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Posted on 2/23/15 at 8:33 pm to AUjim
Most pensions could all be gone due to our interest rate environment. Only 19% of businesses today have pensions. It all depends if you selected a lump sum payout or a variable payout.as well.. I have a pension as well, but I expect the benefits to be reduced or gone when my time comes...just the nature of the beast...
Posted on 2/23/15 at 9:02 pm to player711
yea im with a utility so im not sure how guaranteed the pension is. i thought there was something written where it has to be paid out but being that its 30+ years down the road im gonna treat it as lagniappe and still treat my 401k/roth as my only retirement source
Posted on 2/23/15 at 10:03 pm to LSU6262
Yes I have a pension.
We'll see what Halliburton thinks about that soon enough.
We'll see what Halliburton thinks about that soon enough.
Posted on 2/23/15 at 10:14 pm to MikeD
Good thing pension & 401k aren't mutually exclusive
Posted on 2/23/15 at 10:18 pm to dkreller
I dont buy that pensions are making a comeback one bit. I work for a utility and I doubt I see it 25 years from now.
If I did they figure it by 1.5% x years of service equals the percent of the last 5 years average pay.
If I did they figure it by 1.5% x years of service equals the percent of the last 5 years average pay.
Posted on 2/23/15 at 11:02 pm to player711
I have read that only 9% of Americans still have a pension.
And some people on this board think that a 401k is a pension.
And some people on this board think that a 401k is a pension.
Posted on 2/24/15 at 12:24 am to matthew25
My company offers 401k matching percentages and a pension.
Everyone hired after November 2014 only have 401k options.
Everyone hired after November 2014 only have 401k options.
Posted on 2/24/15 at 5:47 am to LSU6262
What happens when the company cuts a pension. Is that only effective for current employees (as in if you are still working, you are now on your own for retirement at the drop of a hat), or does it screw over those who are already retired as well? I know my moms company dropped their pension years ago, so she had time to build a 401k. Always seemed much riskier than playing the market in a 401k to me.
Posted on 2/24/15 at 6:09 am to LSU6262
Mine does; however if you're not an executive, then it's relatively small.
The real pension starts for the executives. Rumor is that Non-equity executives get something on average in the realm of 150k per year in retirement. Equity partners get something on average in the realm of 500k per year. Those figures are unconfirmed as they don't typically reveal such benefits until you are being vetted for those levels.
Also the figures can vary as it's based on something like your 3-5 highest earning years divided by some figure. Not a bad gig if you can get it.
The real pension starts for the executives. Rumor is that Non-equity executives get something on average in the realm of 150k per year in retirement. Equity partners get something on average in the realm of 500k per year. Those figures are unconfirmed as they don't typically reveal such benefits until you are being vetted for those levels.
Also the figures can vary as it's based on something like your 3-5 highest earning years divided by some figure. Not a bad gig if you can get it.
Posted on 2/24/15 at 6:58 am to gvance86
quote:
That's not a pension plan.
Yes. It is. I also have a 401k that the company matches 5% of my pay
Posted on 2/24/15 at 8:16 am to LSUnGA
quote:
could have converted everything to a 401K about 4 yrs ago but decided to leave it as is.
Ehh, interesting decision. The cash value they give you for the lump-sum rollover is a fair number. Hindsight says you should have rolled it over and put it in the market and it would have been worth approximately 60% more today.
Posted on 2/24/15 at 9:19 am to gvance86
quote:
No. It's not.
If you think it's a pension plan, how much is your guaranteed monthly pension when you retire?
What you have is a 'cash balance plan' where you build up a cash balance in an account via company contributions.
You don't have a monthly pension benefit guaranteed from your plan when you retire, which is what makes a retirement plan a pension plan.
well, the company calls it a "pension plan". I don't care what it is called, but I'm glad they offer it. I'm 100% vested and will receive it whenever I leave the company, I don't have to retire with them.
Posted on 2/24/15 at 9:42 am to LSU6262
KO still does 
Posted on 2/24/15 at 9:44 am to LSU6262
We are not a state agency, but we get to participate in state retirement. I'm grandfathered in under older rules. My mandatory contribution is 5% of my salary. My agency has to match that amount, plus kick in another 2-3%. For the sake of simplicity, lets say I make 1,000/month. I put in $50, agency puts in $50 + $20-30 for a total contribution amount for that month for me alone of $120-130. After 25 years of service, I get to retire and draw an annual defined benefit of about 50% of my final salary for the rest of my life.
THE BIG PROBLEM IS....If I leave before then, I'm way behind the 8-ball. I only get to keep my hypothetical $50 plus interest...that other $70-80 per month stays with the retirement system.
The other big problem is, what happens to our defined benefit plan if we get acquired by a private company who doesn't participate in the retirement system? The thing that scares me is that this is not a totally crazy thought in our environment right now...lots of healthcare systems and hospitals are aggressively seeking market share...and our specific services (behavioral health) could greatly diversify their service lines...
THE BIG PROBLEM IS....If I leave before then, I'm way behind the 8-ball. I only get to keep my hypothetical $50 plus interest...that other $70-80 per month stays with the retirement system.
The other big problem is, what happens to our defined benefit plan if we get acquired by a private company who doesn't participate in the retirement system? The thing that scares me is that this is not a totally crazy thought in our environment right now...lots of healthcare systems and hospitals are aggressively seeking market share...and our specific services (behavioral health) could greatly diversify their service lines...
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