How to Find Projected Employee Retirement Benefits

Video Transcript

"Hi, my name is Pat Goodwin with Pat Goodwin Associates. Today we're going to talk about how to find projected employee retirement benefits. As you begin to evaluate a company. And take a look at a company that you might like to go to work for. They are going to have an annual report. They will have benefits and compensation information that will be supplied to you at offer and upon acceptance of offer. If you are inquisitive about additional projected employee retirement benefits. That would be the time that you would ask the HR professional. They're the ones that are skilled in talking about the retirement benefits. Many companies today are re-evaluating their retirement benefits. And they're looking carefully at the cost of providing retirement benefits. So if you're looking to a company to provide you with retirement benefits. You may be better off, in looking at a city, state or federal government situation. But if it's a large company such as a very, fifty. A Fortune 500 or a Fortune 50 company. They are going to have retirement benefits to some extent to employees. It's typically based on tenure, it's based on level. and it's base don years of experience, of course. So as you begin to look at companies. And you look at what are they offering in the form of retirement benefits. And how can you look at that projected benefits. It maybe that you do not receive retirement benefits until you've been there for a certain number of years. And you would want to find that out, upon offer. And then you would want to make sure that you can calculate what might be there for you. When you are in a position to retire. If you're applying for the state position. Many states will give you back the number of years that you've worked for the state. If you leave for a number of years and then go back. They will bridge the gap between the time that you worked there before. And then to the time that you began. So if you worked there for seven years and left for five or six years. And went back to a city or state government. They're going to bridge that time with you. So you already have seven years that you can expect. And I hope that's helped you to determine how you can look at your retirement benefits projected for the future."