"He would let employees off because she needed patients," he said.

Of the remaining half, about 30 percent offer defined-benefit plans that let employees choose between lifetime monthly payments and a lump-sum payment.

However neither Sverdrup nor Parcel wished to let well-trained employees go, something which became an informal company policy over the years.

Colleges also have to let students and employees know "in a timely manner" if they hear about a crime that could threaten others in the community.

Nebraska is no longer letting new employees into the 401(k) plan because of the results.

Let employees who smoke, or are prepared to sign some sort of waiver, work the smoking venues.

Accordingly, most companies that now change their plans let employees in the range of 40 and older choose to stay with the old plan or switch.

"Mainly because you let other employees do exactly what they think best serves company interests."

Ms. Olson's testimony provided ammunition to Democratic lawmakers who want to let employees select 401(k) trustees.

Letting employees, customers and suppliers know of your intention to cease involvement in the business is important - and timing is crucial.