Whose non-government relatives have pensions?

[Anonymous]

My mom taught public school and gets 3/4 of her final 3 years plus COLA adjustments. But she doesn’t get SS because she never contributed.

[Anonymous]

My mom has a small pension with United where she was a flight attendant. Those jerks declared insolvency at some point and the pension moved to the Pension Guaranty Corp so it’s much less than it should have been. My dad had a small pension with a utility company he worked for in the 1980’s. Thankfully he took the survivor option so my mom has been receiving it since his death.

[Anonymous]

Me. Employed by global company that is based in Europe. 100% employer funded pension, fully vested after 3 years. Not blue collar.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yah, there was about one generation of corporate life where that was the norm. It's over now.

The only exception I know of is some of the better unions. Local IBEW (electrical workers) and carpenters I know have nice pensions, had nice careers, and generally a much better package than middle class office workers.

My son is joining IBEW.

Yep this is spot on.

There’s some exceptions like partners at Deloitte (and I’d guess the other Big 4?) get an annual pension and forced retirement starting at 62

I know at one Big 4, not Deloitte, that equity partners are forced to retire at 60, but end up with a big pension. Non-equity partners can work as long as they are bringing in revenue, and also get a pension, but not as big. They also don't make as much money while working.

[Anonymous]

My mom worked as a nurse at a doctor’s office (not a hospital) for many years and gets a pension.

[Anonymous]

My friend a former dietician at a local hospital gets a pension.

A lot of retired autoworkers get pensions.

[Anonymous]

Most of the big defense companies had pensions until about 10 years ago. Plenty of people who worked there before that will get pensions from the accrued service.

[Anonymous]

Anonymous wrote:My dad worked in the Registrars office at state university - his monthly pension is more than what I earn in a month (I am in my mid-50s).

I have friends who worked at the IMF/World Bank, they have pensions

Wouldn’t that be a public sector job?

[Anonymous]

Anonymous wrote:My mom taught public school and gets 3/4 of her final 3 years plus COLA adjustments. But she doesn’t get SS because she never contributed.

Sure, but isn’t the OP looking for examples that aren’t in the public sector?

[Anonymous]

Anonymous wrote:Me. I work at what used to be a retirement consulting / actuarial firm. I started in 1995 and am 56 years old.

Me too. Another actuary, and also started in 1995. But I am 53, so missed the magic 75 number when my company discontinued their DB plan, and I only have 25 working years worth of pension.

[Anonymous]

I was a senior manager at one of the Big 4 for several years - long enough to vest in the pension. I’m not old enough to draw it yet, but last time I checked, it would pay $900 a month once I’m 65.

[Anonymous]

Utilities, banks, hospitals (especially if unionized), universities (usually staff only), manufacturers if privately owned, and nearly any company headquartered overseas.

The packages of a generation ago were much much better but, contrary to conventional wisdom, you can still get a job with a pension.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yah, there was about one generation of corporate life where that was the norm. It's over now.

The only exception I know of is some of the better unions. Local IBEW (electrical workers) and carpenters I know have nice pensions, had nice careers, and generally a much better package than middle class office workers.

My son is joining IBEW.

Yep this is spot on.

There’s some exceptions like partners at Deloitte (and I’d guess the other Big 4?) get an annual pension and forced retirement starting at 62

I know at one Big 4, not Deloitte, that equity partners are forced to retire at 60, but end up with a big pension. Non-equity partners can work as long as they are bringing in revenue, and also get a pension, but not as big. They also don't make as much money while working.

Yeah at Deloitte the pension was the average of your 5 highest earning years or something if you’re an equity partner. For a lot of people that was / is a $2M+ annual pension. It’s a huge problem for the business today and going forward having those massive pensions over their heads as opex.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yah, there was about one generation of corporate life where that was the norm. It's over now.

The only exception I know of is some of the better unions. Local IBEW (electrical workers) and carpenters I know have nice pensions, had nice careers, and generally a much better package than middle class office workers.

My son is joining IBEW.

Yep this is spot on.

There’s some exceptions like partners at Deloitte (and I’d guess the other Big 4?) get an annual pension and forced retirement starting at 62

I know at one Big 4, not Deloitte, that equity partners are forced to retire at 60, but end up with a big pension. Non-equity partners can work as long as they are bringing in revenue, and also get a pension, but not as big. They also don't make as much money while working.

Yeah at Deloitte the pension was the average of your 5 highest earning years or something if you’re an equity partner. For a lot of people that was / is a $2M+ annual pension. It’s a huge problem for the business today and going forward having those massive pensions over their heads as opex.

Did employees pay in? A pension that is set up correctly shouldn't become a problem. People got into trouble when companies either underfunded them from the beginning or put them in the stock market.

[Anonymous]

I have a pension from working for a hospital. Note that the pension was one part of a 3 pronged balance that assumes 403b savings AND Social Security — and does not increase ever. So while it’s a generous and very welcome benefit, it’s not intended to be a complete replacement for a full time salary.