What do employers need to consider regarding retirement?
The federal Employee Retirement Income Security Act (ERISA) and the requirements of the Social Security and Medicare systems
are the major laws that affect the retirement process. In addition,
the federal Age Discrimination in Employment Act (ADEA) necessitates that the entire retirement process be monitored to
avoid age discrimination.
With individuals over age 65 becoming a larger segment
of the population, their financial needs in retirement are a major
national issue. Preretirement planning is crucial assistance that
can help retirees achieve financial security. The aging of the workforce,
along with financial issues from the economic downturn, are resulting
in employees delaying retirement, returning to work after retirement, or using phased retirement.
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