Best Employers Program Honorees

The Aerospace Corporation rehires retirees (Retiree Casual) on an as-needed basis and the retirees are allowed to work up to 999 hours a year. Currently there are 500 retirees in this program while 250 may participate at any time. Fifty-one percent of the company's employees are age 50+.

Other Benefits:

• Recruiting: The company uses corporation retirees to target mature workers.
• Workplace Culture/Continued Opportunities: The company offers the following learning and development programs to its full and part-time employees: tuition reimbursement (4.8% used in past 12 months), in-house classroom training (37% used in past 12 months), and on-line training (6.1% used in past 12 months). Part-time employees must work 20 hrs/week to be eligible for these programs. Long-service anniversaries are celebrated with announcements as well as a pin/certificate. The CEO of the company has created an environment in which continuous learning is the rule rather than the exception resulting in 2,437 employees taking at least one training class last year.
• Benefits/Health: Full and part-time employees (working at least 20 hrs/week) receive individual and family medical coverage, individual and family prescription drug coverage, individual and family vision insurance, individual and family dental insurance as well as long term disability. Full and part-time employees (working at least 1 hr/week) receive short term disability. Twenty-nine percent of employees are enrolled in the individual medical and prescription drug coverage plan, while 32% are enrolled in the individual vision plan and 29% in the individual dental insurance program. Sixty-one percent of employees are enrolled in employee and family medical insurance, and employee and family prescription drug coverage plans, while 68% are enrolled in the employee and family vision insurance programs and 66% are enrolled in the employee and family dental insurance program. Ninety-seven percent of employees are enrolled in the short- and long-term disability programs. Health benefits for both retirees pre-65 and 65+ include individual as well as spouse medical and drug coverage, dental insurance, and EAP services. Retirees pre-65 also receive individual life insurance or other death benefit coverage. The company offers a health flexible spending account.
• Benefits/Financial: The company offers a defined benefit, a 401(k) plan, as well as a money purchase defined contribution plan to its full- and part-time employees. Employer match for the 401(k) plan is 4% of the employee's salary. All new hires are automatically enrolled into the plan, employees may choose to invest in lifecycle funds that automatically re-allocate assets based on the employee's age or proximity to retirement, and those age 50+ can make 'catch-up' contributions. The company offers referral services to assist with child care (used by 1% of employees in past 12 months), and referral services to assist with elder care (used by 2% of employees in past 12 months). The child care referral service is offered to employees to use for their grandchildren. The following wellness programs are offered to full- and part-time employees: flu shots, weight loss programs, stress management training, as well as lunch and learn seminars.
• Benefits/Alternative Work Arrangements: The company offers the following alternative work arrangements to its full-time employees; flex time (60% participation), compressed work schedules (65% participation), telecommuting (2% participation), and a formal phased retirement program (75% participation). Part-time employees have the option of flex time. Full-time employees are eligible to move to part-time work on a permanent and temporary basis. The phased retirement plan allows the retiree to work part-time or take a leave of absence before retirement, and the company also rehires retirees on a temporary basis. These options allow the retiree to collect full benefits and work. The company offers paid time off that is specifically designated for caregiving.
• Opportunities for Retirees: The company currently has 3,537 retirees. There is an individual who has a direct responsibility for retiree relations. The company stays connected with its retirees via communicating regularly, inviting retirees to organization events/celebrations, and formally acknowledging retirees on the occasion of their retirement. Retirees are offered the following work arrangements: temporary work assignments and consulting/contract work. 500 retirees have completed temporary work assignments in the past 12 months.
• Age of Workforce: Fifty-one percent of the company's employees are 50+. Thirty-one percent of the company's past twelve month new hires are 50+. The average tenure of employees age 50+ is 16.7 years.