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The image of people taking early retirement and moving to Florida to live out their golden years will not be and probably was not reality. Employees, for better or worse, understand that they can probably expect to work longer than their parents did. Whether it is because of financial needs or desire for social interaction, employees today do not expect to retire at 65. Other societal changes also impact this such as people getting married later in life, having children later in life, having second or third marriages
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A MANAGER S GUIDE TO STRATEGIC RETIREMENT PLAN MANAGEMENT
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With the medical system in the United States tied to employment, we see this tension continuing. Left alone, we do not believe the medical system in the United States will change. Only through government intervention will any major structural changes occur that could reduce this tension. Given the current environment in Washington, DC, we do not believe there is enough willpower to make the tough choices to change this.
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Generational Differences in Outlook
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Employers need to recognize that the multiple generations within their workforce look at retirement planning significantly differently (see Table 8.8). As you can see, younger people do not believe that Social Security will be there when they reach retirement age. This is a troubling thought, because one of the key tenets of Social Security is that it should cover every worker in the U.S. economy. This tenet of universal coverage was crucial when President Franklin D. Roosevelt proposed the program so that Social Security was not viewed as welfare. If the poor were the only ones to receive Social Security benefits, then the remaining people would only view it as another welfare payment. By insuring that all workers were covered and would receive Social Security, FDR believed that he would have broader support throughout the country.
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Table 8.8 Expected Sources of Retirement Income (In Order of Importance)
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All Employees 401(k)/403(b) plans Social Security Age 18 34 401(k)/403(b) plans Personal savings/ investments Social Security Age 35 49 401(k)/403(b) plans Social Security Age 50 59 Social Security 401(k)/403(b) plans
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Personal savings/ investments Company pension
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Part-time employement Part-time employement during retirement during retirement
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Part-time employement Part-time employement during retirement during retirement
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Source: Diversified Investment Advisors, Report on Retirement Plans 2005 (New York: Diversified Investment Advisors, 2005), 5.
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General Trends
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If the younger population loses confidence in the system, overall support for Social Security will be reduced. If this trend continues, at some point in the future, the confidence and expectation of Social Security will be so low that our society as a whole will stop supporting it and we will revert back to a system based on personal employment based savings only. Demographically, as the baby boomers continue to retire, this bugle of Social Security beneficiaries will move through the system like a pig in a python. Once this pig of baby boomers is complete, if Social Security does not maintain the confidence and commitment of the remaining population, we could see it quickly dwindle and be eliminated. We would then be back to a welfare system supported by general tax revenues. That is certainly not what FDR envisioned in the 1930s.
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CHAPTER
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Where to Go for Help
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Resources United States Government Sites
Bureau of Labor Statistics: http://www.bls.gov/blshome.html Code of Federal Regulations: http://www.access.gpo.gov/nara/cfr/cfrtable-search.html Department of Labor: http://www.dol.gov Internal Revenue Service: http://www.irs.gov Pension Benefit Guarantee Corporation: http://www.pbgc.gov Securities and Exchange Commission: http://www.sec.gov Social Security Online: http://www.ssa.gov/
Other Sites
AARP: http://www.aarp.org American Academy of Actuaries: http://www.actuary.org American Benefits Counsel: http://www.americanbenefitscouncil.org/ BenefitsLink: http://www.benefitslink.com Boston College s Center for Retirement Research: http://www.bc.edu/ centers/crr/ Canadian Institute of Actuaries: http://www.actuaries.ca/
A MANAGER S GUIDE TO STRATEGIC RETIREMENT PLAN MANAGEMENT
Employee Benefit Research Institute: http://www.ebri.org ERISA Industry Committee: http://www.eric.org/forms/documents/ Document FormPublic/ 401(k) Help Center: http://www.401khelpcenter.com/ FreeErisa: http://www.freeerisa.com International Foundation of Employee Benefit Plans: http://www.ifebp .org/ Pension Research Counsel: http://prc.wharton.upenn.edu/prc/prc.html PlanSponsor: http://www.plansponsor.com Profit Sharing Council of America: http://www.psca.org Society of Actuaries: http://www.soa.org Tag Data: http://www.tagdata.com/home.htm
Studies and Surveys
Argus Consulting Ltd., NGO Retirement Plan Survey: http://www. arguscl.com/2005%20NGO%20Retirement%20Survey%20Summary .pdf Employee Benefit Research Institute, EBRI Research Highlights: Retirement Benefits: http://www.ebri.org/pdf/briefspdf/0603ib.pdf Georgia State University/AON, Replacement Ratio Study: A Measurement Tool for Retirement Planning: http://www.aon.com/about/pub lications/issues/2004_06_replacement_ratio_study.jsp Hewitt Associates, Current Retirement Plan Challenges: Employer Perspectives 2003: http://was4.hewitt.com/hewitt/resource/rptspubs/ subrptspubs/pdf/curr_ret_plan_2003.pdf Hewitt Associates, Financial Insecurity: Facing America s Healthcare and Retirement Crisis: http://was4.hewitt.com/hewitt/resource/spkrs conf/subspkrsconf/upcoming/pbs_documentary.pdf Hewitt Associates, Global Survey of Retirement Plan Accounting Assumptions: http://was4.hewitt.com/hewitt/resource/rptspubs/sub rptspubs/pdf/global_survey_2005.pdf Hewitt Associates, Total Retirement Income at Large Companies: The Real Deal: http://was4.hewitt.com/hewitt/resource/rptspubs/subrpts pubs/total_retirement.pdf Mellon, Is Severance the Right Solution for Your Company: http://www .mellon.com/hris/pdf/Severance_091404.pdf