Retirement Plan Proposal
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Retirement Plan Proposal and Communication Plan
Michele Hopstetter, Denise Johnson,
Sytoria Maldonado, Evelyn Spencer
HRM/324
September 11, 2017
Terry Burr
Retirement Plan Proposal and Communication Plan
The Employee Retirement Income Social Act of 1974 is a federal law that was enacted to set minimum requirements for organizations pension plans for employee benefit packages. These requirements serve as a baseline for companies to follow so workers have monetary protection during their retirement years. Organizations must create retirement security packages if they employ more than one hundred employees. Designing an employee retirement package must be attractive to potential new hires as well as existing employees. The plan must also be designed so the organization can afford to offer it to employees. The good news is that retirement packages are tax free making them more affordable for the employee to contribute to and the employer to match contributions.
Learning Team A, will discuss some retirement plan options that are available through employers. We will also discuss some effective communication techniques to educate employees on the best options to secure their retirements and more importantly participate in a retirement plan.
Proposal One – Pension Fund
Some companies offer secure retirement pension funds to their employees and are also referred to as defined benefits. A pension is a sum of money that an employer puts aside for an employees retirement. The pension plan comes from a pension fund that is a large sum of money that the company has invested. The amount of money an employer invests in a plan depends upon the years of service, and the position and salary an employee holds ("Pension Plans", 2017). Upon retirement, the pension fund can be paid in monthly annuities or in a lump sum payout. Most pension funds are funded mainly by the employer and are closely monitored by attorneys, custodians and investment managers.
Proposal Two
Proposal Three
How will you communicate information to employees?
How often will you communicate information to employees?
What tools or methods will you use to communicate the plan?
How will you overcome resistance to participation?
How will you get employees to enroll?
How will you communicate the plan to make it attractive?
Conclusion
References
Pension Plans. (2017). Retrieved from http://money.cnn.com/retirement/guide/pensions_pensions.moneymag/index.htm