Retirement policy?

justgettingstarted · January 2004

Hello All!!
I have been asked by the President and Vice President of my company to draft a retirement policy....I have no idea where to begin. Any suggests?

MrCreosote · January 2004

1) What are the benefits attached to retirement?
2) What are the service and minimum age requirements for attaining those benefits?

justgettingstarted · January 2004

That's the problem, the benefits have not been defined by the VP. We do offer profit sharing and 401K, I know that is to be added. As for the minimum age requirements, I have always had the impression that you can put on age on retirement.

sonny · January 2004

[font size="1" color="#FF0000"]LAST EDITED ON 01-23-04 AT 09:09AM (CST)[/font][br][br]Mr. C notes age you can ATTAIN benefits. In other words, here, to attain any benefits you must be at least 55 with 10 years of service. Full benefits, you must be 60 unless you have 30 years service. We don't say when you HAVE to retire, only when you can choose to do so and get benefits. I'm not sure how you can write a policy if the benefits haven't been defined. Good luck, sounds like quite a project.

MrCreosote · January 2004

A first step might be to determine if you actually have any "retirement benefits" at all. The 401(k) has its own rules, many defined by law, and is really independent of a company retirement policy. Profit sharing just ends when an employee terminates, for whatever reason, so that is not really a retirement benefit. If you don't offer continued insurance coverage for retirees, you may not have any retirement benefits at all. If that's the case it would be really useless to write a policy.

Our requirement for retiree benefits, which is continued medical insurance coverage, is minimum age of 55 and at least 15 years of service.

Retirement policy?

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