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 the latest
trend in retirement practices—phased retirement.
Summary for [Your State]