Wednesday, July 15, 2015
Merrill Lynch sets up seminars for employers on longevity
Merrill Lynch (under Bank of America) will offer client employers longevity training programs, according to this story on Employee Benefit News, apparently at USC in Los Angeles.
The training is supposed to deal with development of products for associates that move beyond the usual 401(k) matches which have tended to replace defined benefit plans with many employers.
But a bigger issues is the sea change in career expectancy. Before about the year 2000, employers had gotten used to the idea that professional employees tended to retire early, by 62, and had even designed products with provisions like “social security bridge” or “social security offset” predicated on starting Social Security at 62. Often retirement had been encouraged even at age 55. It’s clear that such an strategy is no longer sustainable.
Associates need to keep current on job skills as they move into their 60s and even 70s now.
Employers need to become more pro-active with hands-on training of more senior employees than in the past.