Implementing a Redesign for the Qualified and Non-Qualified Retirement Programs for All U.S. EmployeesRetirement Program Transformation |
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Abstract
This global multi-industry manufacturer with market-leading brands in aviation, aerospace and defense aspired to strategically redesign its qualified and non-qualified retirement programs for all U.S. employees.
The Challenge
With over 40,000 employees and global revenues of more than $13 billion, the company was looking to strategically redesign its retirement programs in order to harmonize current structures, enable talent mobility across the enterprise, control long-term pension plan costs and align the retirement program with the organization's overall human resources vision and strategy.
How We Helped
Practitioners from Deloitte Consulting LLP and Deloitte Tax LLP developed an innovative program design that addressed the company’s objectives while mitigating the overall impact to participants. The redesign helped the company to:
- Harmonize its current structures for all U.S. salaried and hourly employees
- Deploy talent mobility across the global enterprise
- Mitigate pension risks while controlling long-term pension plan costs
- Align the retirement program with its overall Human Resources vision and business objectives
Solution
The program redesign brought value to the organization through an innovative approach that delivered bottom-line savings while also addressing and satisfying its people and business objectives. In addition, by approaching this challenge with a multi-disciplinary program, which included benefits strategy, finance and tax solutions, the company's expectations were exceeded with a high level of participant satisfaction and minimal disruption to day-to-day business.
