I had one for the first 15 years I was at this company (equivalent to 6% of my salary) but they've since terminated the plan and I now get that same percentage deposited into my 403b instead (I max out my 403b contribution every year). The pension money is still there though and I am fully vested.
Heh. Why is that? I work for a city in OC, but not for the County.
How is it a defined benefit plan if they defined it by your contribution?
Pension is stupid good. Like, shockingly good. I want to get a job as a librarian there good.
They don't. They put 7% into my account based on my wages, then they match up to 4% of my employee contribution.they defined it by your contribution?
In that case, hate on. Yea, ours is 2.7@55, so basically 2.7% per year of service up to a max of 30 years. I started here at 26, so could work until 56ish to get full pop. It's never something I've planned on, as I want to have my own savings set aside, so essentially planning on the pension being gravy. I've got almost 10 years on. Only another 20 to go...
Based on 6% of salary for DB. Going forward moves to DC plan. He stated it perfectly.How is it a defined benefit plan if they defined it by your contribution?
As in the pension replaces 6% of salary as it sits? Ah, I misread that as they were putting in some amount based off of that.
Pension value is added at 6% of current salary. Cash value /= payout rate
Huh. The only way I'd seen it phrased (from people 10+ years older than me at my NY employer, who had a posh pension) was in %/year. They got 2%/year up to 30 years, vested at 15? 20? Residency counted so one could be ~56 with a 60% of a radiologist's salary pension.
Accrual pace is different than payout rate. There are a few ways that pensions are funded and we are looking at two right now.
#keepingupwiththejonesesrateofsavingsthis thread has made me reevaluate my cash flows and expenses, I could be doing much better.
United was still flying mainline routes with airplanes that had propellers in 67. Dad's pension probably didn't survive Sept 11 either I bet?
The wife and I are cutting further because she is cutting back hours, but we really like our lifestyle. While not crazy, we do have it pretty good. I refuse to suffer too much now because if I get hit by a bus, I will feel cheated and she will be set from the insurance payout on top of what is in there now.this thread has made me reevaluate my cash flows and expenses, I could be doing much better.
Here it is stories of folks who lost out with Enron (Enron stock was given for EVERYTHING from retirement to bonuses).
The new status symbol is a healthy tax-deferred account. And a dentist bike, can't forget that, too.
One of my uncles works for the Pension Benefit and Guaranty Corporation +/- spelling. Corporate raiders are the bane of the working man, and then PBGC picks up the slack, but only sort of. Airline pilots got a big haircut iirc, not sure if United or other.
At my old job one bitter old dude used to bring up his Worldcom story once every few months.Here it is stories of folks who lost out with Enron (Enron stock was given for EVERYTHING from retirement to bonuses).
hey man, I'm quite a bit older than you. Get off my gold plated lawn!!
I know folks around here, who based on what they do and how they spend money, cannot be setting aside nearly enough money. Unless they have some large investment stash floating around somewhere, I can actually see that they are fucked in the longterm. Even some of my good friends (who make more than us) can't afford their lifestyles and are taken aback when I tell them how much we save annually.The new status symbol is a healthy tax-deferred account. And a dentist bike, can't forget that, too.
Math says your deal is a better deal... and I thought I had a good deal.
Non-profits. Who knows how they survive when they give all of their money to employees?
Unsustainable, Trump will stop it. After immigration and WW3.
My investment dude dues the live balance sheet which has been helpful but its not easy when you also throw the option to move back to Denmark or not. However savings is savings of course.
They are starting to cut back, but I've been here long enough that I am grandfathered into the old plans. Even with plans changing and ending, I get a better deal than new hires. I can't go looking for a new job because my benefits here are way too good to give up. I get seven weeks of PTO every year, ffs...and carry over anything not used (current balance is 22 days).
Me too - if I don't expend my 26 days/yr I loose it,
As far as I know it did but was converted to Covea ( sp? reservation systems) sometime prior to his retirement. He has never said anything and they seem to be living a similar lifestyle compared to when he was working. At some point UAL spun off their reservation system and my dad went with it.
I actually looked into this after I posted that. United shed itself of its pension obligation during its 2005 bankruptcy. I suppose it's possible your dad's pension got spun off when he did, but I couldn't say.
I'll ask him, it seems to me that was the early 90s about the time the Kansai International airport opened, my dad worked on the flight arrival / departure tracking system.
