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Started By
Message
does your company still offer a pension?
Posted on 2/23/15 at 2:07 pm
Posted on 2/23/15 at 2:07 pm
Mine does. they give 3% of salary @ 4.5% return
14
Posted on 2/23/15 at 2:19 pm to LSU6262
Hell no.
What industry?
What industry?
Posted on 2/23/15 at 2:30 pm to Clint Torres
nope. but we have an ESOP. the company puts in 25% of our yearly income.
Posted on 2/23/15 at 2:31 pm to LSU6262
Mine still does.
Normal Retirement Benefit is
(A)53.2% of the first $800 of your monthly Final Average Pay; and
(B) is 70.0% of your monthly Final Average Pay in excess of $800.
Normal Retirement Benefit is
(A)53.2% of the first $800 of your monthly Final Average Pay; and
(B) is 70.0% of your monthly Final Average Pay in excess of $800.
Posted on 2/23/15 at 2:38 pm to mctiger1985
No they just quit but I'm grandfathered in. Pensions seem to be dying fast.
Posted on 2/23/15 at 2:44 pm to LSU6262
Yup, 3% of salary as well
Posted on 2/23/15 at 2:48 pm to LSU6262
Mine does 5% of salary for 1st year; it increases based on years of service.
Posted on 2/23/15 at 3:26 pm to LSU6262
Yes, after you have been there 2 years.
Posted on 2/23/15 at 3:29 pm to Eric Nies Grind Time
Yes. Both my current and my previous.
Previous was formula based on 1.6% x years of service x final salary.
New is accumulated %'s of salary x final salary. First year for me is 4%.
Previous was formula based on 1.6% x years of service x final salary.
New is accumulated %'s of salary x final salary. First year for me is 4%.
Posted on 2/23/15 at 3:30 pm to Eric Nies Grind Time
Plan got axed a couple years ago. I just know if you started there and retired there when eligible you would be like 25% of your avg final 5 year salary + ~.5% for each additional year past retirement age.
Posted on 2/23/15 at 3:46 pm to GenesChin
No.
Posted on 2/23/15 at 4:04 pm to Chris4x4gill2
Yep. State retirement.....for now....
I'm starting to worry about that a good bit actually...
I'm starting to worry about that a good bit actually...
Posted on 2/23/15 at 4:05 pm to LSU6262
quote:
does your company still offer a pension?
Ummm, no. Never have and never will.
I do have equity within my company and sometimes there are distributions paid out, but that's about it.
Posted on 2/23/15 at 5:49 pm to gvance86
i got in when we still had a pension but they cut it for new employees now in favor of matching more 401k
i dont know much about the pension and the way it works but with that and my 401k im guessing ill be pretty set.
i dont know much about the pension and the way it works but with that and my 401k im guessing ill be pretty set.
quote:
Your monthly retirement benefit at your Normal Retirement Date is calculated
as follows:
1.5% x Final Average Monthly Earnings x Benefit Service (up to 40 years)
Posted on 2/23/15 at 5:50 pm to guesswho
quote:
No they just quit but I'm grandfathered in. Pensions seem to be dying fast.
They do seem to be a thing of the past. I'm grandfathered in as well, could have converted everything to a 401K about 4 yrs ago but decided to leave it as is.
Posted on 2/23/15 at 6:56 pm to Will Cover
quote:This
Ummm, no. Never have and never will.
I do have equity within my company and sometimes there are distributions paid out, but that's about it.
&
Contractually I have a pay-out agreement in case of sale. Also I have a pay-out when either I elect to leave or they come to their senses and tell me to stop coming into work, which I took in lieu of a pension. I can take the proceeds from that and invest it myself and turn it into a de facto pension.
This post was edited on 2/23/15 at 6:57 pm
Posted on 2/23/15 at 7:33 pm to LSU6262
I do not. I would be worried to rely on something out of my control, especially something that could change down the line if company finances change. Give me my 401k contributions and I will take it from there.
Posted on 2/23/15 at 7:48 pm to LSU6262
Didn't realize so many govt employees on here.
Posted on 2/23/15 at 7:59 pm to kywildcatfanone
I didn't realize near this many companies still offered pensions. I know a good bit of plants still do.
Posted on 2/23/15 at 8:06 pm to LSU6262
Pensions are actually making a big comeback in private businesses
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