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Proposed Retirement and Communication Plan

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Proposed Retirement and Communication Plan HRM/324 October 28, 2013 Sharron Fletcher Proposed Retirement and Communication Plan Offering retirement benefits to employees to provide a source of income after they retire. Employees need to invest in their own retirement while working to ensure they have enough money to cover their expenses. The benefits of participating in these plans is tax-deferred earnings, and in some cases contributions are also taxed deferred. Employees can also invest in individual retirement accounts (IRAs) to augment their companies plan or to develop their own plan. "Companies establish retirement or pension plans following one of three design configurations: a defined benefit plan, a defined contribution plan, or hybrid plans that combine features of traditional defined benefit and defined contribution plans" (Martocchio, pg 259, 2009). Once the company decides on a plan, they need to develop a communication plan to encourage employee participation for the proposed retirement plan. "Setting up an employee retirement plan can be a smart way to provide for one of your key assets - your people - as well as benefiting one's business"("Nationwide", 2013). Providing a quality retirement plan helps attract and retain employees, reduce the tax burden and allows the owner to invest in their own retirement. Employers take care of their employees through salary, health care, paid vacation, sick leave. Companies who offer retirement plan greatly enhance their benefits package. "Employees are encouraged to save for retirement through plans set-up at work because it's easy to do" ("The Business Owner's Tool Kit", 2013). Recent studies have shown that providing employees with employer-provided retirement plans are more likely to save enough to live

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