Prepping Preretirees

Sponsored by: MFS Investment Management 

Companies offer retirement plans for a variety of reasons, and that reason informs how the plan is designed and what resources are provided to employees to help them participate and save. For the last few years, we have been hearing about helping participants not just accumulate assets but helping them decide what to do with those assets once they retire. This week we asked sponsors what resources, if any, they provide to employees nearing retirement age.

The responses were almost completely evenly split – 52.3 percent indicated they provide some type of support to pre-retirees, and 47.7 percent indicated they do not. Among those that do not, several indicated that they feel like they should, they just don’t know what type of support they can and should provide. Comments follow.

Offer resources:

• Access to a financial advisor
• Access to consultants for health and wealth management, mentoring and the ability to slowly phase out of work, not just quit.
• Advisory Services through a 3rd party at no cost to employee
• Appointments with Financial Advisors that we (employer) sponsor
• conversations with the retiree and a referral to a Medicare specialist
• Each employee looking to retiree meets with our Retirement counselor who walks them through their calculation, completes forms, enrolls in our retiree medical program and Medicare
• EAP, 401k acct contact, toolkits
• Education, including one on one sessions with advisor, planning tools, outlook tools
• Financial counseling, pre-retirement events in-person and remote, individual and group.  Active retiree association.
• Financial planning, tax prep, Medicare insurance provider, legal counsel, mental health services
• Financial Wellness with a CFP - Social Security Claiming strategies, Medicare planning, Retirement Plan Analysis, etc.
• Free Financial Planning, Benefit review and Medicare transition resource, EAP, many online and printed materials for resource planning
• Group education sessions and one-on-one meetings with financial advisors during work hours.
• in house
• In person or virtual counseling. Online financial management advice.
• Info sessions and materials on Social Security, Medicare, decumulation strategies, estate planning
• Medicare 101 tutorial
• Medicare Info sessions (2x/year); webinars hosted by RK (10-yrs pre-retirement, social security, medicare, HSAs in retirement)
• Meetings on Social Security and Medicare, supporting written materials are also provided.
• One of the HR personnel is a certified SHIP volunteer which allows us the ability to provide the required documents the SSA and or Part B and Part D carriers need for post 65 and the required document for those retiring at 65. The financial support our recordkeeper provides the ability to use financial advise or managed accounts to support the income stream.
• One-on-one counseling with transition expert
• ongoing education and communication not to mention specific companion plans
• Our financial advisor partner, SageView Advisory, conducts frequent education sessions and 1:1's throughout the year. They are also available for private consultation.
• Outside speakers on the subject
• pre-retirement meetings to go over retirement benefits
• Pre-retirement seminars (in person and virtual), webinars, ability to meet one-on-one with an advisor, websites specific for their benefit structure, and guidance on Social Security.
• Provider has resources as well as broker.
• Reps at company
• retirement guide
• Social Security and Medicare booklets provided; put in touch with a Medicare expert from our insurance broker to discuss Medicare coverage and the type of supplemental insurance they may need; our retirement advisors also are available for 1:1 sessions for all employees to discuss financial topics including retirement planning
• Social Security and Medicare information
• Summary of their retirement benefits. Then, I will also meet with them to discuss.
• Transitioning to retirement sessions for executives through Right Management.
• We have a Departing Guide for pre-retirees and other departing employees.
• We have an advisor through our plan that will help with the financial side. Also, our insurance broker has a resource available to help with social security and medicare.
• We have under 65 health care, Humana Medicare Advantage plan, retiree dental plan, medicare and social security in person and virtual meetings, retirement consultations, medicare and social security booklets, local sr resource support information, dedicate intranet page with various links, etc.
• We hold a training class for employees over 50.
• We offer a holistic financial wellbeing education program focusing on preparing for retirement. One of the facets of the program is the ability to meet one-on-one with a financial planner to discuss any financial topic, including preparing for retirement.
• We provide a "journey" through our HR system that provides resources, links and information with what associates need to know/think about when preparing for retirement including financial, medical, wellbeing.  We also have a comprehensive total rewards portal with information regarding retirement plans and retirement process, and a retirement age calculator that incorporates company retirement benefits.
• We provide access to a webinar regarding Medicare 2x a year and also provide employees with a checklist "preparing for retirement". We provide information on our intranet with resources (EAP and Financial assistance) for employees thinking of retiring.
• We provide access to education and information on preparing for retirement through our plan service providers.
• We provide detailed retirement guide, offer 1:1 meetings, provide multiple opportunities for focused webinars and seminars. We are building out more to incorporate EAP, SSA, estate attorney, and financial discussions for employee+spouse to attend to help with planning. We also provide advice services, which can also speak to annuities (out of plan), along with multiple distribution options within plan. Our plan also allows rollovers in and loans to our former participants so they can easily manage all assets in one place in retirement.
• We provide education and assistance to transitioning to Medicare along with financial planning.
• We provide financial coaching with PWC and encourage calling the EAP as well as are health advocate if they need help with understanding Medicare
• We provide information on Social Security and Medicare.  We also provide information to participants regarding setting goals that they might want to accomplish during retirement.
• We provide resources from our brokers and TPA, usually these are webinars focused on Medicare and retirement savings.
• We work with our recordkeeper in order to provide private meetings with a certified advisor.
• Webinars and access to a financial planner
• Webinars, 1:1 appointments, instruction on how to find a financial advisor, assistance in running pension estimates, etc.
   

Do not:

• Every plan should...
• Have yet to have retirees..
• Haven't had that many retirees; am interested in what resources can be provided
• I will meet with them if they ask for assistance.
• I would like more information on recommended information to share
• I'd like to know more about this though.
• Many employees do not want to participate in our plan & turnover (trucking industry)
• No. Except for any web content provided by our record keeper
• Not at this time.
• Our recordkeeper provides retirement readiness materials which are available via their website. All employees are made aware of their availability periodically.
• This is currently a huge topic for us. There isn't anything out there beyond – go make an appointment with the retirement plan provider and social security. We are actively looking for guidance.
• Very few.  We point them to our Retirement Plan financial advisors or suggest they have their own.
• We currently do not but I would love to see what other companies are doing.
• We currently don't provide any assistance or resources to pre-retirees but it is something we are looking into implementing this year
• We provide Fidelity webinar access, but otherwise no.
• We will meet with them upon request but have not special program or resources