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Succession planning in an era of delayed retirement

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by Megan L. Anderson, Esq., Gray Plant Mooty, Minneapolis

retirementToday’s workforce is more diverse and more seasoned than in past decades. According to the U.S. Bureau of Labor Statistics, the number of workers over the age of 55 has risen steadily in the past decade and is expected to continue to rise.

This is partly the result of an aging population and partly because employees are waiting longer to retire. According to a survey released last year by the NORC Center for Public Affairs Research, almost half of older Americans are delaying retirement plans to work longer and over 80% of older Americans plan to continue doing some work during their retirement years.

Avoiding age discrimination

In the face of this fundamental shift in retirement planning, companies need to be more careful than ever to avoid age discrimination claims when conducting succession planning.

Potential retirements are certainly one factor to consider when p...(register to read more)

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