When you say new job has defined contribution, did you mean defined benefit of 0.11 x Years of Service x Pensionable Pay? If its a defined contribution, that money should go into a fund in your account with some specified vesting period.
Right, pensionable pay is the average of the highest five years.
Also, why the 40% of $60k vs $75k? Is there a termination vs retirement factor? At new job, will you be fully vested at age 52, with only 14 years of service? Or is there a reduction factor?
It would be the average of my best four years, since I have had a few promotions lately the average would be lower than my current pay.
if it matters, my current job is in the public sector and the new job would be in oil and gas.
I'm trying to figure out at what point does the new job's salary become attractive enough to leave my current job.
I am not that unhappy now, but I have reached the top of the organization, the only promotions left would be political appointments that I don't meet the criteria for.
This post was edited on 8/15 at 9:08 pm