Two-thirds of nonprofit organizations are preparing for a mass exodus of retiring baby boomers over the next five years.
A survey of 403(b) plan sponsors by the Plan Sponsor Council of America and sponsored by the Principal Financial Group, found that more than half expect 10 to 20 percent of their workforce to retire over the next five years. Larger organizations — those with more than 500 employees — expect to lose one-fifth of their workforce to retirement.
Most are higher education institutions where there was a spike in hiring professors in the 1970s and '80s leading to a significant number of potential retirements in the near future, the survey found.
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