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Best Employers for Workers Over 50

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Best Employers

Intel Corporation

Winner: 2009 Best Employers for Workers Over 50

Industry: Computers/Information Technology
Location: Santa Clara, Calif.

Highlights of 2009 Winning Strategies

Retirees of Intel enjoy some of the same health benefits as current workers. In response to employee feedback on its 2005 eldercare survey, Intel now offers access to long-term-care insurance. Workers nearing retirement can take classes to help them plan for retirement. Retirees can return to Intel; the company rehires them in various work capacities. Retirees also have discounts on Intel products and can also use the Intel employee-discount program.

Workplace Culture and Continued Opportunities: During the past 12 months, 100 percent of employees took advantage of Intel’s professional-development programs, which the company offers to full- and part-time employees who work 20 hours per week or more. These learning opportunities include tuition reimbursement, in-house classroom training, online training, and certification classes. Over the past 12 months, the average number of hours each employee spent in training was 36.

Intel celebrates its employees' long-service anniversaries with announcements, awards, or parties.

In the past three years, Intel implemented Life Event Leave, which allows employees to take up to 12 weeks of unpaid leave to manage family responsibilities or life events not covered by the company's family or personal leave benefits.

Intel also developed an eldercare/caregiving intranet site to cover related topics, caregiver training, and insurance information. Intel has used the results of its employee-opinion surveys to support new policies, such as providing long-term-care insurance and developing a Flexibility Report, which is a resource guide for managers and employees.

The company also offers workers several opportunities to gain new experiences and job skills through temporary assignments in other departments, team projects, and formal job rotations.

Intel accommodates employees with medical needs or disabilities through ergonomic assessments, workspace adjustments, and supplying employees with necessary equipment to do their job comfortably.

Benefits/Health: Intel employees who work full- or part-time at least 20 hours per week can enroll in the company's individual and family medical, prescription-drug, vision, dental, long-term-care, and short- and long-term disability coverage. Intel helps employees cover their out-of-pocket health-care costs through health reimbursement accounts (HRA), health savings accounts (HSA), and health flexible spending accounts (FSA). Retirees of Intel, both those under and above age 65, have access to some of the same benefits as current workers, including individual and spousal medical, prescription-drug, vision, and long-term-care coverage. Intel also established a sheltered employee retirement account for eligible retirees, where they can purchase specific medical services.

Benefits/Financial: Full- and part-time employees who work at least 20 hours per week are eligible to participate in the company’s defined-benefit plan, 401(k) plan, and its stock-option, profit-sharing plan. Intel automatically enrolls all new hires in the defined-contribution plan. Employees can invest in life-cycle funds based on ages and closeness to retirement, and those ages 50 and older are able to make "catch-up" contributions.

Representatives of the firm that administers the 401(k) plan provide financial planning information and training to Intel employees. Specifically, the company offers five ongoing financial-planning workshops at each of its sites. Intel also hosts virtual training opportunities.

The company offers a class targeted to workers nearing retirement. The class teaches employees how to manage the risks they face in retirement and to build sound income plans. Intel allows an employee unpaid leave of absence to care for a child or family member.

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