...RETIREMENT: HOW PREPARED ARE YOU? The Actuary asks A Faculty Lecture by Arnold Ouendo Department of Mathematics & Statistics University of Cape Coast OUTLINE • WHAT IS RETIREMENT? • THE FIVE PILLARS OF RETIREMENT SECURITY • REASONS TO PLAN FOR RETIREMENT • HOW TO PLAN FOR RETIREMENT • POST-RETIREMENT RISKS • SUMMARY • CONCLUSIONS WHAT IS RETIREMENT? • As we grow old, we work less, produce less, and earn less; • We need to secure sources of income other than wages to support ourselves; • Used to contrast a period of gainful employment with a period when an adult is no longer gainfully employed; WHAT IS RETIREMENT? • People often work continuously up to 40 years prior to retiring; • Upon retirement, the retiree relies on the public or private retirement system and/or personal savings for income; • Some workers are beginning to look for opportunities to gradually ease into retirement – often called “phased retirement” THE FIVE PILLARS OF RETIREMENT SECURITY • • • • Social security (SSNIT in Ghana) Employer-sponsor retirement plan Personal savings Earnings from employment after retirement • Income from family members, life insurance, health insurance, and general insurance. REASONS TO PLAN FOR RETIREMENT • Break down of the informal systems – Changes in the family structure – Urbanization, mobility, war, famine, and aids – Family attitudes HOW TO PLAN FOR RETIREMENT TOP 9 WAYS TO BEAT THE CLOCK AND PREPARE FOR RETIREMENT HOW TO PLAN FOR RETIREMENT • Know your retirement...
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...ANALYSIS OF THE PHYSICAL PARAMETERS INFLUENCING BEAM PATTERN OF A UNIFORM LINEAR ARRAY OF ANTENNAS Final Year Project Report Presented by SAJID UR REHMAN CIIT/SP08-BET-090/ISB USMAN ULLAH ASIF CIIT/SP08-BET-121/ISB In Partial Fulfillment Of the Requirement for the Degree of Bachelor of Science in Electrical (Telecommunication) Engineering DEPARTMENT OF ELECTRICAL ENGINEERING COMSATS INSTITUTE OF INFORMATION Technology, ISLAMABAD JAN 2012 Declaration We, hereby declare that this project neither as a whole nor as a part there of has been copied out from any source. It is further declared that we have developed this project and the accompanied report entirely on the basis of our personal efforts made under the sincere guidance of our supervisor. No portion of the work presented in this report has been submitted in the support of any other degree or qualification of this or any other University or Institute of learning, if found we shall stand responsible. Signature:______________ Sajid Ur Rehman Signature:______________ UsmanUllah Asif COMSATS INSTITUTE OF INFORMATION Technology, ISLAMABAD JAN 2012 ANALYSIS OF THE PHYSICAL PARAMETERS INFLUENCING BEAM PATTERN OF A UNIFORM LINEAR ARRAY OF ANTENNAS An Undergraduate Final Year Project Report submitted to the Department of ELECTRICAL ENGINEERING As a Partial Fulfillment...
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...For instance, in 1981 the government phased out the student benefits program, which stopped parents from receiving social security income when their child reached the age of 16. It also limited the lump-sum death benefit and reserved payment of benefits if you were earning income before the normal retirement age up through the age of 70. A cap on disability payments was made and changes to the minimum social security benefit. Penalties for misuse were increased and for reporting of late death notices, which offend amounted to two social security checks going to one household after a spouse passed away. In the 1990’s, bills were passed that required all Social Security payments to new beneficiaries to be made through Electronic Funds Transfers instead of mailing a check at the beginning of each month. They also added measures to prevent new non-citizens from receiving benefits and all existing non-citizens would...
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...university, who lead and support these efforts. A key part of success is the stability of the workforce and the implementation of the transference of leadership and the community culture to those who will be members of the faculty and staff in 2010 and beyond. Compounding the need for planning is the widespread concern that the imminent retirement of the “baby boomers” will cause an exodus of talent in a very short timeframe. Without a firm plan, such turnover of talent could make it difficult to sustain the quality of the faculty, leadership and staff of Grand Valley. To assure university leadership, our community, and stakeholders that Grand Valley is prepared for its workforce of the future, President Haas charged the Human Resource Planning Task Force to study this important issue and report to the campus community. The task force studied Grand Valley data, considering projections of retirements, faculty growth, and programmatic needs of the university. Additionally, we considered compensation, benefits and the budgetary impact of our planning. While retirement is voluntary with no mandatory or encouraged age of retirement, the typical retirement age for Grand Valley faculty and staff members is 64 years old. In reviewing our demographics, particular attention was paid to units in which more than...
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...This is author version of article published as: Price, Robin A. and Colley, Linda (2007) Assessing HR Strategies for Retaining and Aging Workforce. In Proceedings 15th International Employment Relations Association Conference: Working Lives, Working Choices, pages pp. 1-18, Canterbury, England. Copyright 2007 (please consult author) ASSESSING HR STRATEGIES FOR RETAINING AN AGEING WORKFORCE Dr Robin Price, Queensland University of Technology Dr Linda Colley, Griffith University Contact Details Dr Robin Price Lecturer School of Management Queensland University of Technology 2 George Street BRISBANE QLD 4000 r.price@qut.edu.au Telephone +61 7 31382790 Fax +61 7 31381313 Dr Linda Colley Adjunct Lecturer Department of Industrial Relations Griffith Business School Griffith University NATHAN QLD 4111 1 ASSESSING HR STRATEGIES FOR RETAINING AN AGEING WORKFORCE Abstract An ageing workforce is an issue faced by governments and employers in most western countries (OECD 2005). The generally accepted definition of an aged worker is someone aged 45 years and over (Brooke 2003). At the level of the organisation, a range of HR strategies are recommended to deal with an ageing workforce, including attracting younger workers and retaining ageing workers for longer. Recruiting younger workers changes the demographic structure of the workforce, and is not the focus of this paper. Here we identify potential strategies derived from the literature that could be adopted to retain an existing...
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...NBER WORKING PAPER SERIES DEFINED CONTRIBUTION PLANS, DEFINED BENEFIT PLANS, AND THE ACCUMULATION OF RETIREMENT WEALTH James Poterba Joshua Rauh Steven Venti David Wise Working Paper 12597 http://www.nber.org/papers/w12597 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2006 We are extremely grateful to Tonja Bowen for extraordinary and tireless research assistance, to Gary Engelhardt and Anil Kumar for graciously providing us with tabulations from their HRS Defined Contribution Plan imputation algorithm, to Paul Bingley, Peter Diamond, Gary Engelhardt, Jon Gruber, Helena Stolyarova, and many seminar participants for helpful comments, and to the National Institute of Aging for research support under grant number P01 AG005842. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. © 2006 by James Poterba, Joshua Rauh, Steven Venti, and David Wise. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Defined Contribution Plans, Defined Benefit Plans, and the Accumulation of Retirement Wealth James Poterba, Joshua Rauh, Steven Venti, and David Wise NBER Working Paper No. 12597 October 2006 JEL No. J14,J26,J32 ABSTRACT The private pension structure in the United States, once dominated by defined benefit (DB) plans...
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...The average life expectancy in MEDCs is rising. This is due to: * improvements in health care and medicine * increased leisure and recreation time * improved knowledge about the importance of a balanced diet and regular exercise * improved living standards and quality of life Birth rates in MEDCs are falling as people choose to have smaller families later in life. Contraception is easily available and well understood. An ageing population * As people live longer, the structure of a population changes. * Many MEDCs are now experiencing a significant increase in the number of elderly people as a proportion of the population. * As birth rates fall and people have smaller families, the number of young dependants is falling and the number of elderly dependants is rising. * In the near future this will mean that there are fewer economically active people to support the elderly population. * To try to balance out an ageing population, some countries adopt a pro-natalist policy - that is, they encourage people to have more children by offering them benefits, such as access to childcare and maternity leave. * a cash incentive of £675 monthly (nearly the minimum wage) for a mother to stay off work for one year following the birth of her third child * the 'carte famille nombreuse' (large family card), giving large reductions on train fares * income tax based on the more children the less tax to pay * three years paid parental leave...
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...is essential. Often Foreign Service families only have short visits during R & R or on home leave and hate to spend the precious time with their parents talking about serious business or unpleasant possibilities. Or we may be caught up in hectic preparations for an overseas assignment and not want to take the time to do contingency planning with parents. While it is difficult to discuss the issues of aging, the family who has discussed the options and agreed on plans will be better able to handle whatever happens. It will be worth the time taken, if there is an emergency. The ideal situation is when the parents take control of their own situations and make decisions in advance of an emergency. They should investigate the types of retirement options and decide which is most appropriate, make informed decisions about life-sustaining medical care, and make sure that documents, instructions, and powers of attorney are available to those who must take responsibility in an emergency. The American Association of Retired Persons recommends that elderly people use a document locator list (scroll to bottom of this page) to make sure their papers are in order. This list can then be given to the person(s) who will be responsible for them should an emergency arise. Going through the list with your parents should ensure that their wishes are understood. Communicating with Elderly Parents Talking with our elderly parents about their living situations and...
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...The Inevitable Future Retirement and Social Security issues have become local, national, and international concerns that will also affect each of us on a personal level. Social Security benefits began in 1935 when the depression hit and put many elderly people out of work (http://ssa-custhelp.ssa.gov). Social Security has been around for over 70 years providing a dependable monthly income with automatic increases as the cost of living increased. The Social Security Administration reports that workers need 70-80 percent of pre-retirement income once retired and Social Security only provides about 40 percent (www.ssa.gov). The depletion of funds is becoming a great concern and is also getting worse with each generation. Social security reaches almost every family and will have an impact on the lives of many Americans. Today, about 54 million people receive these types of benefits (http://en.wikipedia.org/wiki/Social_security). It has been said that if changes aren’t made, in 2037 there will not be enough funds to pay the same benefits people are earning today (www.msnbc.msn.com). Some changes include; payroll tax increase, benefits of young workers being cut, and general revenues may have to be used. Some causes of this financial trouble is that people are living longer, birth rates are low, and baby boomers are close to retirement. Baby boomers have been at blame since reproduction has decreased, affecting money paid into Social Security which is what pays the retired...
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...As adults the transition into old age can be difficult for some people. Frustration, lack of responsibility, and dependence can make the process of aging very hard for some. Old age should be viewed as another phase of life, but not the end of life. In order to help elderly cope with aging, it is important for them to have social interaction. Support from family, friends and the local community can also make a difference in the way they view their lives. For my paper I interviewed two different types of adults. I interviewed a 60 year old female, and an 80 year old male. Much of the information that I found was relatively the same even though the participants came from different times. I found that health was the biggest worry about the future and the biggest immediate concern of both participants. After spending an afternoon interviewing my participants, I gained insight into how they perceive the aging process and the impact on the quality of their life. First, they viewed aging in a very positive and healthy manner. They believe that a positive attitude assists in accepting physical and psychosocial changes and enjoyed the fact that they are both physically fit and cognitively alert. They felt confident that advances made in health care and the quality of their lives would continue to be empowering. They enjoy the benefits of being a senior citizen including discounted travel, free education, and other incentives marketed towards seniors When it comes to the health...
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...Laws Governing the National pension scheme in Ghana The National Pensions Act 2008 is the prevailing law governing the pension scheme in Ghana. This law was passed to provide for pension reform to replace the then cap 30 and SSNIT law (Social Security and National insurance trust Law) which used to be the Law governing the pension scheme. The National Pensions Act, 2008 was to introduce a contributory new three-tier pension scheme. The Act state that the first tier provides a mandatory basic national social security scheme, a mandatory fully-funded and privately managed Provident fund and personal pension scheme as the second tier and a voluntary fully funded and privately managed provident fund and personal pension scheme. The first tier is managed by The Social Security and National Insurance Trust, the second and third tier is privately managed by approved trustees appointed by the Pensions Regulatory Authority with the assistance of Pensions Fund managers and custodians registered by the Authority. The second tier is an occupational pension scheme aimed at giving contributors higher lump sum benefits than the then SSNIT OR CAP 30 PENSIONS SCHEME. The third tier, apart from being voluntary provident fund and personal pension schemes is supported by tax benefit incentives to provide additional funds for workers who want to voluntary contributions to enhance pension benefits as well as workers who are not in the formal sector. It is not mandatory. Section 5 article 1 of...
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...Compensation Strategies Table of Contents Executive Summary 3 Introduction 5 Research Findings 6 Health Benefits 6 Retirement Planning 7 Employee Rewards and Incentives 8 Recommendations 10 Conclusion 11 References 12 Executive Summary We need to re-evaluate our current employee package. Our compensation strategy needs an entire tune-up. We do not offer competitive benefits that will entice the type of employees we want working for our company on a long-term basis. A new, improved, and luring employee benefit package will help set us apart from our competition. Our current benefits policy includes: Paid vacation for salaried employees only after 1 full year of continuous service, paid sick days for salaried employees only after 1 full year of continuous service, medical and dental only to all employees after 6 months of continuous service, holiday dinner for corporate employees and their spouse/domestic partner. We can improve these areas and add some other options to our current employee package, Our current health benefits are through an HMO, which is the best option at this time. Perhaps in the future when we have become a 500+ employee company we can look at the other option, a PPO coverage with an additional option to include an HSA account. Our current HMO plan provides coverage with a small co-payment and a 20/80 % coverage with a $1000 annual deductible. The only way I can see right now to...
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...The 5 challenges face to HRM in today’s market is: i. Workplace Diversity According to Thomas (1992), dimensions of workplace diversity include, but are not limited to age, ethnicity, ancestry, gender, and etc. Employers in industry sectors like manufacturing or labor intensive industries are facing difficulties in attracting young people. They resort to hiring foreign workers instead of retirees, who are often fully trained and capable of productive work. ii. Cultural Change Cultural changes define as attitudes, beliefs, values, and customs of people in society are integral part of their culture. Employers will high percentages of older employees have begun to feel the impact of lost talent as Baby Boomers near retirement age of 55 and above. Their concerns are exacerbated by fewer employees from younger generation who are keen to work in routine or mundane jobs with unattractive salary packages. Sometimes, it is no longer the “work hard” but the “work easy” attitude for the young ones. iii. Aging Workforce According to Society of Human Resource Management (June 2003), aging workforce is survey of human professional revealed that management varies greatly in their opinion with age ranging being between 40-70 years. It will increase risk of losing important corporate knowledge that exists only in minds of select few if knowledge management systems are not in place to capture and codify their knowledge. iv. Technology Technology is making, modification, usage...
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...Overtaken by Age?-Ageing Nations When nations are changing because its population grows old... By Stephanie Scherzer M2Di interational Fashion and Management Semester 4 Overtaken by Age?Ageing Nations AGE OvERTAKES uS ALL; OuR TEMPLES FIRST; THEN ON O’ER CHEEK AND CHIN, SLOWLy AND SuRELy, CREEP THE FROSTS OF TIME. uP AND DO SOMEWHAT, ERE THy LIMBS ARE SERE. THEOCRITuS, “THE LOvE OF THyONICHuS” When nations are changing because its population grows old... The world’s fertility rate declines. Less people have children and if they have, then just in very low numbers. The fertility rate is the number of children a woman can expect to have. Half as many children as in 1955 are being born today (The Economist Oct 2011). After WW II there has been a steep surge in birth rates. These so called Baby Boomers, children born after 1946, are retired by now. Altogether they form a big group of not-working people against a becomingsmaller working group. Another reason why the working force is getting smaller is that the age for young people of entering the labour market is getting higher because of increasing education length. The chart shows that the following nations have more than 10% decline in workforce population; Switzerland, the Netherlands, Austria, Hungary, Italy, Portugal, Poland, South Korea, Russia, Japan and Germany. Furthermore the growing life expectancy and the falling birth rates since 1970 contribute to the ageing of our today’s society. This downturn will not...
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...Welcome to WritePoint, the automated review system that recognizes errors most commonly made by university students in academic essays. The system embeds comments into your paper and suggests possible changes in grammar and style. Please evaluate each comment carefully to ensure that the suggested change is appropriate for your paper, but remember that your instructor's preferences for style and format prevail. You will also need to review your own citations and references since WritePoint capability in this area is limited. NOTE: WritePoint comments are computer-generated writing and grammar suggestions inviting the consideration and analysis of the writer; they are not infallible statements of right/wrong, and they should not be used as grading elements. Also, at present, WritePoint cannot detect quotations or block-quotes, so comments in those areas should be ignored. Please see the other helpful writing resources in the Tutorials and Guides section of the Center for Writing Excellence. Thank you for using WritePoint. Vulnerable Paper [This title could be more inspiring. Labeling it a "paper" or an "essay" is redundant (what else could it be?), and only a few words as a title are not very explanatory (or intriguing to the reader). An ideal title has between six and a dozen words ] -Part ll Legy George HCS/531 May 7, 12 Doris Chimera Vulnerable Population- Part ll ...
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