R1 - similar plans to another famous Houston based company - ENRON?
Yes. For the regular joes that work in a corporation. Executives in many companies have 'contracts' and golden parachutes
My defined pension was stolen in 1999 by the corporate executives who raped and pillaged the company . I worked for IBM
I'm living off mine.
It goes in the monthly pot along with my investment income and 401(k) proceeds.
Was never offered one. All I have is a puny 401k.
What's a pension?
State pension in NJ. Retired 5 years ago, received one COLA before the state suspended them until 2030. Health benefits switched from a traditional plan that was very good, to a lesser plan. As part of retirement, I am guaranteed health benefits, but it is not specified "what" plan.
Our fat fuck governor hates unions and teachers, and he is hell bent on chipping away at state pensions. I understand the need for reform, but the state has "borrowed" millions of dollars from the pension funds and not repaid, as well as suspending the payments local municipalities make to the funds for teachers, firemen, and police. Currently NJ is only paying 30 per cent of what is owed to pension funds.
This article explains it all and is a sad harbinger of what is to come in a few years.
Looting Public Pensions by Mike Taibbi
Health benefits? Only public employees get those.
I asked my employer how much health insurance would cost if I retired at 55. In today's prices, more than 10k per year.
Mostly gone in the private sector, and being reduced in the public sector.
America is becoming a third world country, with the very rich, the very poor, and no one in between.
You're much better off with a healthy 401K plan from your employer. The money belongs to you.
Like R7 has described with a traditional plan you run the risk of changes in the plan and default.
The only people I know getting health benefits in either the public or private sector are those who participated in an early retirement plan.
There's going to be hell to pay about pensions. All the people who were persuaded to go into 401Ks and IRAs are now retiring and seeing the hopelessly underfunded mess they have to look forward too.
The discussion in Washington should not be about cutting Social Security benefits, but it ought to be about ways to expand them. They also need to do something to protect public pensions. We have ERISA for private pensions. But no public pension protection against predators like Chris Christie. The teachers pension fund is 10% funded in NJ.
I recently went back to working for my state's government to try to get a pension. I worked for them for 7 years in my 20s, and I also have military time I can get credit for.
I'm just hoping against hope that the Republicans (or the market) won't take it all away.
I was born in the manor so who knows.
I'll be able to collect my pension from my previous employer in 2027. It better still be there.
Like Ms. Wanda Sykes, I'll be giving suck jobs for insulin.
I'm glad I got my pension, such as it is. I know it'll be whittled down here and there, stands to reason. I'm surprised at what IBM just did to their employees though. More companies to follow suit.