The article states important comprehensive plan and package benefits. The retire

Question

The article states important comprehensive plan and package benefits. The retirement benefit helps for recruiting important clients and gain competitive edge.

The important options for retirement benefit plans are funded by employer, they promise employees important monthly benefit at retirement. There are employer benefits depended on the tenure of the company and age at retirement.

The contribution plan does not promise employees a entitlement amount at retirement. There is contribution of money to the individual account in the plan. There is value to the account added with the way the investment performs. There is a balance in the account received at retirement and it investment gains and losses.

The 401k plan is shown as defined contribution retirement benefit plan. It has been divided into four types. This incudes traditional with qualified profit sharing plan for the employees for contribution of effective salary. Contribution of employee's account. Employees' taxable income is included in distributions and earnings.

Safe harbour includes a plan which is similar to the traditional plan and helps to match the employers contributions. There are important requirements for this plan.

Simple 401k plan is savings incentive match plan for employees of small employers. It is available for the employers who receive at least 5000 dollars in compensation during the preceding calendar year. There is requirement to make contributions that are fully vested for this.

The automatic enrollment permits the employers to deduct a fixed amount automatically from the wages of the employers and these are usually the elective deferrals.

The plan covers employees whose work time is 40 hours or more per week. The part time employees are not covered under this and only minimal benefits are provided to them.

The plan will be made competitive from the employer's side if I had to do it differently. This will include quick vesting, generous matching and immediate eligibility. There will also be incentive for the employees as part of an important contribution for the plan.

Explanation / Answer

subject- staffing

topic- Interviewing & Decision Making

article- https://resources.workable.com/tutorial/retirement-benefit-plan

Summarize the article (no more than one-two pages)

Conclusion, "What will you do differently from an Employer side and Employee side?"

Submit a word document.

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