Question

The CEO of your company would like to revamp the retirement options offered to employees.

Create a proposal that describes two to three different retirement plans that could be offered. In the proposal, you must identify specific requirements of the Employee Retirement Income Security Act of 1974 that the organization would need to fulfill. In addition to the proposal, management has asked the HR department to design a communication plan that encourages employee participation for one of the proposed retirement plans.

Prepare a 525- to 700-word proposal and communication plan. In your communication plan, include components that encourage participation in the retirement plan.

Answer the following questions:

• How will you communicate information to employees?
• How often will you communicate information to employees?
• What tools or methods will you use to communicate the plan?
• How will you overcome resistance to participation?
• How will you get employees to enroll?
• How will you communicate the plan to make it attractive?

I just need help with the introduction and conclusion

Answer 1

Introduction

As a rule, employers offer retirement plans to their employees in light of the fact that the guarantee of a protected retirement speaks to a viable method to select and hold important employees. Despite the fact that the Employer Retirement Income Security Act (ERISA) doesn't expect organizations to offer retirement plans, it regulates those plans that are given.

ERISA is an ACT that gives a manual for employers looking to make retirement advantage plans to help their employees when they, at last, resign and leave the association. The rule guarantees that associations executing the planning are completely liable for any outcomes. So also, members are additionally qualified for certain rights and, these must be made known to them. Also, ERISA calls for legitimate plan announcing and revelation to every single influenced member.

A retirement plan is a procedure of planning for retirement, which explicitly includes monetary planning for a representative of an association. Generally, the retirement planning alludes to keeping cash for the sake of every worker into a retirement account. This cash is kept to set aside cash for the eventual fate of a representative. A decent retirement plan is a blend of a wide scope of advantages that are given after the individual is resigned from his/her support of the association. There are numerous advantages of a retirement plan to an organization just as the employees. With a decent retirement plan, employees will, in general, be propelled to remain for a more drawn out period with an organization, in this manner diminishing the representative turnover rate.

There are numerous necessities and prerequisites that ought to be satisfied by a retirement plan embraced by an organization with the goal that the employees' and hierarchical needs can be altogether met. There are three retirement plans and a correspondence plan that has been offered in this proposition of retirement plan and correspondence plan to be received by the association with an aim to upgrade the investment of employees for one of the proposed retirement plans. There are various retirement plans relying on the necessities of an association.

Retirement Plans

Retirement plans are those plans that give advantages to the employees after their retirement to make sure about their future. These retirement plans are exceptionally useful for the eventual fate of employees, as they monetarily bolster the employees in the long stretches of their retirement. The retirement plans are proposed by the organizations for giving retirement advantages to employees, for example, a 401(K) plan, a characterized advantage plan, and a benefit-sharing plan.

401(k) plan

401(k) plan is one of the most celebrated and significant retirement plans for employees. This plan goes under characterized commitment plans of business based retirement plans. In this plan, employers construct a certified plan for the qualified employees of the association. These employees contribute some sum from their pay on a pre-duty and post-charge premise. Some of the time, a benefit-sharing component is additionally included in this plan, and it likewise remembers commitments for the sake of employers.

Profit-Sharing Plan

The association gives a portion of benefits to the employees by a benefit-sharing plan. So as to inspire the employees, the association can without much of a stretch utilize this plan. Any person who is independently employed or possesses a major business is equipped for a benefit-sharing plan. The employees who have worked for at least 1000 hours as of late are likewise qualified. The employees must not add to the instance of a benefit-sharing plan. A fourth of the pay is contributed by the employer, having a constraint of $49,000 for this situation. On account of a benefit-sharing plan, the vesting time frame is chosen by the employer.

Simplified Employee Pension (SEP) Plans

Rearranged worker annuity plans are designed for employers who might be disheartened by the complexities of setting up a customary qualified plan. Under a SEP, the employer consents to make commitments to an individual retirement account (IRA) for each qualified representative. To build up a SEP plan, three conditions must be met. Initially, the association should obviously state how employees will profit from the plan, and this should be imparted to all the influenced employees in this association.

Second, the association will be required to give certain data about the plan for every representative. Third, the employer must build up a SEP-IRA for every worker beyond 20 years old whose remuneration is, in any event, $500 and who has performed administrations for the employer during any event three out of the previous five schedule years.

The employer gives commitments to a SEP-IRA account set up for every individual worker. An association isn't required to make commitments consistently, however, in specific years the association makes commitments; it must contribute sums for every member.

Communicating the Plan to Employees

In structuring the correspondence plan, it will be essential to take a gander at it from the employees' perspective. The association may utilize the accompanying way to deal with conveying its plan. To begin with, it will be critical to comprehend the degree of representative resolve inside the association.

In spite of the fact that endeavor research to comprehend employees' perspectives might be tedious, it is fundamental for the association to do as such in the event that anything great must be acknowledged from the correspondence plan. Incase employees are unsettled, it will be important to discover why and address any copying issues in order to make a sound domain for communicating the plan.

Besides, the association ought to leave on discovering how employees feel about the present situation in the association. Representative observation surveys are commonly helpful with regard to social event data on how employees truly feel about the association. When these two things have been managed, the association may continue to convey the plan to its employees.

To viably convey the plan, the association should put aside daily and, if conceivable, orchestrate gatherings with the employees at a suitably set time. For adequacy, it will be important to guarantee that all employees are included right from the underlying stages.

The association may select a group or a person inside the association to initiate the entire correspondence process. Among the apparatuses to be utilized to convey the plan are email applications. Incase gatherings are to be held, either overhead projectors or flip outlines might be utilized now and again. Another methodology may include the utilization of centered gathering conversations.

During such conversations, the facilitators must make an air that will urge each representative to unreservedly partake and convey their thoughts or emotions. So as to beat protection from interest, the association should impart its thoughts as much of the time as conceivable to all members. Furthermore, it will be important to compensate staff for inclusion all the while.

Conclusion

Clearly all the retirement advantage plans hold various advantages to both the association and its employees. It is, in this manner, the obligation of the association to choose which plan to receive. Nonetheless, comprehend that communicating the plan to employees is similarly basic to the accomplishment of any of these plans.

This implies the association will require sufficient opportunity to structure a correspondence plan that will urge all employees to engage in the whole procedure. Without a viable correspondence plan, it doesn't make a difference in how great a retirement benefits plan is. Any hindrances to the correspondence plan must be managed and endeavors ought to be made to guarantee that they don't crash the way toward placing the plan without hesitation.