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Emerging Retirement Model Study: A Survey of Plan Sponsors. January 12, 2010 Cynthia Mallett, Vice President, Product & Market Strategies, Corporate Benefit Funding. L1110142893[exp1111][All States][DC]. Overview. Background Current economic forces are driving opposing trends

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emerging retirement model study a survey of plan sponsors

Emerging Retirement Model Study:A Survey of Plan Sponsors

January 12, 2010

Cynthia Mallett, Vice President, Product & Market Strategies, Corporate Benefit Funding

L1110142893[exp1111][All States][DC]

overview
Overview
  • Background
    • Current economic forces are driving opposing trends
    • Workforce reductions colliding with workers seeking to delay retirement
    • Employers, as well as Congressional leaders, are grappling with the notion of what “retirement” really means
    • Implications for future benefit design and longer term workforce management
  • Research objectives
    • Explore whether and to what extent plan sponsors are recalibrating issues surrounding the aging workforce
    • Identify emerging benefits and workplace practices that may be used to manage very experienced workers going forward
methodology
Methodology
  • Commissioned Asset International to conduct online survey of plan sponsors
    • with 1,000+ employees
    • offered DB and/or DC plan, and as well as at least two employee welfare benefits
  • Targeted senior compensation & employee benefits executives with a strategic view of their company’s direction
  • Fielded August – September 2009
  • 240 survey respondents
knowledge drain concerns trump delayed retirement
Knowledge Drain Concerns Trump Delayed Retirement
  • Knowledge drain is both a “today” and “tomorrow” issue for most employers

Concerns relating to employee retirement, today and in 3-5 years

productivity and culture are casualties of retirement
Productivity and culture are casualties of retirement
  • But many believe the bottom line will benefit

Impact of Retirement of Older Employees

disconnect between worry and action
Disconnect Between Worry and Action
  • Few employers have taken steps to curtail or assess impact
  • But time may be on their side

Current and Expected Retirement Ages

+3.0 Years

+3.3 Years

benefits not viewed as a strategic lever
Benefits Not Viewed as a Strategic Lever
  • Retiree benefits incidence increases with firm size
  • Few acknowledge link between post-retirement benefits and retirement decision
  • Missed opportunity to use benefits as a strategic tool?

Do You Offer Post-Retirement Benefits?

phased retirement programs key to recalibrated retirement
Phased Retirement Programs Key to Recalibrated Retirement
  • More legislation and regulatory guidance welcome

Potential Obstacles to Offering a Phased Retirement Program

new retirement model emerging
New Retirement Model Emerging?
  • A more gradual transition of older workers from full-time work to retirement.
  • The burden of retirement security has, by large, shifted to the individual.
  • Older workers, once retired, may move back into and out of the workforce either for the social engagement and/or out of financial necessity.
  • A fluid and flexible continuum of company-specific needs and solutions.
  • A continuum that may change in response to market conditions, employees / retiree needs and company objectives.
slide10

MetLife Insurance Company

200 Park Avenue, New York, NY 10166

www.metlife.com