A RETIREMENT INCENTIVE PLAN THAT CREATES A “WIN-WIN!”
The Voluntary Retirement Program (VRP) implemented by HighMark is specifically designed for public sector employers such as school districts, community colleges, and their employee groups.
Our program is customized to meet the exact specification of your agency and the unique needs of your employee groups. By providing employees with additional retirement income, as a supplement to their main pension (i.e. STRS, PERS), employees are able to retire earlier than originally planned, thereby generating fiscal savings as well as employee reorganization opportunities for the Employer.
GENERATING FISCAL SAVINGS
By providing a retirement incentive to your employees who are near or at the top of the salary schedule, the Employer is able to generate savings when replacing them with new hires near the lower end of the salary spectrum.
Our comprehensive Fiscal Feasibility Analysis program quantifies the potential savings based on your exact employee demographics, salary schedules, existing retiree healthcare benefits, and other payroll driven costs.
FLEXIBLE BENEFITS FOR EMPLOYEES – REDUCED LIABILITY FOR THE EMPLOYER
By taking advantage of the latest provisions of the IRS Code, the HighMark Voluntary Retirement Program (VRP) is funded in a manner that eliminates Employer’s fiduciary responsibility for plan investment. This approach also provides participating employees with the greatest flexibility and control over their benefit distribution and account options.
THE HIGHMARK VRP CREATES A “WIN-WIN” SCENARIO WHERE BOTH THE EMPLOYER AND PARTICIPATING EMPLOYEES MUTUALLY BENEFIT FROM THE INCENTIVE PLAN!
COMPREHENSIVE “TURN-KEY” SERVICES
We provide customized and comprehensive services including:
- Employee Demographics Analysis
- Compensation Differential Analysis (to quantify potential fiscal savings)
- Plan Design Consulting
- Benefit Design and Distribution Option Consulting
- Employee Education & Enrollment Services (including both group and individual meeting with our qualified counselors)
- Plan Funding Design
- Ongoing Plan Administration Services (all participants contact us for their pre and post retirement plan related needs)