Annual retiree planning workshop recognized for educational efforts of participants nearing retirement age
When it comes to preparing for retirement, education is key. Employees approaching retirement need to know about the resources that are available to them and the timelines for applying for benefits, as well as what other practical considerations they need to contemplate to prepare for this transition after a lifetime of work.
These are just some of the topics covered in the annual retiree planning workshop, held by the Department of Energy’s Thomas Jefferson National Accelerator Facility. The workshop is led internally by the Human Resources Benefits Consultant, Treva Ferguson, and was recently honored with a 2019 Eddy Award.
The Eddy Awards are presented annually by Pensions & Investments to recognize groups, agencies, plan sponsors and service providers for outstanding efforts and contributions in six different investment and financial education areas. Pensions & Investments is an international newspaper on money management for pension, portfolio and investment management executives.
The Jefferson Lab Retiree Planning Workshop was selected as the top Not-for-Profit/Other Plan in the Pre-Retirement Preparation category. Other award categories include Financial Wellness, Ongoing Investment Education, Special Projects, Conversions/403(b) Consolidations, and Plan Transitions.
“Making sure that our employees are educated and prepared for retirement is one of our biggest commitments at Jefferson Lab,” says Rhonda Barbosa, Human Resources Director. “Our comprehensive benefits package is such a vital component in providing our staff a balanced, productive and forward thinking environment to do their best work.”
Jefferson Science Associates, LLC, Jefferson Lab’s management and operations contractor, offers a variety of benefits programs for regular and term employees that includes the award-winning retirement planning workshop. It provides a 401(k) defined contribution plan that provides benefits through annuities and makes a 9% base salary compensation contribution in lieu of a matching feature on the plan. Employees are 100% vested in the 401(k) plan on the first day of employment.
JSA also offers comprehensive health and dental plans, which aim to keep employees in their best physical health. In addition, our competitive vacation, educational reimbursement and employee assistance programs all focus on employee mental health, development and wellness.
“People are our biggest asset at Jefferson Lab,” says Barbosa. “We are constantly evaluating our benefit
s plans, including the retirement education offerings, to ensure we are offering all-inclusive support for our employees and encouraging them to take advantage of the full suite of resources available for personal and professional development.”
Ferguson attended the P&I East Coast Defined Contribution Conference held in Fort Lauderdale, Florida, on March 11 to accept the award on behalf of the JSA team.
Awards in the Pre-Retirement Preparation category of competition focused on the educational efforts of organizations for plan participants nearing retirement age, specifically 55 and older. Materials were judged against those from their peers based on the number of plan participants and type of organization. Consideration was given to awareness efforts surrounding how much these target participants should save, how they can make their savings last once they reach retirement and additional steps needed to ensure a financially secure and enjoyable retirement.
Beyond the direct retirement plan aspect, the Pre-Retirement Preparation category included other considerations that should also be included in retirement planning, such as retiree medical, housing and other expenses, as well as additional incomes, such as Social Security.
For more information about JSA’s Benefit Programs, visit: https://www.jlab.org/human_resources/employment/synopsis.
By Jessica Bedenbaugh
Contact: Kandice Carter, Jefferson Lab Communications Office, 757-269-7263, email@example.com