Monday, February 28, 2005

Monsanto Attracts Early Retiree with Special Work Program

According to an article by Chicago Tribune writer Barbara Rose, Monsanto opeates a program aimed at tapping retirees' skills, which enabled an early retiree who left after 26 years to take an assignment that allowed her to resume working without being thrust back into a full-time job and without giving up her retiree benefits. According to Rose:
Monsanto's program — a rarity in the business world — is a harbinger of a future in which retirees and older workers will be offered the chance to leave work gradually, opting for more flexible hours and less responsibility until they're ready to retire altogether.

Such programs represent a dramatic shift in a society that for decades devised increasingly rich incentives to replace older employees with less-expensive younger workers.
Some aspects of Monsanto's program are that:
  • Retirees must be gone from the company at least six months before being hired on again part time.
  • It is open to employees of all ages who leave in good standing.

In addition, a pending IRS rule change would allow workers to start drawing prorated pension benefits at age 59-1/2 while working fewer hours.

Source: "Redefining 'retirement'" The Seattle Times (February 27, 2005)

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