A Harvard Happiness Study Spanning Eighty-Five Years Uncovered the Number One Retirement Challenge for Aetna Employees that 'No One Discusses

As The Harvard Happiness study found, social connections are often the most valuable and rewarding aspect of retirement for Aetna employees - Patrick Ray, The Retirement Group, a division of Wealth Enhancement Group.

As Aetna employees plan for retirement, they must recognize that the wealth of social relationships built at work can provide more emotional fulfillment in retirement than any financial asset - social capital - Michael Corgiat, The Retirement Group, a division of Wealth Enhancement Group.

In this article we will discuss:

  • 1. Relationships matter during retirement for Aetna employees.

  • 2. Best practices for building and maintaining good work relationships.

  • 3. Findings from the Harvard Happiness study on how relationships influence retirement satisfaction.

Harvard researchers began investigating what makes us joyful in 1938.

Two years apart, the researchers reviewed 724 health records and asked questions about lifestyles across the globe. As participants aged into middle age and old age, the Harvard study raised many retirement-related questions. Their answers revealed the biggest obstacle for retirees is finding work that lasts them longer than social connections.

Retirees miss working but they miss people they worked with.

We worry about finances, health and caregiving in retirement.

But Aetna employees should ask how the best retirees build relationships. But almost nobody discusses the importance of finding new meanings and purposes.One participant told CNBC what he missed about being a physician for nearly 50 years. Another participant, Leo DeMarco, said the same thing: Once retired as a high school teacher, he had difficulty contacting former colleagues again.He said discussing business gives him spiritual food. Teaching young people started my exploratory project.

But hobbies are not sufficient.

Many feel most important at work because we serve colleagues, customers, communities, and sometimes our families too. Aetna employees may relate.Changes at his factory forced Henry Keane into abrupt retirement. So he suddenly had time to himself and energy.He began assisting with the American Legion and Veterans of Foreign Wars. He enjoyed furniture restoration and cross-country skiing. Yet something remained lacking.

To get your golden years now, invest in your relationships.

Aetna employees should know that Keane's epiphany not only teaches a lesson about retirement, but work in general: We are so consumed by money and time constraints that we do not appreciate our work relationships until they are gone.

According to a Harvard happiness study covering 85 years, the biggest retirement challenge for Aetna employees that is rarely discussed is finding new social connections and relationships after working years. The study found that retirees do not necessarily miss the work itself but rather the people they worked with. Such is the value of having meaningful relationships throughout one's career and beyond retirement.

Aetna employees should consider the following when developing deeper relationships:

  • Who do I like working with and how do they contribute to my success? Am I seeing their worth?

  • Which types of relationships do I want more of but am I lacking? But how will they come about?

  • Anyone I should know better? But how do I contact them?

  • How do I end a disagreement with a coworker?

  • Who thinks differently, has a different background, or works in a different field from me? How will they help me?

  • Consider what has shaped your daily experience of meaning and purpose. It may therefore be that this influence is net positive. But in any case - can you make a few minor changes?

  • Former university administrator Ellen Freund tells CNBC in a 2006 study.

Every workday is part of our individual experience - and the more interpersonal contact enriches it. Work is also existence.Things we as Aetna employees should consider when building positive work relationships:

Intimate relationships with others take time and effort. Yet there are also simple things Aetna employees can do to better communicate with coworkers.

Set your relationship requirements. Know what you expect of others? And can you comprehend what is asked of you? Recognizing these requirements may create stronger relationships.

Develop your interpersonal skills. Relationship health depends on interpersonal competence. Aetna employees can take the Mind Tools assessment of collaboration, communication, and conflict management. The exam also points you to resources to strengthen any weak spots.

Consider your EI. Emotional intelligence refers to the ability to understand and process one's own and others' emotions. You will get better at recognizing the emotions and demands of others as your EI increases.

Practice mindful listening. They feel more positive about people who listen carefully to what they say. You will speak less and understand more with mindful listening. You will also build a reputation for reliability.

Set aside time for relationship building. You might take a colleague out for a coffee if possible. Comment on a colleague's LinkedIn post or send a short note asking about their health. These little interactions are necessary for lasting relationships.

Establish your boundaries. Make time - but don't waste it! A work relationship can sometimes impede productivity when a friend or coworker takes over your time. There needs to be boundaries and time management around social interactions at work.

Consider others. Everyone wants to feel appreciated from the manager to the intern. So when others perform well, compliment them. Praise and recognition will build good workplace relationships.

Be optimistic. Keep yourself upbeat. Because positive energy is infectious, people tend to follow those who make them happy.

Avoid gossiping. Occupational politics and gossip sabotage workplace relationships. In a dispute with a group member, contact the member directly. The gossip with other colleagues will only increase distrust and animosity.

Develop and maintain good working relationships that increase interest in your work, your career, and a harmonious work environment. Employ all of the above strategies to build productive working relationships with colleagues / managers / customers / others. Some business relationships will be easier than others. But with thought, time, and effort, these relationships can also be beneficial.

Retirement is like a garden with flowers representing various aspects of our lives. And while the financial blooms are often more prominent - a nest egg or investment return - the social connections we made whilst working go unnoticed. As a garden produces many different and vibrant flowers, so too can our retirement if we take care of our relationships. The Harvard Happiness study finds these social connections - like petals on a flower - are the top retirement challenge for Aetna employees. The colors they add bring color, joy, and purpose to our golden years. Just as a gardener spends time and care on his or her garden, so must Aetna employees invest in their relationships with intention and cherish the bonds that make retirement enjoyable and fulfilling.

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Sources:

1. Mineo, Liz. 'Over Nearly 80 Years, Harvard Study Has Been Showing How to Live a Healthy and Happy Life.'  Harvard Gazette , 11 Apr. 2017,  news.harvard.edu/gazette/story/2017/04/over-nearly-80-years-harvard-study-has-been-showing-how-to-live-a-healthy-and-happy-life .

2. Mineo, Liz. 'Work Out Daily? OK, but How Socially Fit Are You?'  Harvard Gazette , 10 Feb. 2023,  news.harvard.edu/gazette/story/2023/02/work-out-daily-ok-but-how-socially-fit-are-you .

3. Liebergall, Molly. 'Author Talks: The World’s Longest Study of Adult Development Finds the Key to Happy Living.'  McKinsey & Company , 16 Feb. 2023,  mckinsey.com/featured-insights/mckinsey-on-books/author-talks-the-worlds-longest-study-of-adult-development-finds-the-key-to-happy-living .

4. Broom, Douglas. 'Scientists Have Found the Key to a Healthy, Happy Life: Our Relationships.'  World Economic Forum , 22 Aug. 2023,  weforum.org/stories/2023/08/relationships-basis-long-healthy-life .

5. Kram, Kathy E. 'How Will My Relationships Change in Retirement?'  WorkTies , 4 Nov. 2024,  workties.org/post/how-will-my-relationships-change-in-retirement .

How does Aetna Inc.'s frozen pension plan affect employees' eligibility for benefits, and what specific criteria must current employees meet to qualify for any benefits from the Retirement Plan for Employees of Aetna Inc.?

Eligibility for Benefits: Aetna Inc.'s pension plan has been frozen since January 1, 2011, meaning no new pension credits are accruing. Employees who were participants before this date remain eligible for benefits but cannot accrue additional pension credits. To qualify for benefits, participants need to have been vested, which generally occurs after three years of service​(PensionSPD).

In what ways can employees at Aetna Inc. transition their pension benefits if they leave the company, and what implications does this have for their tax liabilities and retirement planning?

Transitioning Pension Benefits: If employees leave Aetna, they can opt for a lump-sum distribution or an annuity. Employees can roll over their lump-sum payments into an IRA or other tax-qualified plans to avoid immediate taxes. However, direct rollovers must follow the tax-qualified plan's rules. If not rolled over, employees are subject to immediate tax and potential penalties​(PensionSPD).

What steps should an Aetna Inc. employee take if they become disabled and wish to continue receiving pension benefits, and how does the company's policy on disability impact their future retirement options?

Disability and Pension Benefits: Employees who become totally disabled and qualify for long-term disability can continue participating in the pension plan until their disability benefits cease or employment is terminated. No additional pension benefits accrue after December 31, 2010, but participation continues under the plan until employment formally ends​(PensionSPD).

Can you explain the implications of the plan amendment rights that Aetna Inc. retains, particularly concerning any potential changes in the pension benefits and what this could mean for employee planning?

Plan Amendment Rights: Aetna reserves the right to amend or terminate the pension plan at any time. If the plan is terminated, participants will still receive benefits accrued up to the date of termination, protected by ERISA. Any future changes could impact employees' planning and retirement options​(PensionSPD).

How does the IRS's annual contribution limits for pension plans in 2024 interact with the provisions of the Retirement Plan for Employees of Aetna Inc., and what considerations should employees keep in mind when planning their retirement contributions?

IRS Contribution Limits: The IRS sets annual contribution limits for pension plans, including defined benefit plans. In 2024, employees should ensure that their pension contributions and tax planning strategies align with these limits and the provisions of Aetna's pension plan​(PensionSPD).

What are the options available to Aetna Inc. employees regarding pension benefit withdrawal, and how can they strategically choose between a lump-sum distribution versus an annuity option?

Withdrawal Options: Aetna employees can choose between a lump-sum distribution or various annuity options when withdrawing pension benefits. The lump-sum option allows for immediate access to funds, while annuities provide monthly payments over time, offering a more stable income stream​(PensionSPD).

How does Aetna Inc. ensure compliance with ERISA regulations concerning the rights of employees in the retirement plan, and what resources are available for employees to understand their rights and claims procedures?

ERISA Compliance: Aetna complies with ERISA regulations, ensuring employees' rights are protected. Resources are available through the Plan Administrator and myHR, providing information on claims procedures, plan rights, and how to file appeals if necessary​(PensionSPD).

What documentation should employees of Aetna Inc. be aware of when applying for their pension benefits, and how can they ensure that they maximize their benefits based on their years of service?

Documentation for Benefits: Employees should retain service records and review their benefit statements to ensure they receive the maximum pension benefits. They can request additional documents and assistance through myHR to verify their years of service and other relevant criteria​(PensionSPD).

How do changes in interest rates throughout the years affect the annuity payments that employees at Aetna Inc. might receive upon retirement, and what strategies can they consider to optimize their retirement income?

Impact of Interest Rates on Annuities: Interest rates significantly affect annuity payments. Higher interest rates increase the monthly annuity amount. Employees should consider the timing of their retirement, especially at the end of the year, when interest rates for the following year are announced​(PensionSPD).

If employees want to learn more about their pension options or have inquiries regarding the Retirement Plan for Employees of Aetna Inc., what are the best channels to contact the company, and what specific resources does Aetna provide for assistance?

Contact for Pension Inquiries: Employees can contact myHR at 1-888-MY-HR-CVS (1-888-694-7287), selecting the pension menu option for assistance. Aetna also provides detailed resources through the myHR website, helping employees understand their pension options and benefits​(PensionSPD).

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Aetna provides a defined contribution 401(k) plan with company matching contributions. Employees can contribute pre-tax or Roth (after-tax) dollars, and Aetna matches 100% of the first 6% of eligible compensation. The plan includes various investment options such as target-date funds, mutual funds, and a self-directed brokerage account. Aetna also offers an Employee Stock Purchase Plan (ESPP) with a discount on company stock. Financial planning resources and tools are available to help employees manage their retirement savings.
Layoffs and Restructuring: CVS Health, the parent company of Aetna, announced plans to cut 5,000 jobs nationwide, including 521 positions at Aetna, primarily in non-customer-facing roles. This move is part of a broader strategy to achieve $800 million in cost savings in 2024 (Sources: Connecticut Public, Beckers Payer). Impact on Connecticut: The layoffs will significantly impact the Hartford-based insurer, with a substantial number of affected employees working remotely but reporting to supervisors in Connecticut (Source: Connecticut Public). Operational Strategy: These changes align with CVS Health's focus on improving operational efficiency and financial performance (Sources: Connecticut Public, Beckers Payer).
Aetna, part of CVS Health, offers stock options and RSUs as part of its equity compensation packages. Stock options allow employees to purchase company stock at a set price post-vesting, while RSUs vest over several years. In 2022, Aetna enhanced its equity programs with performance-based RSUs. This continued in 2023 and 2024, with broader RSU programs and performance metrics for stock options. Executives and management receive significant portions of compensation in stock options and RSUs, promoting long-term commitment. [Source: Aetna Financial Reports 2022-2024, p. 92]
Aetna updated its employee healthcare benefits in 2022 with improved mental health support and preventive care services. The company introduced advanced digital tools and expanded telemedicine options. By 2023, Aetna continued to enhance its benefits package with additional wellness programs and comprehensive care solutions. For 2024, Aetna’s strategy focused on leveraging technology to provide innovative and comprehensive employee support. The updates aimed to address evolving health needs and improve overall well-being. Aetna’s approach reflected a commitment to maintaining robust healthcare benefits.

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