Phased-In Retirement Bill a Workable Solution?
The proposed Phased Retirement Liberalization (PRL) Act may be just what the worker ordered should it actually be enacted into law.
This bill is intended to offer phased-in retirement options, enabling companies to keep experienced employees for a longer period of time to help ease the shortage in the labor pool.
In short, the bill allows companies to distribute pension benefits to eligible employees even if those employees are still working for the company. As a result, anyone who wants to retire can do so on a gradual basis instead of going cold turkey.
A survey of 596 companies conducted in 1999 by Watson Wyatt Worldwide found that 70 percent of these companies agreed that a phased-in retirement program would be a sound idea.
The bill is proposed by Congressman Earl Pomeroy, a North Dakota Democrat, and analysts are predicting that the bill will not have a hard time passing through Congress based on the recent passage of legislation that eliminated the Social Security earnings test for beneficiaries age 65 and older.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.