Mayo Clinic is announcing long-term changes to its retirement plans today. Mayo officials say they've spent months researching employees' top retirement-benefit priorities and ways to incorporate those priorities while at the same time keeping the benefit plan financially sound for the future…
"It's kind of a response to the environment out there," said clinic spokesman Karl Oestreich. "Some changes have to be made to that pension plan sort of for long-term sustainability."
Chief Mayo Human Resources Officer Jill Ragsdale said Mayo, starting in 2015, will calculate clinic retirement investments based on each employee's annual earnings, rather than estimating the employee's end-of-career salary. That will help Mayo avoid market volatility because the clinic will be able to invest based on actual earnings rather than estimated earnings, Ragsdale said.
Post-Bulletin by Jeff Hansel, 11/20/09