PLANSPONSOR - November/December 2024 - 10
UPFRONT
How to
Keep 'Peak
65' Skilled
Experts
THIS YEAR, the U.S. population entered
the first " Peak 65 " year, when about 11,000
Baby Boomers turn 65 each day, according
to the Peak 65 Economic Impact Study
from the Alliance for Lifetime Income.
In total, 11 million Boomers had yet
to retire as of a 2023 Pew Research study.
" 65 is a typical age for retirement,
so many companies are nervous about a
lot of traditional knowledge and experience
walking out the door, " says Heather
Tinsley-Fix,
senior
adviser,
employer
engagement at the AARP. For employers,
generally there is an acknowledgement
that this owes to fewer babies being born
to start working, Tinsley-Fix says.
Companies realize, she continues,
that " they need to have talent management
strategies and a very deliberate off-boarding
process and approach, as well as a process
to welcome people back in returnships-
things like that. They know it's important. "
Tinsley-Fix says these " age-inclusive
policies and practices " require being
flexible and span from health and financial
benefits to learning and development
opportunities " that apply to everybody and
make sure older workers are treated the
same as everyone else. "
Employers Prepare
For employers to stay competitive requires
retaining the institutional knowledge of
older workers-rehiring is costly, says
Frances Brown, director of retirement
and policy at Lumen Technologies Inc.,
a 2024 PLANSPONSOR Plan Sponsor of
the Year finalist in the Corporate Defined
Contribution >$1b category.
" We're always preparing for that,
cross-training and having people [switch]
or rotate through roles, " Brown says. The
telecommunications company " makes sure
there's always a backup or somebody that
knows the same [skills] as somebody else-
that's how we manage " the graying of the
workforce. " We're able to keep that knowledge
and then transition it, " vs. spending
months, and considerable money, to hire
and train someone new, she says.
Taking a flexible approach to worker
benefits is another method employers use
to keep older talent working. For instance,
the " most common " option for employees
is to work fewer days a week, she says.
" You'll have a commensurate drop in pay,
but you'll keep some key benefits. "
On Brown's team, for example,
" some [employees] work four days a week,
and some work three to 4 1/2, and their
hours are flexible, " she says. " [It] allows
for people to have a little more balance in
their life and do other things they want to
do. It's not any kind of monetary benefit,
10 PLANSPONSOR.COM November - December 2024
PLANSPONSOR - November/December 2024
Table of Contents for the Digital Edition of PLANSPONSOR - November/December 2024
Insights
Participant analysis
Rules and regulations
Upfront
The Retirement Industry 2024
PLANSPONSOR DB Administration Survey
Plan Sponsors in Conversation
Build and Equip
SECURE 2.0’s New Match
2025 ERISA Plan Compliance Calendar
Counting the Costs
A Provision Review
SCOTUS to Decide
Helping Transient Workers Save
PLANSPONSOR - November/December 2024 - Cover1
PLANSPONSOR - November/December 2024 - Cover2
PLANSPONSOR - November/December 2024 - 1
PLANSPONSOR - November/December 2024 - Insights
PLANSPONSOR - November/December 2024 - 3
PLANSPONSOR - November/December 2024 - Participant analysis
PLANSPONSOR - November/December 2024 - 5
PLANSPONSOR - November/December 2024 - Rules and regulations
PLANSPONSOR - November/December 2024 - 7
PLANSPONSOR - November/December 2024 - 8
PLANSPONSOR - November/December 2024 - 9
PLANSPONSOR - November/December 2024 - Upfront
PLANSPONSOR - November/December 2024 - 11
PLANSPONSOR - November/December 2024 - 12
PLANSPONSOR - November/December 2024 - 13
PLANSPONSOR - November/December 2024 - 14
PLANSPONSOR - November/December 2024 - 15
PLANSPONSOR - November/December 2024 - The Retirement Industry 2024
PLANSPONSOR - November/December 2024 - 17
PLANSPONSOR - November/December 2024 - 18
PLANSPONSOR - November/December 2024 - 19
PLANSPONSOR - November/December 2024 - PLANSPONSOR DB Administration Survey
PLANSPONSOR - November/December 2024 - 21
PLANSPONSOR - November/December 2024 - 22
PLANSPONSOR - November/December 2024 - 23
PLANSPONSOR - November/December 2024 - Plan Sponsors in Conversation
PLANSPONSOR - November/December 2024 - 25
PLANSPONSOR - November/December 2024 - Build and Equip
PLANSPONSOR - November/December 2024 - 27
PLANSPONSOR - November/December 2024 - 28
PLANSPONSOR - November/December 2024 - 29
PLANSPONSOR - November/December 2024 - SECURE 2.0’s New Match
PLANSPONSOR - November/December 2024 - 31
PLANSPONSOR - November/December 2024 - 2025 ERISA Plan Compliance Calendar
PLANSPONSOR - November/December 2024 - 33
PLANSPONSOR - November/December 2024 - 34
PLANSPONSOR - November/December 2024 - 35
PLANSPONSOR - November/December 2024 - Counting the Costs
PLANSPONSOR - November/December 2024 - 37
PLANSPONSOR - November/December 2024 - A Provision Review
PLANSPONSOR - November/December 2024 - SCOTUS to Decide
PLANSPONSOR - November/December 2024 - Helping Transient Workers Save
PLANSPONSOR - November/December 2024 - Cover3
PLANSPONSOR - November/December 2024 - Cover4
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