Benefits/Financial: Full- and part-time employees are offered a 403(b) plan, a defined-benefit plan and a money-purchase defined contribution plan. Employees age 50 and over can make catch-up contributions to their plan and employees may choose to invest in lifecycle funds that automatically re-allocate assets based on age or proximity to retirement.
Employees are offered financial education from staff members, from the staff of the financial services firm that administers their savings plan and from external financial planning experts. Specifically, one-on-one counseling for retirement is available, and pre-retirement seminars are offered through outside specialists.
Paid time off and short- and long-term leaves of absence without pay are offered to allow for caregiving.
Full- and part-time employees are offered flu shots, health screenings, physical activity and weight loss programs, stress management training, and lunch and learn seminars on various health topics.
The Aerospace Corporation offers referral services to assist with child care, grandchild care and elder care to its full- and part-time employees.
Benefits/Alternative Work Arrangements: Flextime and compressed work schedules are offered to full-time employees working 40 hours per week. Telecommuting and a formal phased retirement program are offered to those working 20 or more hours per week.
The corporation offers the following options to employees interested in phasing into retirement: work part-time before retirement, take leave of absence for up to one year before retirement, or retire and rehire as a "retiree casual." These options allow employees to work up to 999 hours in a year at the same salary they had prior to retirement. Full-time employees are eligible to move to part-time work on a permanent or temporary basis.
Opportunities for Retirees: The Aerospace Corporation has 3,187 retirees and an individual directly responsible for retiree relations. The corporation stays connected to its retirees by communicating with them on a regular basis, by inviting retirees to organization events and by formally acknowledging retirees upon retirement. The corporation has a retiree website that provides information on group insurance and retirement news, gives presentations to the retiree association and also conducts an annual meeting for retirees on the status of the pension plan. Temporary work assignments are offered to retirees.
Age of Workforce: Sixty-one percent of the Aerospace Corporation employees are age 50 and over. The average tenure of those employees is 19.6 years.
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