Resources: Blossoms Up! Case Study and Email No. 3
Numerous emails have been sitting in the HR Director’s in-box for two months. Smith is highly agitated that none of his have been responded to. Now that you are hired, he has asked you to address the emails immediately.
Read Email No. 3 concerning a report needed to respond to Smith’s direction that the company have its own retirement plan such as a 401(k) plan, the laws affecting such plans, and what to do about funding it since the company is in a cost-cutting mode.
Complete Smith’s directions and the instructions in the email.
Use headings to appropriately signal the topics and keep your document organized.
Use a minimum of five different in-text citation sources within your paper and identify them in your APA correctly formatted References page.
Answer preview
The two types of pension plans that the human resources management of Blossom Up and its CEO need to be aware of is the defined benefit plan and the defined contribution plan. On the part of the defined benefit plan, the fiduciary has to guarantee the employees a definite amount of benefit upon retirement. This amount has to be given out upon retirement regardless of the economic position of the organization (Cadman, & Vincent, 2015). The plan is fully sponsored by the organization. If Blossom Up, is to consider this particular pension place, the human resource manager have to compute the amount each employee is entitled to after retirement using a specific formula that takes into account the employee employment period as well as the salary history of the employee. The promised set payout can be either a fixed amount that is credited to the employees’ retirement account.
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