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Introduction

As an employee of American United Life Insurance (AUL), many may wonder about retirement benefits. This article will address this question by discussing the retirement plan offered to AUL employees and any possible drawbacks.

The Retirement Plan

AUL offers a defined benefit pension plan to its employees. This means that after a set number of years of service and a specific age, employees are entitled to a retirement benefit. The benefit is calculated based on the employee's years of service and their average salary over a certain number of years. Once an employee retires, they are entitled to receive their pension benefit for the rest of their life.

Drawbacks of the Plan

While a defined benefit pension plan may sound enticing, there are some drawbacks to consider. For one, an employee must work a certain number of years before they are eligible for the plan. Additionally, the benefit may not increase with inflation, meaning that the amount received in retirement may decrease in value over time. Finally, if the company were to go bankrupt, there may be concerns about the ability to continue receiving the pension benefit.

Other Retirement Benefits

Aside from the pension plan, AUL also offers a 401(k) plan to its employees. Through this plan, employees can contribute pre-tax dollars to their retirement savings, and the company may match contributions up to a certain amount. Additionally, employees have access to a variety of investment options to help their retirement savings grow.

Conclusion

In short, yes, AUL employees do have a retirement plan available to them. While the pension plan may have some drawbacks to consider, the additional 401(k) plan and investment options provide employees with more flexibility for their retirement savings. Overall, it is important for employees to consider their own financial situation and goals when making decisions about their retirement planning.