UAP Inc. is supporting employee financial well-being and retirement readiness with an enhanced retirement toolkit.
The toolkit contains a range of information for employees approaching retirement, from financial preparation — including information on the company’s pension and budgeting tips — to the potential impact on mental health that can take place after exiting a full-time role, says Geneviève Hébert, the company’s senior director of global compensation. She notes the psychological aspect of retirement is a particular focus for the company this year.
“It’s a big change from working normally 40 hours a week to having a lot of free time [and] at first it appears to be kind of a vacation. . . . We give them tips to slowly integrate into their routine, such as taking up hobbies or volunteering. [We want employees] to think about how they want to spend their time.”
When UAP employees are approaching retirement, they receive a letter outlining all the steps that will take place with their pension and benefits prior to leaving their role, along with the toolkit.
Hébert notes the toolkit also provides advice on physical health, including managing sleep, stress and chronic conditions such as diabetes. It also provides tailored advice for men and women entering retirement as they may face different health challenges. “For women, their bone density lowers with age, so important to keep building muscles because the muscle mass will decrease quickly after retirement.”
The toolkit is just one part of UAP’s financial wellness strategy, which also includes savings plans such as a group tax-free savings account and defined contribution pension plan and access to financial advisors. She notes following retirement, former employees can remain invested in these plans and still access advisors and other financial resources.
“We allow them to continue to be in the plans and the financial advisors continue to provide advice on how to manage their budget post-retirement.”
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