Josh-Daniel S. Davis (joshdavis) wrote,
Josh-Daniel S. Davis

Former Employer pension changes - again

Currently, the company:
401(k): match 50 cents on the dollar for your first 6% contribution.
pension: contributes 5% of your base salary into an annuity.

Beginning Jan 1, 2008:
pension: Existing balance continues to accrue interest. No further contributions.
401(k) Plus: Company contributes 2%, plus 100% match up to 6%.

For people on the traditional pension plan, aka not the current cash balance plan,
the company will contribute an additional 4% to your 401(k).

There are concerns that after all of the old-timers are retired,
the company may reduce their 401k contributions,
thereby leaving mid-career employees short.

I'm not concerned. All my $$ is out of there.
Tags: job, money
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