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Post by Deleted on Feb 24, 2011 9:38:45 GMT -5
My boss has been taking me under his wings and showing me the ropes since we have suspected for sometimes that I might be up for another promotion if someone retired next year (seems like they will).
So basically I will have the same position as my boss but at a different location. I will not have to relocate, just increase my commute from 15 minutes to about 1h10... but that is not till next year.
Anyway, one of my boss new task is to convince some people in the department he manages to retire (he oversees 9 departments including mine) as a way for the company to decrease payroll and save the company some money.
So I am asking... what can your company do to convince you to retire earlier than you might want to? They must be doing/offering something good since in the past 3 months I have counted over 6 employees in my region that announced they were retiring or retired.
Keep in mind my company has over 120,000 employees and is in about 6-7 different states, so that number is definitely higher.
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Post by Deleted on Feb 24, 2011 9:39:49 GMT -5
You pay them.
Or you make their work life a living hell.
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Post by Deleted on Feb 24, 2011 9:44:53 GMT -5
I suspected maybe that... but how much would make you jump? Let's say your salary is about 55-70K and you are 60-67; how much would make you take the plunge? Not my boss style or my company for that matter; I doubt they would go that way. But who knows. |
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Urban Chicago
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Post by Urban Chicago on Feb 24, 2011 9:46:27 GMT -5
Another good one is offering retiree medical coverage, at least until they are 65.
Often, the only thing keeping an older worker from retiring are the years until they are eligible for medicare.
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Post by Deleted on Feb 24, 2011 9:48:53 GMT -5
Another good one is offering retiree medical coverage, at least until they are 65. Often, the only thing keeping an older worker from retiring are the years until they are eligible for medicare. mmmm, that may sound like a good one. But how would that work? I mean they are technically no longer an employee of the company, how would they still be under the company medical coverage? Is that even possible? |
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Waffle
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Post by Waffle on Feb 24, 2011 9:48:55 GMT -5
The facility I work at used to be part of large multinational corporation. At the time there was a generous pension plan, they offered people two years worth of salary to stop working and then the pension started after the two years were up (and your pension kept growing as if you were still working).
They also offered the two years salary to people who weren't eligible for retirement. I remember one very young woman took it - she was planning on getting married and moving to a different area - so she was going to have to leave teh company anyway. worked out great for her.
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Post by Deleted on Feb 24, 2011 9:51:31 GMT -5
Another good one is offering retiree medical coverage, at least until they are 65. Often, the only thing keeping an older worker from retiring are the years until they are eligible for medicare. mmmm, that may sound like a good one. But how would that work? I mean they are technically no longer an employee of the company, how would they still be under the company medical coverage? Is that even possible? Yes. Some companies still pay the health costs of retirees. Of course, some of those companies have recently gone bankrupt over it. |
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973beachbum
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Post by 973beachbum on Feb 24, 2011 9:52:41 GMT -5
You pay them. Or you make their work life a living hell. Ditto. Normally it is a combination of a number of weeks salary for every year they worked at the company. IE 1 week for every year, so a 20 year employee would get 20 weeks salary as an incentive. Plus a early retirement option. This would be for people who have worked there and either are old enough to retire and do not have enough years to do it. Or they have enough years but haven't reached the required age for retirement at your company. IE a 30 year employee who is 55 years of age and needs to be 65 to retire. Most companies waive the age requirement or let them retire with full benefits even though they have 20 years and company policy is 25 years. I have never found the making work a living hell to be very effective. Most of the time it makes the wrong person jump ship. Just my 2 cents. |
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Urban Chicago
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Post by Urban Chicago on Feb 24, 2011 9:53:48 GMT -5
Yes, it's possible. I'm not sure how it works but I know many companies used to do this. Two possibilities spring to mind:
1. Pay them a token salary to keep them technically employed (like $100/year) and in the group insurance pool.
2. Create a new group for the retirees like Costco does in California (you can join costco in CA and qualify for group rate insurance).
Caveat: I'm no lawyer, I'm just pulling ideas off the top of my head.
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973beachbum
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Post by 973beachbum on Feb 24, 2011 9:56:23 GMT -5
mmmm, that may sound like a good one. But how would that work? I mean they are technically no longer an employee of the company, how would they still be under the company medical coverage? Is that even possible? Yes. Some companies still pay the health costs of retirees. Of course, some of those companies have recently gone bankrupt over it. Normally this is something worked out by a specific HR person specializing in employee compensation. It is very specialized thing to work up but I would think a company with over 100K employees would have someone who does this type of thing for them. |
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Post by Savoir Faire-Demogague in NJ on Feb 24, 2011 9:57:21 GMT -5
You work for a fairly large company.
If I was being offered an early retirement package, I would be looking for some of the following items. Keep in mind I am 56.
Health insurance paid for at least five years.
At least one and one half years of salary.
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Post by Deleted on Feb 24, 2011 10:06:25 GMT -5
The facility I work at used to be part of large multinational corporation. At the time there was a generous pension plan, they offered people two years worth of salary to stop working and then the pension started after the two years were up (and your pension kept growing as if you were still working).. Pension would definitely be a good way to go since my company is one of the remaining few that still covers it. |
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Post by Deleted on Feb 24, 2011 10:10:25 GMT -5
You pay them. Or you make their work life a living hell. Ditto. Normally it is a combination of a number of weeks salary for every year they worked at the company. IE 1 week for every year, so a 20 year employee would get 20 weeks salary as an incentive. Plus a early retirement option. This would be for people who have worked there and either are old enough to retire and do not have enough years to do it. Or they have enough years but haven't reached the required age for retirement at your company. IE a 30 year employee who is 55 years of age and needs to be 65 to retire. Most companies waive the age requirement or let them retire with full benefits even though they have 20 years and company policy is 25 years. I have never found the making work a living hell to be very effective. Most of the time it makes the wrong person jump ship. Just my 2 cents. You are right... It is : -> 30 years of service or -> 65 years old *** But to retire after 30 years of service you have to be at least 55 years old. So I can definitely see that being part of the negotiations. Thanks everyone... I am just wondering how some companies might get someone to retire. |
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Post by Deleted on Feb 24, 2011 10:17:12 GMT -5
Yes. Some companies still pay the health costs of retirees. Of course, some of those companies have recently gone bankrupt over it. Normally this is something worked out by a specific HR person specializing in employee compensation. It is very specialized thing to work up but I would think a company with over 100K employees would have someone who does this type of thing for them. I am sure they do, they have the biggest HR department I have ever seen (mine you I have never worked for a company that had so many employees before so was always used to 3-5 people HR department). But they have HR person in: -> each location that report to -> a HR specialist per zone that reports to -> A regional HR VP that reports to the -> The VP HR person When I visited the corporate office last week they had a meeting for HR personnel and we are talking over 100's HR representatives. |
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Post by Deleted on Feb 24, 2011 10:19:41 GMT -5
You work for a fairly large company. If I was being offered an early retirement package, I would be looking for some of the following items. Keep in mind I am 56. Health insurance paid for at least five years. At least one and one half years of salary. only one and half Savoir Faire? I thought you would have ask for more  And 5 years of Health insurance would only cover till 61, what would you do afterwards. What if you want don't get another job? |
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