Retiring from Where?

We just had a gentleman who retired when he reached his 65th birthday. His previous employer shutdown and we hired him but he worked with us less than 5 years (4+ yrs.). What length of time must an employee work for your companies before you consider them as "retiring from your company"? I was thinking five years as the cut-off but was curious what others were doing.

Comments

  • 4 Comments sorted by Votes Date Added
  • Our owner company uses 10 years as a cut off, but we don't have one here. We consider anyone who leaves our employ to retire a retiree. We usually have some kind of party, but the size depends on how long they were here and the how much responsibility they had. Our parties tend to be small since we are small, so it is not a big deal either way.
  • It is not a big deal for us either but with so many companies closing their doors we can hire experienced workers who are closer to retiring than not. Right now we do not have a minimum number of years of service to qualify either. I was hoping there would be enough responses that I could get an average and get a jumping off point to set a minimum.
  • Ours is defined by our pension plans. I am curious as to why it would matter? For gifts, party etc?
  • I too am curious as to why it matters and why you need to set some kind of minimum.

    We don't have a specific number of years where we consider it retiring. Basically, if they say they are retiring, and don't plan on going back to work anywhere else, we call it retiring, regardless of how long they've worked for us.

    Our retirement plans call it retiring if anybody age 65 or over quits for any reason, but that's based on age and not length of service.

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