Social Security for Employees
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Over a half a century ago, the primary form of retirement security was Social Security, coupled with an employer-provided pension. Today, pensions are offered in only a small fraction of employers, and employees are instead encouraged to save for their retirement in 401-K or similar plans. How has the shift from employer-sponsored defined-benefit pensions to defined-contribution plans changed the obligations and liabilities of the employer?
Do you think that most people working today are still relying on Social Security being there for them when they retire?
What do you think will be some challenges that employers will be faced with in the next few years with respect HR?
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Solution Summary
This posting gives you a step-by-step explanation of human resource challenges during the next few years. The response also contains the sources used.
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Step 1
The change from employer-sponsored defined benefit pension to defined contribution plans change the obligation and liabilities of employer. The shift from defined benefit pension plans to defined contribution plans shifts investment risk from employers to employees. The employees are getting more exposed to financial markets. For defined benefit pension plans the employers are required to carry financial obligations to maintain solvency and conduct valuations as required by pension authorities. In case of defined contribution the employer does not have to carry such obligations. The employers also have a number of legal obligations for their defined benefit pension plans. These obligations include qualified defined benefit ...
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