Allows a premature distribution, without penalty, from a tax-qualified retirement plan to an employee who is serving as a mentor. Defines a "mentor" as a working individual who: (1) has attained age 55; (2) works reduced hours and engages in mentoring activities for at least 20% of such hours; and (3) is responsible for the training and education of employees or students in an area of expertise for which such individual has a professional credential, certificate, or degree.
Why Apprenticeship is Right for Your Company
America's Growing Talent Gap
- An aging workforce of highly-skilled and experienced workers
- Attracting new and more diverse talent pools
- Closing gaps in workers' skills and credentials
- Investing in talent that can keep pace with the latest industry advances
- Implementing workforce training models that effectively develop and "up-skill"
"As our apprenticeship program nears the 75-year anniversary milestone, it remains a critical part of our U.S. workforce development efforts, our operational requirements, and our training strategy for meeting future business needs." — Steve Majer, Human Resources Manager, Ford Motor Company