Getting the Right Prevailing Wage Retirement Plan

A huge percentage of prevailing wage workers that are part of the Baby Boomer generation is now preparing for retirement. This will be quite a challenge for companies since they will lose the knowledge and experience that these workers can bring to the table.

As a way to mitigate this loss, phased retirement is now highly encouraged.

Approaches to phased retirement plans

Phased retirement can either be formal or informal. Companies that offer formal phased retirement usually have a bigger portion of technical or professional prevailing wage workers.

In this approach, an employee may render lesser work hours and receive pay that is proportional to it. Their health benefits and share of the cost do not change. On the other hand, informal phased retirement is only given to selected prevailing wage workers depending on the requirements set by the company.

Why is a phased retirement plan beneficial for prevailing wage workers?

·       It enables prevailing wage workers to prepare emotionally.

A lot of retirees are saddened by losing the connections they had with their co-workers. This may have an impact on their self-worth as they try to look for other interests and people to interact with. A phased retirement plan will enable them to adjust gradually.

·       Phased retirement plans provides better financial benefits

Being on phased retirement means that prevailing wage workers can still have a continuous source of income and benefits. This will help in avoiding the use of retirement benefits from the Social Security and would mean that you and your family will be more financially healthy for the years to come

Choose ARCHER JORDAN as your Trustee for Your Prevailing Wage Workers’ Retirement Plans

Always remember that every decision that you make may affect the company. This is why it is important that the proper benefits, including having a retirement plan are being given to prevailing wage workers.

Make sure that your prevailing wage workers will have an abundant and stress-free retirement by calling our team at ARCHER JORDAN. We will help you devise the most effective plans for your workers. Call us today.