1. Offer a retirement plan or achieve efficiencies by joining a multiple employer plan (MEP).

If your company doesn’t already offer a retirement plan, take advantage of the tax credit available for starting a retirement plan or joining a MEP.

10. Foster an aging-friendly work environment.

Older workers need accommodation and inclusion too.

The report says employers should “adopt diversity and inclusion business practices that include age among other commonly referenced demographic factors (e.g., gender, race, religion, sexual orientation).”

9. Help older workers phase into retirement.

Don’t make it an open/shut door. Create an atmosphere in which older workers can gradually move toward retirement by allowing for a transition from full time to part time and/or working in different capacities.

Employers can take advantage of such transition periods to obtain mentoring for younger workers, too.

8. Offer preretirees greater levels of assistance in planning their transition into retirement.

Educate them about retirement income strategies so as to help savings to last their lifetime.

Make sure they understand retirement plan distribution options and the need for a backup plan if health issues, job loss, family obligations or other issues force them into retirement sooner than expected. Provide information about Social Security and Medicare.

7. Provide education about saving and investing that is easy to understand.

Both existing employees and new hires need information they can understand that will advance their retirement savings goal—which, incidentally, they should be taught how to calculate.

Make sure they know about the Saver’s Credit, as well as principles of saving and investing. New hires need to be educated about the plan as well as any options available to roll over their accounts from previous employers.

6. Structure matching contribution formulas so that they encourage higher salary deferrals.

For instance, instead of matching 100 percent of the first three percent of deferrals, change the match to 50 percent of the first six percent of deferrals.

It will encourage employees to save at a higher rate.

5. Limit the number of loans available in the retirement plan.

Make sure employees know the damage that plan leakage can do to their eventual retirement.

Educate them about the ramifications of taking loans and withdrawals from retirement accounts, as well as the need to prepare for emergencies and nonroutine expenses so that they can avoid incurring excessive debt.

4. Consider adding automatic enrollment and escalation features.

Studies have shown that automatic features that require employees to opt-out rather than opt-in not only increase participation rates, but boost savings rates.

The inertia that keeps employees from signing up in the first place or setting contribution rates once and leaving them alone can actually work in their favor with auto-enrollment and auto-escalation—although both should be set higher than the bare minimum that many companies use.

3. Extend retirement plan eligibility to part-time workers.

If that’s not practical, give them the opportunity to save for retirement in an IRA via payroll deduction.

2. Offer other health and welfare benefits that can enhance and protect workers’ long-term financial security.

Benefits such as health insurance, disability insurance, life insurance, employee assistance programs, workplace wellness and financial wellness programs, long-term care and other insurance can help protect employees’ overall security.

Assistance with tuition repayment can also go a long way toward helping younger employees start earlier and go farther in saving for retirement.

1. Offer a retirement plan or achieve efficiencies by joining a multiple employer plan (MEP).

If your company doesn’t already offer a retirement plan, take advantage of the tax credit available for starting a retirement plan or joining a MEP.