Phased retirement plans allow employees to work fewer hours or days per week or as consultants for their employers, while allowing them to collect retirement benefits. A study conducted by Watson Wyatt found that 16 percent of employers believe that phased retirement can help them to retain quality talent through a reduced work schedule. However, federal laws and regulations need to be adapted before phased retirement can be implemented across the marketplace. As it stands, currently, employees would not be able to collect pensions while they remain employed, especially through defined benefit plans.