The reading assignments for this unit discussed plan design considerations and introduced the main types of pension plans. This part of the assignment asks you to apply this knowledge to a hypothetical situation.
Background
Assume you are a consultant who has been hired by XYZ, Inc. to provide recommendations on what type of plan the company should adopt. The company is a medium-sized tech firm that is anticipating a period of strong growth. Their employees are highly skilled and there is fierce competition among similar employers to recruit and retain top talent. The company wants to offer a pension plan to improve their compensation package, but are concerned about long-term commitments. The HR manager is new to the position, and recently arrived from a company that had no pension plan. He believed that offering a plan would be a very strong policy for XYZ, Inc. He is working through this issue before presenting it to other departments. He is unfamiliar with their options and are asking you to provide some options and recommendations.
Task
Write a short report that:
1.provides background (including pros and cons) on the broad types of plans available,
2.outlines at least three plan options that the company is to choose from,
3.recommends that the company adopt one of the plan options, and
4.justifies the recommendation based on the company’s specific needs.
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