Companies that have a pension and 401k?

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X528
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Companies that have a pension and 401k?

Post by X528 »

Are there any companies that offer both a pension and a 401K plan to its employees?
a_movable_life
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Re: Companies that have a pension and 401k?

Post by a_movable_life »

Some non profits and stage agencies with a 403B/457 and a Pension.
gailcox
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Re: Companies that have a pension and 401k?

Post by gailcox »

My company currently does not offer both, they only offer 401k. However, I have worked for my company (American Airlines) for 36 years and I am one of the lucky ones that still has both. 401k continues to grow with my contributions and company match/contribution. My pension is "frozen" because of AA's bankruptcy years ago. Glad I still have it but am fearful I will lose it if we file BK again. (which is likely, or we could even fold). I will not have access to my pension until I retire, which if all stays on track, that will be in 5 or 6 years.
runner3081
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Re: Companies that have a pension and 401k?

Post by runner3081 »

Based on my knowledge and a quick internet search.

Coca Cola
PG&E
Mayo Clinic (403B, not 401K)
ThreeBears
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Re: Companies that have a pension and 401k?

Post by ThreeBears »

Look at government entities or the few companies that are run like government entities that technically are not.
pahkcah
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Re: Companies that have a pension and 401k?

Post by pahkcah »

The Federal Government has the Federal Employees Retirement System (FERS). It offers a defined pension benefit and the Thrift Savings Plan (TSP), which is equivalent to a 401(k) plan. FERS employees also pay into Social Security.
terran
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Re: Companies that have a pension and 401k?

Post by terran »

As others have said there are still some universities that offer both a pension, and 403(B) and sometimes even a governmental 457(b) at a state school, but it's becoming rarer for new hires. I think I've only run across one in the probably 15-20 I've looked at.
AlexanderTheMediocre
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Re: Companies that have a pension and 401k?

Post by AlexanderTheMediocre »

terran wrote: Wed May 13, 2020 4:53 pm As others have said there are still some universities that offer both a pension, and 403(B) and sometimes even a governmental 457(b) at a state school, but it's becoming rarer for new hires. I think I've only run across one in the probably 15-20 I've looked at.
University of Wisconsin System has excellent 403b/457 plans and access to one of the best funded pensions in the nation.
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fortfun
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Re: Companies that have a pension and 401k?

Post by fortfun »

My school district does :)

A pension, 401k, 403b, and 457!

Teaching doesn't pay great but I will retire at 50 with a good income. Did I mention summers off :)
AF_Engineer
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Re: Companies that have a pension and 401k?

Post by AF_Engineer »

Don't forget about the US military. In the past few years, theyy went to an option where junior military can separate with a 401K, or stay for 20+ years with a pension. The pension is not quite as good of a deal as it used to be, but it's still very healthy relative to what you can get in the commercial sector.
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Re: Companies that have a pension and 401k?

Post by muddgirl »

Johnson & Johnson still offers a pension along with a 401k.
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Re: Companies that have a pension and 401k?

Post by willthrill81 »

a_movable_life wrote: Wed May 13, 2020 4:35 pm Some non profits and stage agencies with a 403B/457 and a Pension.
In my experience as a professor, most public universities have moved completely or nearly so to the defined-contribution model (e.g. 401k, 457). I don't personally know any professors under age 60 who are still participating in a state pension system. Many, including myself, prefer that anyway since we would rather be in control of our retirement funds and not have multiple pensions with multiple states in the event that we move from one place to another.

My nephew in the USPS gets both a 401k (federal government equivalent anyway) and a pension.
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jand87
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Re: Companies that have a pension and 401k?

Post by jand87 »

I work for a City government in Nevada that offers a pension and also a 457 plan, which is essentially identical to a 401K with the caveat that you can withdraw at any age penalty free. Post 2010 they have implemented more requirements in terms of years of service and age requirements for the pension. I was hired full time in 2007 so I am able to begin collecting once I hit 30 years of service, regardless of my age.

I have noticed most government agencies have some form of pension and retirement savings accounts, it varies between State/County/Cities, as well as colleges, health agencies, public safety, etc.. There are several. Most states/cities have a PERS-Public Employee Retirement Systsem, Federal has FERS, and there are even some Judicial specific ones for Judges that I have noticed.

There are not a lot of private companies left doing it. Some union physical labor type jobs still do. I believe UPS does as well, or at least for older hires I know they do, I know a few guys. Not sure about new/recent hires.
Stephen_Crane
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Re: Companies that have a pension and 401k?

Post by Stephen_Crane »

I work for the federal government and the pension is one of the few things that's keeping me around. You're eligible for a deferred pension if you serve 5 years. It won't be much but you don't have to do 20+ years to get a benefit.

In addition the feddies give you 5% matching in their 401k equivalent called the Thrift Savings Plan, which has orders of magnitude lower expense ratio than anything else in the world.

You can read all about it https://www.opm.gov/retirement-services ... igibility/
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erictiger12
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Re: Companies that have a pension and 401k?

Post by erictiger12 »

Both my current big pharma and previous one have both 401K (5% match) and pension.
SubPar
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Re: Companies that have a pension and 401k?

Post by SubPar »

Thrivent Financial does
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whodidntante
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Re: Companies that have a pension and 401k?

Post by whodidntante »

Don't you have to contribute to a pension? I'm asking as a modern person who has only worked for modern companies that commit absolutely nothing to me other than to educate me what "at will" means.
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Re: Companies that have a pension and 401k?

Post by whodidntante »

Stephen_Crane wrote: Wed May 13, 2020 5:32 pm In addition the feddies give you 5% matching in their 401k equivalent called the Thrift Savings Plan, which has orders of magnitude lower expense ratio than anything else in the world.
I've highlighted the part that just ain't so.
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JoMoney
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Re: Companies that have a pension and 401k?

Post by JoMoney »

whodidntante wrote: Wed May 13, 2020 5:44 pm Don't you have to contribute to a pension? I'm asking as a modern person who has only worked for modern companies that commit absolutely nothing to me other than to educate me what "at will" means.
FWIW, a company I worked for used to offer both pension and a 401k plan. There was no direct contribution/payroll deduction for the pension. The company used to give us sheets showing our "total compensation" that included some dollar figure for pension credits, but it was in no way listed in our income for any tax purposes.
About 10 years ago they stopped offering the pension for new employees, but gave them slightly better employer matching in there 401k, a little while later they froze all the accumulated credits for those that were in the pension plan and moved everyone to the same 401k matching.
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Thrifty Femme
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Re: Companies that have a pension and 401k?

Post by Thrifty Femme »

Nationwide Insurance
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Kenkat
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Re: Companies that have a pension and 401k?

Post by Kenkat »

I have both a 401k and defined benefit pension. I don’t have to contribute anything to my pension; the company contributes a calculated amount every year that usually ends up being anywhere from 10-13% of base salary. New hires are no longer eligible for the pension but do get an additional 401k contribution of 5% of salary. Mutual insurance company.
MathWizard
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Re: Companies that have a pension and 401k?

Post by MathWizard »

Teaching, but where I am, they only kick money into the pension, no match on the 403b,
but you can tax defer $19,500 (or $26,000 if you are over 50)

We were only able to fully utilize this when my last child was almost out of college.
Jason95357
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Re: Companies that have a pension and 401k?

Post by Jason95357 »

I work for a California "Special District" (specifically, an Irrigation District) and we have a pension, an optional 457b, and we do not pay into Social Security. Instead of paying SS, we have a "Supplemental Retirement Plan" (SRP). Employees contribute a mandatory 5% pre-tax to this SRP and the employer also contributes 5%. Both the 457b and SRP are employee directed investment accounts with a limited list of funds, bonds, etc.

The SRP means SS will take a big WEP hit. But who knows what SS will look like in 19 years or if it'll even be around when I'm eligible? I do have my 40 quarters in with SS prior to taking this job 10 years ago. I'm not going to count on it, and will most likely just plan to take it at age 70, or whenever the math makes it the best, using the 8 years for other tax needs.

Some of this retirement options, contributions, and rules changed for employees hired after in and after 2013 due to California's Pension Reform, but it doesn't affect those hired prior to this date. I'm not fluent in "the plans'" language, and as the document governing this is 91 pages long and full of "if this than that, except in this case, or that case, or if you were hired under a full moon, but not if it was a drought year", I don't understand where I fall in it in the least. I've tried, but it's worse than reading California laws or Federal government regulations, which I'm rather good at. But I will be trying to learn it in the coming year so I can see if FIRE is an option. They have "retirement workshops" and I'm guessing they may explain how things work there.

One thing they do offer is a financial management company's website that I guess has all of "the plan" rules in it, so you can say, "If I stop working here, and delay taking retirement until here, and take option X" and it shows the monthly pension pay. But I want to be able to extract the rules and put it into a spreadsheet to play with FIRE. I suppose worst case I just run a bunch of permutations and collect all the numbers from their website to plug in elsewhere.
Last edited by Jason95357 on Thu May 14, 2020 7:27 pm, edited 1 time in total.
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Re: Companies that have a pension and 401k?

Post by Kenkat »

JoMoney wrote: Wed May 13, 2020 5:52 pm
whodidntante wrote: Wed May 13, 2020 5:44 pm Don't you have to contribute to a pension? I'm asking as a modern person who has only worked for modern companies that commit absolutely nothing to me other than to educate me what "at will" means.
FWIW, a company I worked for used to offer both pension and a 401k plan. There was no direct contribution/payroll deduction for the pension. The company used to give us sheets showing our "total compensation" that included some dollar figure for pension credits, but it was in no way listed in our income for any tax purposes.
About 10 years ago they stopped offering the pension for new employees, but gave them slightly better employer matching in there 401k, a little while later they froze all the accumulated credits for those that were in the pension plan and moved everyone to the same 401k matching.
This sounds like my employer except for the freeze part. And hoping they don’t do that. They did change the salary formula for calculating the benefit going forward awhile back as well but it is still decent. At this point, there are not that many active employees still in the pension plan and it is well funded (130% or so) so I am hoping it’s “off the radar”.
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JoMoney
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Re: Companies that have a pension and 401k?

Post by JoMoney »

Kenkat wrote: Wed May 13, 2020 6:03 pm
JoMoney wrote: Wed May 13, 2020 5:52 pm
whodidntante wrote: Wed May 13, 2020 5:44 pm Don't you have to contribute to a pension? I'm asking as a modern person who has only worked for modern companies that commit absolutely nothing to me other than to educate me what "at will" means.
FWIW, a company I worked for used to offer both pension and a 401k plan. There was no direct contribution/payroll deduction for the pension. The company used to give us sheets showing our "total compensation" that included some dollar figure for pension credits, but it was in no way listed in our income for any tax purposes.
About 10 years ago they stopped offering the pension for new employees, but gave them slightly better employer matching in there 401k, a little while later they froze all the accumulated credits for those that were in the pension plan and moved everyone to the same 401k matching.
This sounds like my employer except for the freeze part. And hoping they don’t do that. They did change the salary formula for calculating the benefit going forward awhile back as well but it is still decent. At this point, there are not that many active employees still in the pension plan and it is well funded (130% or so) so I am hoping it’s “off the radar”.
Good luck with it :beer I mean that.
After the 'freeze', I'm still vested in mine, and decades from now when I reach retirement age I can collect the benefit I accumulated. Unfortunately, there is no COLA adjustment after the freeze (prior to freeze the adjustment was based on salary and could go up with wage increases). Since it's so far in the future, earns nothing now, and will diminish with inflation, I wish they would offer a buy-out. I'd much rather have the cash value of a deferred annuity at current rates :annoyed
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jand87
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Re: Companies that have a pension and 401k?

Post by jand87 »

whodidntante wrote: Wed May 13, 2020 5:44 pm Don't you have to contribute to a pension? I'm asking as a modern person who has only worked for modern companies that commit absolutely nothing to me other than to educate me what "at will" means.
It just depends on the agency/company. Mine covers it on our behalf and doesn't include it as income, but more of a provided compensation benefit, similar to health care. They provide me the number on my check but it is not deducted from my income.
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Re: Companies that have a pension and 401k?

Post by CyclingDuo »

X528 wrote: Wed May 13, 2020 4:32 pmAre there any companies that offer both a pension and a 401K plan to its employees?
Most state employees have a mandatory pension (defined benefit plan) where the employee pays a percentage out of every paycheck and the employer pays a certain percentage as well. On top of that, these employees usually also have a voluntary contribution plan available in their state where the employee can do pre-tax or post-tax deductions into a 403b and or a 457b plan (usually no match from the employer due to the match being with the pension).

Schools, Counties, State Agencies, Cities, Townships, Public Employees, etc... are the usual employees that have both.

CyclingDuo
Last edited by CyclingDuo on Wed May 13, 2020 7:21 pm, edited 1 time in total.
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Kenkat
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Re: Companies that have a pension and 401k?

Post by Kenkat »

JoMoney wrote: Wed May 13, 2020 6:12 pm
Kenkat wrote: Wed May 13, 2020 6:03 pm
JoMoney wrote: Wed May 13, 2020 5:52 pm
whodidntante wrote: Wed May 13, 2020 5:44 pm Don't you have to contribute to a pension? I'm asking as a modern person who has only worked for modern companies that commit absolutely nothing to me other than to educate me what "at will" means.
FWIW, a company I worked for used to offer both pension and a 401k plan. There was no direct contribution/payroll deduction for the pension. The company used to give us sheets showing our "total compensation" that included some dollar figure for pension credits, but it was in no way listed in our income for any tax purposes.
About 10 years ago they stopped offering the pension for new employees, but gave them slightly better employer matching in there 401k, a little while later they froze all the accumulated credits for those that were in the pension plan and moved everyone to the same 401k matching.
This sounds like my employer except for the freeze part. And hoping they don’t do that. They did change the salary formula for calculating the benefit going forward awhile back as well but it is still decent. At this point, there are not that many active employees still in the pension plan and it is well funded (130% or so) so I am hoping it’s “off the radar”.
Good luck with it :beer I mean that.
After the 'freeze', I'm still vested in mine, and decades from now when I reach retirement age I can collect the benefit I accumulated. Unfortunately, there is no COLA adjustment after the freeze (prior to freeze the adjustment was based on salary and could go up with wage increases). Since it's so far in the future, earns nothing now, and will diminish with inflation, I wish they would offer a buy-out. I'd much rather have the cash value of a deferred annuity at current rates :annoyed
I was fortunate to get in later in life and right before they did away with the plan for new hires, so I am only a few years from retirement and could take early retirement now if I wanted.

I’ve been in your spot with a couple of previous jobs; luckily they paid out instead of being stuck waiting it out as you are, but I know that feeling as well. You hope maybe your pension will cover the electric bill by the time you finally retire :confused
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Re: Companies that have a pension and 401k?

Post by Stinky »

My former insurance company employer offers a cash balance plan and a 401(k).
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Re: Companies that have a pension and 401k?

Post by Poorman »

X528 wrote: Wed May 13, 2020 4:32 pm Are there any companies that offer both a pension and a 401K plan to its employees?
I've worked for a state and currently a city. Both pensions and 457b.
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Re: Companies that have a pension and 401k?

Post by EdNorton »

In public accounting, EY and PWC have both, at least they did when I retired 4 years ago.
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Re: Companies that have a pension and 401k?

Post by Seal the Deal »

whodidntante wrote: Wed May 13, 2020 5:48 pm
Stephen_Crane wrote: Wed May 13, 2020 5:32 pm In addition the feddies give you 5% matching in their 401k equivalent called the Thrift Savings Plan, which has orders of magnitude lower expense ratio than anything else in the world.
I've highlighted the part that just ain't so.
Yep, I have funds in my Roth IRA and HSA that have lower expense ratios than the TSP.

As far as employee contributions to the FERS basic benefit plan (pension), hires since 2014 contribute 4.4%. But us old timers have a better benefit only contributing 0.8% towards the same pension plan.
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Re: Companies that have a pension and 401k?

Post by jand87 »

CyclingDuo wrote: Wed May 13, 2020 6:14 pm
X528 wrote: Wed May 13, 2020 4:32 pmAre there any companies that offer both a pension and a 401K plan to its employees?
Most state employees have a mandatory pension (defined benefit plan) where the employee pays a percentage out of every paycheck and the employer pays a certain percentage as well. On top of that, these employees usually also have a voluntary contribution plan available in their state where the employee can do pre-tax or post-tax deductions into a 403b and or a 457b plan (no match from the employer due to the match being with the pension).

Schools, Counties, State Agencies, Cities, Townships, Public Employees, etc... are the usual employees that have both.

CyclingDuo
While a match is not common in local government it does happen. My agency has a very generous match for a specific class of employees. I don't believe any of the other local agencies around here match though.
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Re: Companies that have a pension and 401k?

Post by CyclingDuo »

jand87 wrote: Wed May 13, 2020 6:39 pm
CyclingDuo wrote: Wed May 13, 2020 6:14 pm
X528 wrote: Wed May 13, 2020 4:32 pmAre there any companies that offer both a pension and a 401K plan to its employees?
Most state employees have a mandatory pension (defined benefit plan) where the employee pays a percentage out of every paycheck and the employer pays a certain percentage as well. On top of that, these employees usually also have a voluntary contribution plan available in their state where the employee can do pre-tax or post-tax deductions into a 403b and or a 457b plan (usually no match from the employer due to the match being with the pension).

Schools, Counties, State Agencies, Cities, Townships, Public Employees, etc... are the usual employees that have both.

CyclingDuo
While a match is not common in local government it does happen. My agency has a very generous match for a specific class of employees. I don't believe any of the other local agencies around here match though.
Good point. I edited it to say usually no match.
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Re: Companies that have a pension and 401k?

Post by sergeant »

jand87 wrote: Wed May 13, 2020 6:39 pm
CyclingDuo wrote: Wed May 13, 2020 6:14 pm
X528 wrote: Wed May 13, 2020 4:32 pmAre there any companies that offer both a pension and a 401K plan to its employees?
Most state employees have a mandatory pension (defined benefit plan) where the employee pays a percentage out of every paycheck and the employer pays a certain percentage as well. On top of that, these employees usually also have a voluntary contribution plan available in their state where the employee can do pre-tax or post-tax deductions into a 403b and or a 457b plan (no match from the employer due to the match being with the pension).

Schools, Counties, State Agencies, Cities, Townships, Public Employees, etc... are the usual employees that have both.

CyclingDuo
While a match is not common in local government it does happen. My agency has a very generous match for a specific class of employees. I don't believe any of the other local agencies around here match though.
My classification (police management) also got a decent match to our 457b. For many years the city paid the employee pension portion but that changed with PEPRA. My last few years I contributed 9% and my agency about 30% of my compensation.

My wife worked for a county that offered a pension, 457b, and about four different 401 type accounts.
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Re: Companies that have a pension and 401k?

Post by HEDGEFUNDIE »

willthrill81 wrote: Wed May 13, 2020 5:08 pm
a_movable_life wrote: Wed May 13, 2020 4:35 pm Some non profits and stage agencies with a 403B/457 and a Pension.
In my experience as a professor, most public universities have moved completely or nearly so to the defined-contribution model (e.g. 401k, 457). I don't personally know any professors under age 60 who are still participating in a state pension system. Many, including myself, prefer that anyway since we would rather be in control of our retirement funds and not have multiple pensions with multiple states in the event that we move from one place to another.

My nephew in the USPS gets both a 401k (federal government equivalent anyway) and a pension.
Then you must not know any University of California professors.
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Re: Companies that have a pension and 401k?

Post by willthrill81 »

HEDGEFUNDIE wrote: Wed May 13, 2020 8:01 pm
willthrill81 wrote: Wed May 13, 2020 5:08 pm
a_movable_life wrote: Wed May 13, 2020 4:35 pm Some non profits and stage agencies with a 403B/457 and a Pension.
In my experience as a professor, most public universities have moved completely or nearly so to the defined-contribution model (e.g. 401k, 457). I don't personally know any professors under age 60 who are still participating in a state pension system. Many, including myself, prefer that anyway since we would rather be in control of our retirement funds and not have multiple pensions with multiple states in the event that we move from one place to another.

My nephew in the USPS gets both a 401k (federal government equivalent anyway) and a pension.
Then you must not know any University of California professors.
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Re: Companies that have a pension and 401k?

Post by Soul.in.Progress »

My former megacorp employer offered both a pension and a 401k. The pension required no contribution on our part, and was based on a formula. When they decided to end that pension plan in the beginning of the millennium, they grandfathered us in and it was not available to anyone who joined afterwards. Even at the time I joined, it was rare for corporations like that to offer a pension, none of my peers in other companies had one. While I feel lucky to have it, one downside is that it is non-COLA, so by the time I draw the pension it may not be worth much due to inflation.
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Re: Companies that have a pension and 401k?

Post by Thrifty Femme »

Soul.in.Progress wrote: Thu May 14, 2020 5:53 pm My former megacorp employer offered both a pension and a 401k. The pension required no contribution on our part, and was based on a formula. When they decided to end that pension plan in the beginning of the millennium, they grandfathered us in and it was not available to anyone who joined afterwards. Even at the time I joined, it was rare for corporations like that to offer a pension, none of my peers in other companies had one. While I feel lucky to have it, one downside is that it is non-COLA, so by the time I draw the pension it may not be worth much due to inflation.
Why can't you rollover your pension into an IRA?
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Re: Companies that have a pension and 401k?

Post by tim1999 »

I am familiar with a few companies in the midstream energy and public utility sectors that have both a cash balance pension plan that the company alone contributes to, plus a 401k with a match. New hires are eligible for both.
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Re: Companies that have a pension and 401k?

Post by absolute zero »

Thrifty Femme wrote: Thu May 14, 2020 6:07 pm
Soul.in.Progress wrote: Thu May 14, 2020 5:53 pm My former megacorp employer offered both a pension and a 401k. The pension required no contribution on our part, and was based on a formula. When they decided to end that pension plan in the beginning of the millennium, they grandfathered us in and it was not available to anyone who joined afterwards. Even at the time I joined, it was rare for corporations like that to offer a pension, none of my peers in other companies had one. While I feel lucky to have it, one downside is that it is non-COLA, so by the time I draw the pension it may not be worth much due to inflation.
Why can't you rollover your pension into an IRA?
A pension plan would have to offer a lump sum payout option in order for this to be possible. Not all pensions do.

Even if Soul.in.Progress’ pension plan did allow for a lump sum payout, the value of the lump sum would take into account inflation expectations. So you can’t win that way.

Really the only way to maintain the value of a pension plan (ie not let it get eaten away by inflation) is to stay working for that employer.
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Re: Companies that have a pension and 401k?

Post by bonglehead »

https://benefits.truist.com/retirement.html

Defined benefit Pension plan plus generous 401K (6% match), available to even new employees.
Extremely rare these days.
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oldcomputerguy
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Re: Companies that have a pension and 401k?

Post by oldcomputerguy »

ThreeBears wrote: Wed May 13, 2020 4:41 pm Look at government entities or the few companies that are run like government entities that technically are not.
+1. My wife just retired a few months ago from a government lab where they provided both a 401(k) plan and (yay!) a pension. Employers who provide pensions, though, are getting to be very rare.
absolute zero
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Joined: Thu Dec 29, 2016 4:59 pm

Re: Companies that have a pension and 401k?

Post by absolute zero »

My employer offers a pension and 401k. Some other companies in my industry do the same, but many do not. Those that don’t offer a pension, instead offer higher compensation to be competitive (greater stock awards or bonuses). If I could, I’d choose the higher compensation in a heartbeat over a defined benefit pension.
barnburner4444
Posts: 22
Joined: Mon Mar 16, 2020 7:47 pm

Re: Companies that have a pension and 401k?

Post by barnburner4444 »

I am a firefighter and we have a state special risk pension and 457 - no match tho. We used to not have to contribute to pension, but now contribute 3%

My wife was a nurse at mayo and had a pension and 403b. She left before being vested in pension unfortunately
02nz
Posts: 6084
Joined: Wed Feb 21, 2018 3:17 pm

Re: Companies that have a pension and 401k?

Post by 02nz »

whodidntante wrote: Wed May 13, 2020 5:48 pm
Stephen_Crane wrote: Wed May 13, 2020 5:32 pm In addition the feddies give you 5% matching in their 401k equivalent called the Thrift Savings Plan, which has orders of magnitude lower expense ratio than anything else in the world.
I've highlighted the part that just ain't so.
That poster even claimed orders (plural) of magnitude, so TSP would need around a 0.0003% ER for this to be true! A Bogleheads fantasy.
taurabora
Posts: 205
Joined: Fri Oct 30, 2009 12:41 pm

Re: Companies that have a pension and 401k?

Post by taurabora »

Pension plus 2/5/10% 401k deposit (based on years of service). Not counting on pension, though.
rhoms33
Posts: 34
Joined: Tue Jun 27, 2017 8:27 am

Re: Companies that have a pension and 401k?

Post by rhoms33 »

My wife works for a large insurance company. She has a 401k with 5% match, and a “cash balance” pension plan that is funded 100% by the company. Percentage based scale, years of service + age.

It’s a nice benefit but fairly minimal, I prefer my companies profit sharing contribution to my 401k.
Olemiss540
Posts: 1608
Joined: Fri Aug 18, 2017 8:46 pm

Re: Companies that have a pension and 401k?

Post by Olemiss540 »

Many railroad jobs have railroad retirement (tier 2 is like a pension) and 401ks.
I hold index funds because I do not overestimate my ability to pick stocks OR stock pickers.
alfaspider
Posts: 3165
Joined: Wed Sep 09, 2015 4:44 pm

Re: Companies that have a pension and 401k?

Post by alfaspider »

My megacorp does a cash balance pension (7%of salary contributed that ramps to 10% after 20 years) and a 401k they match up to 7%. Also have retiree medical that allows you to stay on the plan as if employed between retirement and Medicare eligibility.

I’m fearful these benefit levels are not long for this world.
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