Retirement Plan Proposal and Communication PlanRetirement Plan Proposal and Communication PlanPlanning for retirement is often times an afterthought for most employees. In todays economy, many individuals are focused on the here and now rather than what they need years down the road. Because of this, employers are struggling to find ways to encourage employees to contribute to retirement plans that are set up to save for the future. It is essential that employers are familiar with the various retirement plans available, and have a plan in place to communicate the options to employees and encourage them to enroll. As an HR leader for a newly formed organization, I have been asked to create a proposal and communication plan for management that describes two possible retirement plans that the organization could implement. This proposal will discuss the possible plans, requirements of the Employee Retirement Income Security Act of 1974, communication of the plan, and ways to encourage employee enrollment in the plans.
Human resource managers have a crucial part in creating and implementing benefit plans. Retirement plans are often overlooked when developing those plans leading to a low number of participants. Creating retirement plans that encourage employee participation is only the first steps. HR managers must also find creative ways to communicate the plans available to employees as well as ways to give them a level of control over the plans so they feel that they have a say in how their money is being invested. In addition, there are also strict regulations that must be followed under the Employee Retirement Income Security Act of 1974. Two plans available that could be implemented for a company with 150 employees would be a traditional 401K plan or a profit sharing plan.
The Employee Employee Retirement Income Security Act of 1974 (EERISA) was signed by President Bill Clinton for the purpose of promoting Employee Retirement Income Security on March 26, 1971, a few days before the enactment of the Employee Retirement Income Security Act of 1974 and to ensure that the existing system was not broken by individuals, employers, employers that were able to collect their compensation from their employees at the employer’s expense.
A recent study published in the March 23, 2015, American Society of Industrial Relations (AISRS) found that:
There has been no change in the incidence of the death of a worker from a suicide in the United States.
A 2013 study found,
that 5.4 million workers were killed in 2009. The cause of death for women was not determined due to lack of research or public policy guidance. A 2013 study by the American Nurses Association found that, “The increased number of deaths of women continues to make it more difficult to prevent or end employment by unorganized, underemployed, non-union workers. To achieve these objectives, the U.S. Bureau of Labor Statistics (BLS) has sought data for the death from suicide for employers, and the National Suicide Prevention Lifeline (NSHP) has developed a national suicide prevention hotline that connects workers to emergency room specialists to seek and respond to workplace problems and stress.
Employees can provide care, guidance, and counseling. They can also provide technical documentation of care. These resources also include written responses and referrals on how to prepare for employment, to identify issues of vulnerability and take action to address them, and to address any other issues that may arise.
Employees also have an important role to play in resolving any problems that may arise when employees are killed, such as:
The need for timely and timely support for members of the public to prevent and respond to all workplace deaths, including victims of workplace violence, suicide, homicide, workplace bullying, and suicide by workplace staff
The need for safe, confidential, and cost-effective suicide and related services
The need for preventive health care on behalf of all of their workers
Employees can also provide referrals and advice to help them make sense of employment decisions. The use of suicide prevention resources for workers has changed little at this point in time, as those resources continue to be ineffective.
Employees can make any effort to communicate with their supervisors to make this process about them. This has led to reduced employee violence and increased public awareness of workplace safety.
Employees can make a point of making decisions and taking proactive steps when dealing with their employees that they think will help reduce their work stress.
Employees also have the same responsibility to manage their health because many of their workers don’t have the proper mental or physical health care for which they may require.
In addition, employers are often asked about employees’ health and disability and about the risks that
Employee Retirement Income Security Act of 1974The Employee Retirement Income Security Act of 1974 (ERISA) was enacted to set guidelines that must be followed in order to protect employees participating in employer paid retirement plans. According to the United States Department of Labor (n.d), “ERISA requires plans to provide participants with plan information including important information about plan features and funding; provides fiduciary responsibilities for those who manage and control plan assets; requires plans to establish a grievance and appeals process for participants to get benefits from their plans; and gives participants the right to sue for benefits and breaches of fiduciary duty” (para. 2). When implementing a retirement plan, HR managers must be sure that they have someone on hand who understands all the regulations in this act to ensure that the company is in compliance.
• Article VI: Employee Retirement Income Security Act (ERISA) • By law, ERISA § 821, as amended, prohibits plan trustees (or their members) or trustees who are members of an employer’s board from engaging in the activities described in subsections (a) (l)(1) through (a) (f) of Section 8 of ERISA.
Under ERISA, under no circumstances will an employee engage in self-employment outside his job, and no employee will give his or her employer any opportunity to offer him or her alternative workplace opportunities outside his job. Under ERISA, if an employee gives his or her employer only a “self-employment” opportunity he or she shall be subject to a fiduciary duty to protect the employee and those employees. In other words, ERISA provides that the fiduciary duty to protect an employee does not stop at the fiduciary responsibility of helping an employee to plan and perform his or her interests. See Section 2 of HR Reform and Compliance Guide.
• Article II: Employee Retirement Income Security Act (ERISA) The Employee Retirement Income Security Act (ERISA) is a multi-employer, national retirement insurance program that requires financial institutions to provide plan information that employees must provide to plan trustees under ERISA (Section 821). It was enacted in 1969. According to the IRS, ERISA provides an income tax credit that entitles eligible persons to receive any form of qualified health insurance for their own benefit. As of 2015, this option has been available as a result of new plans passed Congress in September, 2016. Individuals who choose to use qualified health insurance should check their own websites to find out how to get coverage. Additionally, employers must provide any information required to make certain health plans available on their website. Since 2008, plan trustees and other stakeholders have provided this information. The IRS’s National Retirement Database (NRBD) website allows plan managers and other stakeholders to select qualified health insurance, the federal government-paid insurance policy, to provide. For more information about eligibility for this form of health insurance, see http://www.irs.gov/NRBD/r/hr-health.aspx
• Article VII: Employee Retirement Income Security Act (EDSA) • When implementing ERISA at plans, employers should be careful to allow the plan manager and/or other stakeholders to participate in the planning process for an employee for whom the plan offers the option of a health insurance plan. If a plan manager or other stakeholders are working together to provide plan information that workers should use on a self-management basis, such as to ensure that plans are managed to assure that eligible employees have access to plans and to offer them health coverage, then the employer should be careful not to force the employee to make other changes to plan management systems. Employee-sponsored benefits from qualified health insurance must be provided by the plan administrator. Workers are advised to contact the plan administrator to review and review information they
The Employee Benefits Security Act of 1974 (EBS) applies to all workers who participate in retirement plans regardless of whether they are employees of the U.S. Government or not. For more information about ERISA, refer to ERISA, Part II: Protecting Employees’ Rights . Accessed March 8, 2017.
When setting the parameters for individual retirement plans, HR managers must consider how to make sure that benefits are paid or provided. If benefits are paid, HR managers must ensure that those benefits are clearly labeled. With ERISA, HR and employers are required to specify which of the following is true: Employees must have the required minimum age at retirement for their current term and any dependents required in respect of a dependend, spouse, child, grandparent, ex-fiancĂ©e, dependent child, grandparent’s and son/daughter grandchildren. The minimum ages for children under 9, a child 6 years of age or younger, their mother or father, and grandparents must in most cases be higher than the minimum ages of all the children under 9 and their parents (this includes those who have retired from the workforce during the previous year, a spouse or an adult on a sick leave or disability coverage, or a family member who qualifies under income tax withholding). For example, when a married employee is aged 15 or 18, and the employee pays an ex-colleague to the company or the employer, the individual could not expect the worker who received the benefit package to retire in the first six months of the year without receiving an extended benefit.
When looking to determine the total annual costs of benefits under the EBS, HR also must compare the costs directly related to the program to determine the costs of program eligibility for certain groups of employees. For example, if the employee makes an annual return on the program, and the employer receives that total amount in full and the employee must meet the maximum eligibility requirement, the program is ineligible for EBS funds in the amounts $20 million, $1 million, $650,000 and 5 million for any category of employees under the program and is ineligible for Social Security benefits under IRS rules.
In order to ensure that benefits are provided, HR managers must provide a detailed description of whether the benefits are being paid or not. The definition of ‘paid’ must include all benefits for which benefits currently are being paid or not. This means that some benefits are not being provided, while others are not, and/or benefits are not being paid in order to avoid a lawsuit from others. The HR manager may provide a summary of the requirements, or provide a summary of benefits that are being paid from any source. For example, HR must provide the requirements for an employee based on their employer’s business history where the employee is employed and where the compensation will be reduced if the employee is not under the age for employment. An employee may receive benefits from private medical insurance if the employer has provided their medical coverage, but also if the employee has not been under the age of 65 before July 1, 1995. The information provided by HR should include information including a name, phone number or other physical identification identifying which individual has a financial history of not having a health insurance claim, and a statement that includes: A description of all benefits provided.
An explanation of how or why the benefit is not paid. The information collected should include a concise and complete description of the benefits provided, the type of benefit that is being paid, and the period of employment.
An explanation of how benefits are being paid and in which circumstances it is expected that the benefits are being paid by providing a valid business credit or
The Employee Benefits Security Act of 1974 (EBS) applies to all workers who participate in retirement plans regardless of whether they are employees of the U.S. Government or not. For more information about ERISA, refer to ERISA, Part II: Protecting Employees’ Rights . Accessed March 8, 2017.
When setting the parameters for individual retirement plans, HR managers must consider how to make sure that benefits are paid or provided. If benefits are paid, HR managers must ensure that those benefits are clearly labeled. With ERISA, HR and employers are required to specify which of the following is true: Employees must have the required minimum age at retirement for their current term and any dependents required in respect of a dependend, spouse, child, grandparent, ex-fiancĂ©e, dependent child, grandparent’s and son/daughter grandchildren. The minimum ages for children under 9, a child 6 years of age or younger, their mother or father, and grandparents must in most cases be higher than the minimum ages of all the children under 9 and their parents (this includes those who have retired from the workforce during the previous year, a spouse or an adult on a sick leave or disability coverage, or a family member who qualifies under income tax withholding). For example, when a married employee is aged 15 or 18, and the employee pays an ex-colleague to the company or the employer, the individual could not expect the worker who received the benefit package to retire in the first six months of the year without receiving an extended benefit.
When looking to determine the total annual costs of benefits under the EBS, HR also must compare the costs directly related to the program to determine the costs of program eligibility for certain groups of employees. For example, if the employee makes an annual return on the program, and the employer receives that total amount in full and the employee must meet the maximum eligibility requirement, the program is ineligible for EBS funds in the amounts $20 million, $1 million, $650,000 and 5 million for any category of employees under the program and is ineligible for Social Security benefits under IRS rules.
In order to ensure that benefits are provided, HR managers must provide a detailed description of whether the benefits are being paid or not. The definition of ‘paid’ must include all benefits for which benefits currently are being paid or not. This means that some benefits are not being provided, while others are not, and/or benefits are not being paid in order to avoid a lawsuit from others. The HR manager may provide a summary of the requirements, or provide a summary of benefits that are being paid from any source. For example, HR must provide the requirements for an employee based on their employer’s business history where the employee is employed and where the compensation will be reduced if the employee is not under the age for employment. An employee may receive benefits from private medical insurance if the employer has provided their medical coverage, but also if the employee has not been under the age of 65 before July 1, 1995. The information provided by HR should include information including a name, phone number or other physical identification identifying which individual has a financial history of not having a health insurance claim, and a statement that includes: A description of all benefits provided.
An explanation of how or why the benefit is not paid. The information collected should include a concise and complete description of the benefits provided, the type of benefit that is being paid, and the period of employment.
An explanation of how benefits are being paid and in which circumstances it is expected that the benefits are being paid by providing a valid business credit or
401K PlansA 401K plan is a commonly used retirement plan among organizations due to the flexibility and security that these plans offer. Not only do 401K plan help