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re: Do you have a pension?
Posted on 3/22/22 at 5:34 pm to HeartAttackTiger
Posted on 3/22/22 at 5:34 pm to HeartAttackTiger
Yep, XOM still does pension.
7% match on 401k also.
7% match on 401k also.
0
Posted on 3/22/22 at 5:40 pm to HeartAttackTiger
yes based on years of service. Up to 99% of three highest years at 30 years. I will be leaving at 25 years so I wont get the full pension so I invest 18% into a Roth IRA and have been doing that since the day I started.
Posted on 3/22/22 at 6:36 pm to HeartAttackTiger
6% 401k match plus automatic 1% for a total of 7% company contribution.
Pension formula breaks down to something like 60% of the average of your top 5 earning years.
They going to have to drag me out this place.
Pension formula breaks down to something like 60% of the average of your top 5 earning years.
They going to have to drag me out this place.
Posted on 3/22/22 at 7:44 pm to HeartAttackTiger
Retired Army
Retiring from state
Have a side business.
Retiring from state
Have a side business.
Posted on 3/22/22 at 7:44 pm to HeartAttackTiger
My wife has a state pension, 457, and a 403b.
Posted on 3/22/22 at 8:18 pm to TheWiz
State pension, 403b, and building a real estate business.
Posted on 3/22/22 at 9:43 pm to HeartAttackTiger
Yes. Matching 401k up to 6% and a cash pension that’s based on age and years of service. Some of our competitors have this too.
Not oil and gas.
Not oil and gas.
Posted on 3/22/22 at 10:40 pm to HeartAttackTiger
Yes
Posted on 3/23/22 at 12:07 am to HeartAttackTiger
quote:
Do you have a pension? by HeartAttackTiger
Yes traditional pension. I'm grandfathered in. Anyone hired after Jan 1, 2005 does not have it. And I have a 401K they match up to 6%.
American industrial gas company.
Posted on 3/23/22 at 6:19 am to pochejp
Have a pension and 401k. Company matches 6% on 401k and then pension is years of service (up to 30) x 1% x the average of your highest 3 salary years.
Posted on 3/23/22 at 7:07 am to GAFF
Use to have one. Simple , though . 3% of your salary every year you worked their. Obviously, they also offered a 401k , can’t remember the match, though. .
Posted on 3/23/22 at 7:12 am to HeartAttackTiger
My employer cut the traditional defined benefit pension in 2013. I was able to get 6 years into it. Now, it is a cash value pension where they contribute 5% of my gross pay.
We also get a 401k match 50% up to 8% of my pay.
And the annual $1200 into my HSA.
SS will always be around. What will it look like is the question.
We also get a 401k match 50% up to 8% of my pay.
And the annual $1200 into my HSA.
SS will always be around. What will it look like is the question.
Posted on 3/23/22 at 8:39 am to meansonny
My company has a cash balance pension but we are currently transitioning away from it. There is like a 3 year transition period. At the end, instead of the pension contribution the amount that they were contributing will be added to our 401k company contributions. At the end of the day the company will be setting aside the same amount but in the new plan it will go immediately into our 401k account versus just accruing in a pension "account". The returns should also be much better in the 401k versus the paltry interest the pension account gains.
My company used to have a traditional pension but was stopped in 2008 timeframe and any new hires after that were on the cash balance pension. My previous employer still has a traditional pension.
My company used to have a traditional pension but was stopped in 2008 timeframe and any new hires after that were on the cash balance pension. My previous employer still has a traditional pension.
This post was edited on 3/23/22 at 8:41 am
Posted on 3/23/22 at 9:00 am to LSUSLU106
Correct
Posted on 3/23/22 at 9:16 am to Jason9782003
Figured that with those numbers I work there as well. Hard to beat the overall package we have compared to most now days.
Posted on 3/23/22 at 9:20 am to HeartAttackTiger
I had one at my previous job up until about 2010 and they bought us all out. We don't have one at my current employer although they used to.
Posted on 3/23/22 at 12:29 pm to bod312
quote:
At the end of the day the company will be setting aside the same amount but in the new plan it will go immediately into our 401k account versus just accruing in a pension "account"
You are correct that the cash value pension is tied to treasuries. And 401k growth will be exponentially better.
The question i have is regarding the 401k contributions. They are putting the money straight in the 401k without any involvement on the employee? Were they doing a 401k match program before and will that continue? Does their direct dump-in to 401k have any impact on contribution limits from you?
Posted on 3/23/22 at 12:55 pm to meansonny
quote:
The question i have is regarding the 401k contributions. They are putting the money straight in the 401k without any involvement on the employee? Were they doing a 401k match program before and will that continue? Does their direct dump-in to 401k have any impact on contribution limits from you?
The old 401k was 100% on the 1st 2% and then 50% on the next 4% therefore if you put in 6% they would put in 4%. The cash pension contribution is 5%.
During the 2 years of transition we still get the 5% pension contribution and we get 100% on the first 4% and 50% on the next 2%. So we still get the 5% contributions to pension and get 5% in 401k if you contribute at least 6%. We actually get 1% more than previous years and future years.
After the transition we get 4% company contribution without doing anything and then the 100% on 4% and 50% on 2% continues. If you put in 0% you will get 4% from the company but if you put in at least 6% you get 9% total.
There is also another change. The match also includes our bonuses and overtime (if eligible for OT). It previously was just base pay. There is potentially 1 negative. The company used to give special 1 time 401k contributions. We got 1 every year from 2013-2019 paid in the following year (not even at the same time of the year every year). I never saw it explicitly stated in any company documents so it was always completely discretionary. I am unsure if these will ever come back but it wasn't a stated benefit so I always figured it could disappear at any time. It obviously does get factored in when I reviewed total package and how it is changing. There has also been some top level leadership changes as well so unsure what has caused these to stop.
So for practical purposes this does not affect how much the employee can put in. Most people think about the employee max contribution ($20.5k in 2022 for pre-tax and roth combined) and that is not impacted. There is a total max contribution like $61k that includes employee pre/roth/after and employer contributions. The added amount just goes against that $61k.
Posted on 3/23/22 at 1:05 pm to bod312
Good info.
I may suggest a similar move in our next benefits survey.
The 5% eligible for market growth is huge.
Kudos to your company for a great idea.
I may suggest a similar move in our next benefits survey.
The 5% eligible for market growth is huge.
Kudos to your company for a great idea.
Posted on 3/23/22 at 2:16 pm to TheWiz
quote:
My wife has a state pension, 457, and a 403b.
Assuming academic medicine for the state from your prior posts?
While academic medicine doesn’t pay what private does, it does usually have much better benefits in regards to multiple different pots to put your money in.
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