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HRM/324 Retirement Plan Selection

A new employee, with spouse and two children, joins your company at age 24 making $40,000 per year. Currently, banks are paying 5% interest on saving accounts, and the rate of return on the company stock is 4% per year. During benefits enrollment, the employee stated that she would like to retire at age 60 with $3 million in her retirement account. Your organization has a cafeteria style Benefit plan.

Compare the following retirement options for this particular employee in 800 to 1,200 words: (a matrix would work well here- apiw1000w).

  • 401(k) – Defined Contribution (+50% matching)
  • Pension – Defined Benefit
  • Annuities
  • IRA
  • Company stock plan (ESOP)
  • Estate planning

Determine which retirement option(s) you would choose if you were this employee.

Assess the factors this employee should consider when selecting a retirement plan.

You must use/cite/reference at least three, credible sources – including our text.

Format your paper consistent with APA guidelines. (intro – level one headings, conclusion, separate References page).

Submit the assignment. Review/correct your SafeAssign analysis.

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