you retire at age 65 and live until 90, you will be retired for 25 years. It can be incredibly difficult to save up enough to pay for over two decades of leisure time." (U.S. News & World Report)
Macroeconomic Determinants of Retirement Timing
"[The authors] find that the fraction of partially retired workers has risen dramatically (from virtually zero to 15 percent for 60-62 year olds), and that the duration of partial retirement spells has been steadily increasing.... Workers who are partially retired show a differential response to a high unemployment rate: younger workers increase their partial retirement spell, while older workers accelerate their transition to full retirement." (University of Michigan Retirement Research Center)
Can Part-Time Retirement Save the U.S. Postal Service?
"[P]olicymakers are closely watching recent proposals that would institute work-retirement hybrid programs for all federal workers. Both the House and Senate have approved proposals to help ease eligible employees into retirement slowly -- allowing agencies such as [the U.S. Postal Service] to delay hiring and training new employees. While the House bill would amend U.S. code to allow [federal employees] to continue working part time while partially retired, a lesser-known but similar setup already is available under an Office of Personnel Management regulation." (Government Executive)
House Panel Approves Part-Time Retirement for Federal Employees
"A House panel voted unanimously Wednesday to advance legislation that would allow retirement-eligible employees to work part time ... The bill, H.R. 4363, would amend U.S. law to allow federal employees to continue working part time while partially retired [meaning that retirement benefits can begin without the need to separate from service first and then become rehired]." (Government Executive)
[Official Guidance] Text of IRS Notice 2012-29: Proposed Guidance on In-Service Distributions from Governmental Retirement Plans (PDF)
"This notice ... invites public comment [on potential IRS guidance that] (a) would clarify that governmental plans that do not provide for in-service distributions before age 62 do not need to have a definition of normal retirement age and (b) would modify the age-50 safe harbor rule for qualified public safety employees. The notice also provides that the IRS and Treasury Department intend to extend the effective date of the regulations relating to distributions from a pension plan upon attainment of normal retirement age for governmental plans." (Internal Revenue Service)
Senate Approves Retirement-Work Hybrid for Feds
"Many federal employees are nearing retirement, so part-time work could pad federal agencies' coffers if they did not have to replace these employees entirely. Under the proposal, part-time employees would receive partial annuities and could earn additional retirement benefits proportional to the amount of time they work. Older employees also would be required to mentor younger new hires and help preserve agency knowledge." (National Journal)
Ensure your Plan Participants are Prepared for a Secure Retirement
Defined Contribution Conference, March 11-13, in Miami. Learn from your peers through presentations and discussions on plan design, communications, investment options and more. FREE registration for qualified plan sponsors. (Pensions & Investments)
Avoid the Common Mistakes Affecting Plan Loans Webcast
Earn CE credit while ERISA expert, Charles Lockwood, JD, LLM, explains the administrative issues that affect plan loans. Have questions? Charles will address them either during or after the webcast. March 22nd at 2pm EST. (ASC)
White House Pushes Semi-Retirements for Federal Workers
"President Obama's 2013 budget proposal calls on Congress to allow federal employees to work part-time while also collecting partial pension checks and earning partial retirement benefits for their part-time service. The benefits of the idea are twofold, proponents say. It would save money -- the administration estimates $720 million over the next decade -- by spacing out retirements and new hires. And it would help alleviate the government's brain drain problem by keeping experienced staff on board longer to mentor younger feds." (Federal Times)
Yale Faculty Opt for Phased Retirement
"The phased retirement program announced last December replaced a similar program that had also reduced a professor's academic obligations by 50 percent, but only offered a 50 percent salary for three years . . . ." (Yale Daily News)
The Best Way for Retirees to Leave the Workforce
"[A]s nest eggs begin to recover, many of us will begin thinking again about when and how to walk away from work. As such, phased retirement is likely to enjoy a resurgence." (SmartMoney)
'Phased Retirement' and Its Paychecks Have Gained Popularity, But Watch for Drawbacks
Excerpt: "[A] phased retirement is not for everyone, and there are financial factors to consider in deciding whether you can afford to do this. Obviously, the primary financial benefit of taking a phased retirement is that you continue to get a paycheck, which can lessen the need to draw on your retirement savings, allowing the money to grow further. On the other hand, when you reduce your work hours and salary, that could have a direct impact on your employee benefits." (The Dallas Morning News)
Integrating Retirement Models
Excerpt: "In contrast to some recent studies, the findings suggest the flow of wives into the labor force in the last few decades has probably reduced the amount of husbands' work. The model also provides plausible responses to various policies. For example, we find that any effort to promote opportunities for partial retirement as a means to increase overall work is likely to be unsuccessful as any induced decline in full retirements is offset by a decrease in full-time work. [Note: An online appendix is available for this publication.]" (National Bureau of Economic Research; paid subscription or individual purchase required to retrieve fulltext)
The Emerging Retirement Model Study: A Survey of Plan Sponsors (PDF)
40 pages. Excerpt: "The MetLife Emerging Retirement Model Study suggests that a new, recalibrated retirement model is needed -- and is beginning to emerge. Unlike earlier, more traditional models of retirement that assumed a fixed career end-date, 100% employer-paid defined benefits and clear boundaries between 'work' and 'leisure,' the recalibrated retirement model contemplates a more gradual transition of older workers from full-time work to retirement." (Metropolitan Life Insurance Company)
Bridge Employment and Retirees' Health: A Longitudinal Investigation (PDF)
16 pages. Excerpt: "The present study examined the relationship between bridge employment and retirees' health outcomes (i.e., major diseases, functional limitations, and mental health). We used a nationallyrepresentative sample of 12,189 retirees from the first 4 waves of the Health and Retirement Study. Hierarchical regression analyses showed that compared with full retirement, engaging in bridge employment either in a career field or in a different field was associated with fewer majordiseases and functional limitations, whereas engaging in career bridge employment was associated with better mental health. The findings highlight the health benefits of engaging in bridge employment for retirees. The practical implications of this study are discussed at both the individual and policy levels. Limitations of the current findings are also noted in conjunction with future research directions." (American Psychological Association)
Employment and Retirement Trends for Older Workers (Updated) (PDF)
19 pages; updated version is dated September 16, 2009. Excerpt: "As more workers reach retirement age, employers may try to induce some of them to remain on the job, perhaps on a part-time basis. This is sometimes referred to as 'phased retirement.' Several approaches to phased retirement -- job sharing, reduced work schedules, and rehiring retired workers on a part-time or temporary basis -- can be accommodated under current law. The Pension Protection Act of 2006 (P.L. 109-280) allows pension plans to begin paying benefits to workers who have not yet separated from their employers at the earlier of age 62 or the pension plan's normal retirement age, which in most plans is 65. Some employers would like to be able to pay partial pension distributions to workers who have reached the pension plan's early retirement age, even if it is earlier than age 62. This would require a change in federal law." (Congressional Research Service, U.S. Library of Congress)
The Impact of a Phased Retirement Program: A Case Study
Excerpt: "In this paper we analyze the factors that influence the decision to take up a part-time pension and continue working at the same work place at reduced hours. We do this by using a unique data set from one employer in the governmental sector in Sweden, Stockholm University. The pension scheme is a special part-time pension scheme introduced for state employees in 2003. Employees 61 years and older can apply for a part-time pension up to the age of 65. The employers decide if they will accept or reject the application. They may also encourage employees to apply or discourage them from doing so." (Social Science Research Network)
Call for Papers: Using Retirement Benefits for Workforce Management
Excerpt: "The following is a list of potential issues that authors may wish to consider. Please note these issues are only intended to serve as examples and are not meant to restrict potential ideas in any way. A. Cost estimation and implementation considerations for establishing a proposed early retirement window or other benefit changes. B. Methods for determining the direct and indirect overall financial impact (cost versus savings) associated with an early retirement window program. C. A framework for conducting studies on early retirement windows including suggested checklists, steps, and designs. D. Regulatory and compliance issues from both U.S. and Canadian perspectives. E. Case Studies?It would be preferable for abstracts to include case studies that represent lessons learned from a range of plans or from a single plan that is broad in structure, rather than being narrowly defined." (Society of Actuaries)
Repairing Fractures in Some Long-Held Assumptions About Investing and Planning for Retirement
Excerpt: "[A]s employees see prospects dimming for affordable retirement, more may request -- and more employers may approve -- retirement in stepped-down phases over several years. Phased retirement is just one possible retirement system change that experts say could emerge from the current financial crisis. Others include greater use of so-called hybrid or cash balance retirement plans; they could provide insulation from stock market swings that can whipsaw 401(k) accounts. In fact, some critics contend that 401(k) accounts' vulnerability to turbulence in the markets is a fundamental flaw in their design." (Society for Human Resource Management)
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)
Phased Retirement Key to Coping with Teacher Brain Drain
Excerpt: "School districts around the country need to adopt phased retirement policies or they will ultimately get caught severely shorthanded after an upcoming wave of boomer-aged teacher retirements. That was the key takeaway from a recent report by an education industry group that warned that more than half the nation's teachers are now 50 and older and will be eligible for retirement over the next decade. This retirement 'tsunami' could rob schools of valuable experience, the National Commission on Teaching and America's Future (NCTAF) report asserted." (; free registration required)
[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)
[Guidance Overview] Phased Retirement Initiative
Excerpt: "HR Policy Association, in partnership with the American Benefits Council, EBRI and Watson Wyatt Worldwide, has launched a Phased Retirement website that includes a toolkit [] to guide employers in retaining older workers with skills and experience that the company does not want to lose. 'Even though many older workers are delaying their retirement now because of the downturn, companies still have individual situations where a phased retirement program can be helpful,' said Ian Ziskin, Corporate Vice President & Chief Human Resources and Administrative Officer of Northrop Grumman." (HR Policy Association)
2008 ERISA Advisory Council Report on Phased Retirement
Excerpt: "This report was produced by the 2008 Advisory Council on Employee Welfare and Pension Benefit Plans, usually referred to as the ERISA Advisory Council (the 'Council'). . . . The Council established a special working group (the 'Working Group') to examine the issues facing employers who wish to create phased retirement plans, the issues facing employees who wish to take part in phased retirement programs, and the various legal and regulatory obstacles to the implementation of a phased retirement arrangement. The Working Group examined whether there were any actions needed to facilitate an improved system of phased retirement." (U.S. Employee Benefits Security Administration)
ERISA Advisory Council Report on Phased Retirement
Excerpt: "The Council established a special working group (the 'Working Group') to examine the issues facing employers who wish to create phased retirement plans, the issues facing employees who wish to take part in phased retirement programs, and the various legal and regulatory obstacles to the implementation of a phased retirement arrangement. The Working Group examined whether there were any actions needed to facilitate an improved system of phased retirement." (U.S. Employee Benefits Security Administration)
[Guidance Overview] Overview of the Worker, Retiree and Employer Recovery Act of 2008
Excerpt: "Emergency Funding Relief For Defined Benefit Plans . . . Technical Modifications to the PPA . . . Non-Technical Retirement Security Provisions . . . Mental Health Parity and Addiction Equity Act For Collectively Bargained Plans . . . ." (McGuireWoods)
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)
[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)
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)
[Official Guidance] Text of IRS Notice 2008-98: Extension of Effective Date of Normal Retirement Age Regulations for Governmental Plans (PDF)
2 pages. Excerpt: "The [IRS intends] to extend the date by which a governmental plan must comply with final regulations on distributions from a pension plan upon attainment of normal retirement age, which were published in [2007] ('the 2007 final regulations'). Under the extension, the 2007 final regulations will be effective for a governmental plan (as defined in 414(d) of the Internal Revenue Code) for plan years beginning on or after January 1, 2011. This notice does not change the effective date of the 2007 final regulations for a plan that is not a governmental plan or modify the relief previously provided in Notice 2007-69 . . . ." (Internal Revenue Service)
Text of CRS Report for Congress: Older Workers -- Employment and Retirement Trends (Updated Sept. 15, 2008) (PDF)
19 pages; updated September 15, 2008. Excerpt: "Rather than reduce the normal retirement age in their pension plans, some employers would prefer that Congress amend the Internal Revenue Code to allow inservice pension distributions to employees who have reached the plan's early retirement age (or some age between the early retirement age and 62). . . . Amending the Internal Revenue Code to permit in-service distributions at the early retirement age would alter incentives to work or retire, as well as how much to work and for whom to work. Consequently, it would affect both labor force participation and hours worked among older employees. The net effect of these changes in labor force participation and hours worked would be almost impossible to predict." (Congressional Research Service, U.S. Library of Congress)
Employee Benefits Security Administration Notice of Meeting: Advisory Council on Employee Welfare and Pension Benefit Plans
Excerpt: "[T]he Working Groups assigned by the Advisory Council on Employee Welfare and Pension Benefit Plans to study the issues of (1) The spend down of retirement assets, (2) hard to value assets/target date funds, and (3) phased retirement, will hold a public teleconference meeting on September 29, 2008." (U.S. Employee Benefits Security Administration)
[Opinion] Testimony on Behalf of the American Benefits Council before DOL ERISA Advisory Council Working Group on Phased Retirement (PDF)
5 pages. Excerpt: "[E]mployers are interested in implementing phased retirement programs -- more aptly labeled 'flexible retirement' programs -- that enable olderemployees, who might otherwise retire, to remain actively employed either on a parttime or full-time basis." (American Benefits Council)
[Opinion] U.S. Chamber of Commerce Testimony before the ERISA Advisory Council on Phased Retirement (PDF)
8 pages. Excerpt: "The barriers to phased retirement include legal, fiscal, policy, and practical issues.fThere are legal restrictions on when benefits can be paid out, there are fiscal concerns surrounding the costs associated with employing older workers, such as increased pension payments and perceived increases in health care costs, and there are policy and practical concerns about how accruals should be calculated during phased retirement or how to apportion the payout. Overlying all of these barriers is a concern about fiduciary responsibilities and ensuring that a phased retirement program benefits workers without creating unintended consequences or onerous liabilities for plan sponsors." (U.S. Chamber of Commerce)
Changes Needed to Aid Phased Retirement Programs
Excerpt: "The Department of Labor, Internal Revenue Service (IRS), Congress and employers will need to work together to enable the much-needed implementation of phased retirement programmes, a senior consultant has claimed. Speaking before the ERISA Advisory Council Working Group on Phased Retirement, which is examining the need for an improved system of phased retirement opportunities . . . ." (Global Pensions)
In Italy, Employee Benefits and Pension Regulations Modified
Excerpt: "New regulations passed recently will require employers to revise the amount of benefits they pay their employees. The laws, which modify working time specifications, resignation procedures and phased pension payments, aim to cut bureaucracy and simplify procedures." (Watson Wyatt Worldwide)
Phased Retirement Encouraged by PPA, But Companies Slow to Adopt
Excerpt: "Hewitt recently surveyed more than 140 midsize to large employers and found that only 5 percent have formal phased retirement programs. While not many consider it a major need now, three times as many said it might be valuable in five years as the exodus of boomers from the workplace increases." (Martha Hamilton, published by AARP BulletinToday)
[Official Guidance] ERISA Advisory Council to Meet in D.C. Next Month; Open to Public, Comments Accepted; September 2 Deadline (PDF)
Excerpt: "The focus of the Working Group meeting on September 9 will be on phased retirement, including issues facing employers who wish to create phased retirement plans, as well as the issues facing employees who wish to take part in phased retirement programs, and whether there are any legal impediments that discourage American workers from continuing to work in their retirement years. The focus of the Working Group meeting on September 10 will be on spending down retirement assets, including the issues and barriers facing plan fiduciaries, plan sponsors, and plan participants as they attempt to evaluate approaches that guarantee periodic income levels at retirement. The focus of the Working Group meeting on September 11 will be on hard to value assets and target date funds, including potential risks and the roles of fiduciaries, trustees, investment managers, accountants/auditors and participants when employee benefit plans invest in hard to value assets, a review of regulatory policy involving assets for which there is not a generally recognized market, and challenges and risks associated with plans' use of target date funds." (Employee Benefits Security Administration, U.S. Department of Labor)
Retiring Baby Boomers Prompt Increased Employer Interest In Phased Retirement
Excerpt: "With 25% of the work force nearing retirement age, an increasing number of companies are considering implementing phased retirement programs, according to a recent survey conducted by Hewitt Associates." (Wolters Kluwer)
Employers Showing More Interest in Phased Retirement Programs, Hewitt Says
Excerpt: "'For many years, employers have focused on the perceived legal barriers to phased retirement, but changes made by Congress in 2006 reduced some of the legal constraints,' said Steinberg. 'More importantly, as employers really dig into the design of phased retirement programs, they realize that the legal barriers may not be nearly as significant as internal -- or primarily cultural -- obstacles.'" (Wolters Kluwer)
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)
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." (; free registration required)
[Guidance Overview] Weighing Pros and Cons of Phased Retirement Plans
Excerpt: "Such innovative plans, only recently addressed by pension legislation, allow employees to stage their retirement benefits and dates along with work responsibilities. Employees get flexibility, and employers extend workforce numbers and boost knowledge transfer- the valuable sharing of knowledge and experience from senior employees to junior employees." (Employee Benefit News; free registration required)
Working Past Retirement Age Can Pose Problems
Excerpt: "[W]hat workers with defined-benefit pensions and those who already have tapped Social Security benefits might not realize is that there are significant financial disincentives that make working into retirement age a tricky proposition." (The Wall Street Journal via The Dallas Morning News)
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)
Senate Aging Committee Leaders Introduce Bill Allowing Phased Retirement Under Narrow Circumstances
Excerpt: "Employers would be able to offer phased retirement programs to their employees under Senate legislation introduced this week, but they would not be able to limit the groups of employees eligible to participate. The Incentives for Older Workers Act (S. 2933), introduced by Sens. Gordon Smith (R-OR) and Herbert Kohl (D-WI), contains a number of provisions seeking to keep older workers in the workforce." (HR Policy Association)
[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)
Whitworth University Professors Set to Try Phased Retirement
Excerpt: "The administration is developing a phased retirement program for tenured faculty who have taught full time for a minimum of 15 years. The plan is a mutual agreement between the individual faculty member and the university, according to the draft of the phased retirement plan. The faculty member must initiate the process . . . ." (The Whitworthian)
Workers, Employers Adjust to Phased Retirement
Excerpt: "[O]nly about one-quarter of companies allow all or most workers to phase into retirement. There are tax questions and challenges around retirement benefits. For example, for employees who are phasing out, how much do they need to work? When can they start drawing on their retirement benefits while still working? How much can they take out? Do they have to leave the company and then come back as a temporary employee?" (Morning Edition via National Public Radio)
[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)
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)
In Canada, Phased Retirement Programs Get a Lift from Government
Excerpt: "Canada's federal government is backing legislation that includes amendments to the federal income tax regulations that would give sponsors of defined benefit (DB) pension plans greater flexibility in designing phased retirement and other retention programs starting in 2008." (Towers Perrin)
Easing into Retirement
Excerpt: "[Y]ou may have a great deal of leverage to name the conditions under which you want to continue working. You may find that your employer would be thrilled to have you stay on board as a part-time employee, even if it means continuing to pay for employee benefits like health insurance. By remaining open to creative solutions while keeping your resolve to get what you want from your final years of work, you may be able to negotiate an arrangement that will make both you and your employer happy." (The Money Times)
In Canada, New Law on Phased Retirement Approved
Excerpt: "Workers who choose to phase in their retirement will be eligible to receive pension payments and continue to accrue benefits under broader budget legislation approved by the Canadian government on December 14, 2007. The new law, effective immediately, could provide a valuable financial tool to help employers compete in a tight labor market and retain skilled workers." (Watson Wyatt Worldwide)
Audio: Report From the 'Other' Washington -- What Is Happening on the Employee Benefits Agenda
Approximately one hour; emphasizes proposed federal healthcare legislation. available for a limited time from the International Society of Certified Employee Benefit Specialists. Presented at the ISCEBS 27th Annual Symposium. Additional selected audio presentations are online at (James A. Klien)
U.S. Chamber of Commerce Statement for Hearing on Securing Retirement Coverage for Future Generations (PDF)
7 pages. Excerpt: "In order to secure retirement coverage for the future, it is necessary to remember that there are several components to the retirement 'stool.' While this has often been referred to as a 3-legged stool consisting of Social Security, individual savings, and employer-provided pensions, we believe that there may be a potential fourth leg -- phased retirement. For a variety of reasons, many Americans are remaining in the workforce beyond what was traditionally thought of as retirement age. Thus, phased retirement should also be considered when discussing retirement security." (U.S. Chamber of Commerce)
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