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Summary Week 4 Team Paper.docx Retirement Plan Proposal Total Compensation/HRM 324 Retirement Plan Proposal It is important to ensure that an organization meets the requirements of the Employee Retirement Income Security Act of 1974 also known as (ERISA) when$4.99
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Summary Week 4 Team Paper.docx Retirement Plan Proposal Total Compensation/HRM 324 Retirement Plan Proposal It is important to ensure that an organization meets the requirements of the Employee Retirement Income Security Act of 1974 also known as (ERISA) when
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Week 4 Team P Retirement Plan Proposal Total Compensation/HRM 324 Retirement Plan Proposal It is important to ensure that an organization meets the requirements of the Employee Retirement Income Security Act of 1974 also known as (ERISA) when offering retirement plans to employees. Employees m...
week 4 team paperdocx retirement plan proposal total compensationhrm 324 retirement plan proposal it is important to ensure that an organization meets the requirements of the employee retirement
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Retirement Plan Proposal
Total Compensation/HRM 324
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Retirement Plan Proposal
It is important to ensure that an organization meets the requirements of the Employee
Retirement Income Security Act of 1974 also known as (ERISA) when offering retirement plans
to employees. Employees may participate in more than one retirement program when their
employer offers this option. It is essential that employees understand the different types of
retirement programs and their differences. In addition to the retirement options offered to
employees, it is also essential to design a communication plan that encourages participation in
retirement plans. While designing and implementing a plan, employers should know how they
will communicate information to the employees and how often, what tools or methods will they
use, and how will they get employees to enroll and overcome resistance to participation.
Retirement Plans & the ERISA
There are various retirement programs employees can choose from. Traditional 401K
plans are for private-sector employees and allow tax deferred contributions by both employer
and employee (Martocchio, 2017). Roth 401K plans differ because employee contributions are
taxed at the individual's income tax rate and employee withdrawals are not taxed upon their
retirement (Martocchio, 2017). Another type of plan is a 403(b). The 403(b) plan is a defined-
contribution plan that is available to employees that work for public educational institutions.
There are specific requirements of ERISA that organizations need to fulfill. ERISA was
established to deal with employers reporting and disclosure duties, funding of benefits, the
trustworthy responsibilities for the plans, and the unconditional entitlement rights.
Disseminating the Information
Rolling out retirement options has to be communicated effectively. Awareness is the key
to getting employees to participate. Good communicationswill ensure participants have the
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