The "Retire Early" thread got me thinking... Who here will get a pension when you retire? And if you will get a pension, what kind of industry is still paying pensions now-a-days (besides the government)? I've worked in private industry all my life and none of the companies I worked for has ever offered any kind of pension. If I retire, it is either Social Security or my own 401k savings.

 

Not a pension in the sense of what an employee gets from an employer, but my firm has a retirement plan for its partners that is fully funded and not based on future income. It is seperate from our 401K plan.

 

I have a small, traditional annuity pension from a previous employer. However, they terminated that plan about 10 years age and purchased an annuity from an insurance company. They manufactured and distributed tools to auto mechanics.

I currently work for a large electric utility holding company. They went from a defined-benefit to a defined-contribution plan, but the company makes the defined contribution. They contribute a percentage of earnings each year; the percentage is based on the sum of age and years of service. We get treasury (don't ask which term) bond interest rates on the amount in the account each year.

However, when they transitioned from defined-benefit to defined-contribution, they are allowing benefits to accrue under the old plan until the end of 2010. I'll be 60 in January, 2011 so the defined benefit will likely be the pension benefit I receive. But I will have only been there 12 years, so it will also be a small fixed-amount annuity.

The two represent 29 years of employment, and the sum will be less than my SS benefit. But at least I will have all three legs of FDR's "three-legged stool": pension, SS, and savings.

 

Every little bit counts, Red.

 

Worked for Abbott Labs many years ago. I got in 10 years before they went to a 401K. As a result I was fully vested in the program. My pension is a huge $105 / month. Pays for my golf addiction

 

No pension for either of us. What we save is what we'll have, along with SS.

Good thing we don't have the champagne taste to go with the beer budget.

 

My wife opted to have her pension paid out in a lump sum which was invested. The pension fund she was in is not doing well and will probably go belly up soon. She rolled it over without any tax penalty. I did not have a pension but did receive Gore stock which did very well over the years and I rolled it over. We both get SS. The down side is the money we invested took the big hit this time last year. Coming back though but we have a ways to go.

 

Well, I got the military pension. It is indexed and they pay on time. Plus, it is backed by the unlimited taxing and borrowing power of the government. After I retired, I went into the civil service, and the defined benefit pension was much decreased in favor of a 401k.

 

I do not have a pension but I do have a decent 401k plan. My plus 1 has an outstanding pension plan and an excellent 401k plan even today her employer matches I think .95 for every $1 invested ytou cant beat that with a stick. Projected income from the pension plan alone is worth more than her current earnings. She is also fully vested into the plan. Although i she is a rarity in todays world 26 years with her employer and just into her mid 40's It will be 30 years before she attains the age of 50. Her Industry is insurance. The only link not covered for us is health insurance after retirement which is really the big cog in the wheel for us. If not for that, early retirement would be a no-brainer.

 

[QUOTE=Lainey,Sep 28 2009, 04:54 PM] No pension for either of us. What we save is what we'll have, along with SS.

Good thing we don't have the champagne taste to go with the beer budget.