10 BWD | Fall/Winter 2018-2019
By Basam Malik, C(k)P and Mary Van Skiver, CPA, MBA, PHR, CEPA
Coaching your employees
towards retirement
There once was a time when preparing employees
for retirement meant throwing a going away party.
You’d grab a few gifts, order a cake and you’ve
done your part. But today, there’s much more for
employers to consider.
As times change, organizations must adapt to
help employees reach their retirement goals. From
new hires fresh out of college to individuals more
seasoned in their careers, retirement planning is an
ongoing process and the tools and resources may
vary depending on the organization’s demographics.
Regardless, planning and education for retirement
needs to begin the day an employee walks through
the door, with consideration for wherever they may
be in their career and retirement funding journey.
Today’s workforce can include four or even five generations working
side-by-side, with different retirement savings challenges. Recent
graduates face challenges in saving and planning for retirement as
they focus on repaying loans, workers with retirement savings in
employer-sponsored plans may be unsure if they should transfer
these funds when they begin a new position, and there are numerous
workers over the age of 50 who haven’t begun saving for retirement.
When it comes to 401(k)s and retirement planning, the current
perspective is that it’s important for employers to help employees
as much as possible. However, a study conducted by Arthur J.
Gallagher & Co. found that “while 78 percent of employers offer a
retirement program, only 37 percent take steps to measure employee
retirement readiness.” Employers are in a position to help employees
develop their retirement goals, help them realize the importance,
and equip them with the necessary tools they need to thrive in
retirement. By doing this, employees will thank you both now and
later. While there are many methods to help your employees prepare
for retirement, consider contributions, offering tax savings and
educating employees.
ABOUT THE AUTHORS
Mary Van Skiver is a senior manager with Rehmann’s consulting team. In this capacity, she plays a team lead
role assisting businesses with the design and implementation of transition strategies and human resource
initiatives. Contact her today at [email protected].
Basam Malik is a retirement plan advisor at Rehmann. He works to improve the overall retirement readiness of
retirement plan clients through delivery of participant education, enrollment services and comprehensive day-
to-day support, plan sponsor fiduciary due diligence support, and investment research and analysis. Contact
him today at [email protected].