Wow, Trudie, your firm sounds so unsympathetic! Companies provide all sorts of support for their employees, why not a little retirement planning resource assistance? Really, how long would it take to assemble list of articles, websites and books that will help them help themselves? I heard a lot of snark in this post, but no suggestions to help the people who've helped your company be successful for all these years. They deserve better, IMO.
How can you possibly blame the company? There are literally TONS of public resources out there for people of all ages. Lacking even a rough financial awareness at the age of 60-70 is a result of decades of listless ignorance and really just shows how low of a priority they've placed retirement planning and acquiring a basic financial education. These people aren't victims.
This is the level of service our small company (19-benefits eligible) provides:
(1) A rep from the professional association through which we purchase benefits (401K, health insurance) comes at benefits enrollment time and does group sessions, then is available for individual appointments on those days;
(2) This rep is also available to do one on one counseling sessions/phone calls/emails at a distance. When there is a retirement (rare) we set up a 1:1 appointment with the employee and the rep. She is the liaison with the corporate benefits administrator to advise them of their post-retirement benefits and withdrawal options.
(3) Once an employee is retiring we submit paperwork to the corporate benefits administrator and they reach out to that employee one on one. All future mail, and correspondence to that employee comes directly from the corporate administrator.
(4) Employees still in their working years who have problems may come to us and we refer them directly to our corporate benefits administrators. To be clear, these are people who work strictly for our professional association and are well-versed on our benefits. They resolve claims issues and interpret plan benefits. They work "for us"; they don't work for the insurance company and they are available 15 hours per day by 1-800 number. I might also add that they are well-trained and professional. We aren't dealing with a call center in a far-flung place and turnover is low.
(5) At any time employees have access to Fidelity (the administrator) of our 401K. They can review or change their investments. As for understanding their options in retirement, see #2.
I think this is a reasonable level of service for a company of our size. I have worked for a company of 600 employees and feel that what we actually do is more helpful and "one on one" than the help employees received at that company. But, I don't think an employer can be expected to explain/resolve all types of post-retirement dilemmas and I am shocked at how little responsibility some feel or effort some people make. If someone comes into my office with 401K questions I will answer general questions, but if people have personal dilemmas I direct them to the people who can actually resolve their problems (and for HIPPA reasons, I don't get involved). I don't feel that I am expert in Medicare supplements, how to enroll in Medicare/Social Security, and so forth. I am (obviously) not here to provide investment advice. I can try to give them names of people to help them, but cannot anticipate their issues or come up with a plan for them.
