^

 

Ford Motor Company pays me 80% of $50/mo for each year that I worked for them. Glad I saved a little money.

 

The +1 and I are both very fortunate in the pension dept. He gets retired Navy pay and has a 401K in his current job, which I expect he will have for at least another 15 years. I will have my civil-service pension when I retire in 10 years or so - the original pension, which is better than the one for employees who joined later than I did. Our health is covered in retirement, also. In hindsight, joining the civil service was the best decision I ever made. Lower pay is more than offset by the retirement, health and leave benefits.

 

I've got over 33 yrs with NY State, I'll be collecting my retirement from them. My wife has nothing where she works.
Levi

 

If you drink champagne, one would think it's supposed to be the good stuff. Glad to know that's not the case.

 

The just froze the pension plan where I am. I work in big-pharma.

Effectively this year, my pension amount is frozen (although for some calculations, the next 5 years still matter). To replace that, they bumped the 401k match to 100% of the first 6% invested (from 4.5%). On top of that, they now add between 2.5 and 6% more at the end of the calendar year you work (amount depending on length of service).

I've been there 15 years, and have another 20 or so to go - woo hoo..... In discussions, it appears to be a way for the company to 'know' the costs of providing pension like benefits without having to calculate /risk future earnings. It also provides me with some flexibility and ownership over the decisions.

 

No pension plan here anymore (machine tool business). It was frozen about 8 years ago as far as years of service go (I froze at 7). Calculation of payout based upon income continued. Thas was recently frozen as well. Just this year they eliminated any company match on the 401K (that will hopefully come back though when business improves).

 

I retired from AT&T on December 31, 1989 and was credited for 31 years of service, 26 actual years and 5 bonus years for taking the package. They also added 15% to the amount until I was 65 and eligible for Social Security. When Lucent was spun off in 1995 my pension was assigned to them as it was for all former Bell Labs and Western Electric employees. It is now paid by Alcatel-lucent.The amount of my pension has never changed and will not change. Apparently it is well enough funded that it will be continued to be paid in the future.

Neither AT&T nor Alcatel-Lucent have that type of pension plan anymore.

 

Yes, 35 years with a defense contractor.

 

That is exactly the reason why my wife and I are still working. I looked into what it would cost to buy our own medical insurance if we retire and it was not cheap. So now we plan to continue working (if possible) until Medicare kicks in.