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Retirement

Prepare employees for benefits changes or lose their trust

09/25/2007

As your organization shifts more responsibility to employees to manage their own health and retirement expenses, you risk alienating your work force. But it doesn’t have to be that way …

Deferred-Comp plans must comply with new rules starting Jan. 1

09/01/2007

The government hasn’t required much in the way of compliance when it comes to special executive retirement perks and bonuses. That changed in April, when Congress enacted a slew of IRS-enforced regulations known as 409A. Bring your deferred-comp plans into compliance now, or your executives could face stiff tax penalties.

It’s time to figure out who will replace the boomers

09/01/2007

Despite what you’ve heard about would-be retirees clinging to their jobs long into their golden years, the average retirement age is 62. That means the boomers are going to start racing into retirement. How many employees is your organization going to lose? Chances are, you don’t know. Most organizations don’t know how old their employees are or when those in their 60s plan to retire. Supervisors may know on a case-by-case basis, but what the organization needs is an overall profile so a mad dash out the door doesn’t catch anyone by surprise …

Caterpillar sues UAW over retiree health benefits suits

09/01/2007

Caterpillar Inc. has filed lawsuits to force the United Auto Workers (UAW) to pay for health care for retirees as agreed in union-negotiated contracts. Caterpillar says the UAW is backing two class-action lawsuits seeking free lifetime coverage for retirees and spouses, which the company says violates collective-bargaining agreements …

Law boosts pension portability as cash-Balance plans take off

09/01/2007

Dow Chemical Co., based in Midland, has announced it will adopt a cash-balance plan for new employees, making it the largest employer to do so since Congress passed legislation last year protecting new plans from age-discrimination lawsuits …

Retirees can sue employers who mismanage retirement investments

09/01/2007

The 3rd Circuit Court of Appeals has expanded the class in a class-action suit brought by former workers and retirees against their employer. The case centers on Conexant Systems Inc., which offered its own stock among the investment options employees could choose from when structuring their 401(k) plans. The stock fell from $7.42 per share to $1.70 in seven months during 2004 …

Ohio public pension funds must cut terrorist ties

08/01/2007

Ohio’s public pension funds must dump more than $500 million in investments with companies that do business with Iran and Sudan, lawmakers decided in June …

Accepting early retirement doesn’t mean automatic unemployment

08/01/2007

To streamline the work force, some employers encourage early retirement and may even include an inducement in the form of enhanced benefits. But unless the employer informs the employee her job is endangered unless she signs up, the employee is probably not eligible for unemployment compensation …

Additional workers’ comp benefits end at initial Social Security benefit age

07/09/2007

Employees who receive additional benefits under the Workers’ Compensation Law 15(3)(v) lose those additional benefits as soon as they reach eligibility for federal Social Security old-age benefits …

AARP finds Georgia’s work force is getting grayer

07/01/2007

Jobs will grow in Georgia over the next two decades, according to a recent report from the AARP, but filling them will be a challenge …