LA pension or 401(k)? | TigerDroppings.com
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The Hamburglar
LSU Fan
McDonaldland
Member since Jan 2005
3066 posts

LA pension or 401(k)?

pension formula is:
(average salary of highest 5 years)X 2.5% X(# years worked)

OR

personal retirement where employer contributes 5.625% to 401k.

In both cases, I contribute 8%.

What would you do at 30 years old?



MikeD
LSU Fan
Baton Rouge
Member since Jan 2004
1674 posts

re: LA pension or 401(k)?
Do you think the pension will be around when you retire? Or do you think that there will be major reform between now and then?


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LSUtigerME
LSU Fan
Walker, LA
Member since Oct 2012
1028 posts

re: LA pension or 401(k)?
What's vested dates for each? Payout and actuarial adjustments for pension?

Do you expect to stay there long term (ie retire there)?


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TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
24094 posts
Online

re: LA pension or 401(k)?
quote:


pension formula is:
(average salary of highest 5 years)X 2.5% X(# years worked)


do you plan to be there 20 years?


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TDsngumbo
LSU Fan
Member since Oct 2011
6341 posts

re: LA pension or 401(k)?
I work for the state also and I went with the 401k. The pension is great if you think you will work there forever or if you expect the pension to actually still be there when you retire.
I don't trust the economy or the state government to stay off of my pension retirement so I switched to the 401k shortly after my start date. I'd rather trust the market over the next 30-35 years.


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