International Door & Operator Industry

MAY-JUN 2018

Garage door industry magazine for garage door dealers, garage door manufacturers, garage door distributors, garage door installers, loading docks, garage door operators and openers, gates, and tools for the door industry.

Issue link: https://idoi.epubxp.com/i/976335

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V O L U M E 5 1 I S S U E 3 J U N E 2 0 1 8 51 By Max Denler and Andrew Stergiou Continued on page 52 ASSOCIATIONNEWS V O L U M E 5 1 I S S U E 3 J U N E 2 0 1 8 Could RETIREMENT READINESS be affecting your bottom line? MIND THE (RETIREMENT) GAP! Increasingly, cost-savvy employers are looking at how their employee retirement plans can affect the long-term profitability of their businesses. Instead of asking whether they can afford to offer a 401(k) plan to their employees, some are starting to ask whether they can afford not to. The retirement gap can affect both aging workers and their employers. For previous generations, most workers could count on an employer-sponsored Defined Benefit pension plan to cover their expenses during their golden years. Since the introduction of Defined Contribution 401(k) plans, the burden of preparing for retirement has shifted onto workers. That shift does not mean that retirement-readiness is no longer of concern to employers. Consider the costs associated with an employee who stays on a business's payroll beyond retirement age. For many US employers, health insurance premiums are one of the largest expenses they must cover after payroll. For many workers, one of the principal incentives of retirement is the health benefit of a more relaxed lifestyle. Workers who want to retire but cannot afford to do so may have significantly higher health care costs and a greater frequency of disability incidents, which can translate directly to an employer's health and disability premiums. 51

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