Responsibility for retirement planning shifts to employees.
In recent years, organizations have shifted away from offering their employees defined benefit plans that promise specified income streams to employees when they retire. Instead, they are offering employees defined contribution plans, which rely on investment performance, as directed by plan participants, to generate sufficient retirement income. Healthcare financial managers who work in organizations that offer retirement plans for their employees find themselves increasingly prevailed upon to play the role of instructor to plan participants. While some financial managers may not relish the role, the more successful financial managers are at helping plan participants achieve their retirement income goals, the better the chance of healthcare organizations avoiding future liability problems.
Van Gelder
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Wells Fargo Bank, San Francisco, CA.
D000368:Aged; D005382:Financing, Personal / Q000639:trends; D006264:Health Benefit Plans, Employee / Q000639:trends*; D006801:Humans; D007183:Income Tax / Q000331:legislation & jurisprudence; D007250:Inflation, Economic; D007449:Investments / Q000191:economics*; D012179:Retirement / Q000191:economics*; D014481:United States