Retirement Plans
In today's hyper-competitive world, attracting and retaining the best talent possible is key to competitive advantage. One of the many ways organizations accomplish this is through the implementation of retirement plans for their employees. "A retirement plan is an arrangement to provide people with an income, possibly a pension, during retirement when they are no longer earning a steady income from employment, or an asset from which a person may draw an income from as needed" ("Retirement plans", 2007). This paper will overview the historical development of retirement plans and how they are currently being utilized today as a significant recruitment tool. In today's hyper-competitive world, attracting and retaining the best talent possible is key to competitive advantage. One of the many ways organizations accomplish this is through the implementation of retirement plans for their employees. "A retirement plan is an arrangement to provide people with an income, possibly a pension, during retirement when they are no longer earning a steady income from employment, or an asset from which a person may draw an income from as needed" ("Retirement plans", 2007). This paper will overview the historica
This was followed by the Revenue Act of 1928, which gave employers the ability to take tax deductions for amounts paid into qualified trusts that were in excess of the amount needed to fund their current liabilities. (Runy, 2003) Retirement plan benefits are not only a critical tool for recruiting established employees, but also recent college graduates as well. l development of retirement plans and how they are currently being utilized today as a significant recruitment tool. The Self-Employed Individual Retirement Act of 1962 (Keogh Act) made pension plan retirement savings available to Americans who were self-employed, as well as small, unincorporated businesses, farmers, professionals, and their employees. The 1980s were a time of intensive legislation regarding retirement plans, as pensions reached their highest level of saturation. The Welfare and Pension Plan Disclosure Act Amendments of 1962, put responsibility to protect against fraud and poor administration on the federal government. Legislation altered a variety of facets for retirement plans, including changing contribution limits, enhancing survivor annuity rules, expediting vesting schedules, and furthering integration with Social Security. In the end, organizations of all sizes can utilize retirement plans as a means of attracting and retaining the best employees possible. Three years later, the Revenue Act of 1938 created the nondiversion rule, which made pension trusts irrevocable. Despite the fact that many employees do not remain with their first employer until retirement, clearly these candidates are looking beyond their short-term interests (Phillips, Phillips, & Cappel, 1994). (1913); Goodyear Tire and Rubber Co. Coverage standard qualifications were further tightened with the Revenue Act of 1942, which limited allowable deductions, and also integrated pension plans with Social Security (McDonnel, 1988).
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