Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You can think whatever you want to think. I know the pay scale I have family and friends in all the unions I listed above. Maybe the nyc teachers union may be a tad off but not by much.
The salary brackets are public and that's where I got the numbers. You may not believe the published brackets, but that's on you.
For you to think the LIRR is not a government entity demonstrates your lack of knowledge on the subject.
Depends on the pension. If you are in a company plan, loaded up on company stock, in a industry where companies go bankrupt - well, maybe a 401k is better. Vanguard is not going bankrupt, ever. But if you have a well run pension, part of a multi company group, fully funded - with tax differed additions - then the pension is far better. 401k's require a knowledge of investing to make the most of them. If your pension is good, they do the money managing for you. So it really depends on your personal work situation.
it seems like a pension is better? My DH has one. Once he retires he will get 80% of his salary on a monthly basis for the rest of his life.
I would say a 401k, often pensions are underfunded, especially a lot of local and state employee pensions. He's not going to be getting on 80% of his salary if the pension fund is insolvent. With a 401k the money is in the stock market, while it's true the market fluctuates, the money is in the account.
I didn't realize that someone ever had a choice. My employer offered a pension but that ended around 2009 for new employees. A 401K has always been offered and there's likely a better option of the new employees who aren't eligible for a pension.
it's kinda a moot point since so few companies offer pensions. It's not like you can pick or choose one or the other.
I worked at a bunch of companies over my working life and when I finally retire (for real) I will get a small pension from 3 different companies. 1 of them I made the mistake of collecting early and even though the monthly payment is small due to taking the early payout roughly 15 years early, I've used it to pay the monthly payments on one 1 used car and now it's nearly half done with a 2nd car.
They are not luxury cars by any means, but it's nice to have that monthly payment coming in. I like to think that my little convertible was free since I don't pay anything out of pocket for it except for the down payment to get the loan amount down to about what the pension pays.
And that changes nothing I said. The money those employers are putting into those benefits is money that otherwise would have been given out as wages.
Not from what I’ve seen the employer usually pay a smaller portion to employees than what a pension would be worth.As a union meat cutter I make about .70 cents an hour less than a non union worker but I’ll be drawing a pension of 1830 a month that .70 cents an hour invested won’t come close to what my pension will generate and after I’m gone my wife will collect the same until her passing.We both also have ira accounts so I would say blend the two.
Oh yes they did. Every dime an employer puts into a pension (or any other employee benefit, such as health insurance or life insurance) is a dime that could have been given directly to the employees via their wages. Pensions and other employer-provided benefits aren't free, folks! Directly or indirectly, it is YOU that is paying for them.
As a business owner which I feel you are in a perfect world the employer would give that extra money their paying in pension and benefits to there employees but in reality I’ve not seen that.
I have a Pension that pays 2% per year of employment, maxes at 30 years (60% base pay), plus a 403b. Wife has a Pension also, not sure of the details, plus a 401k. When we get closer to retirement, we will look closer, but feel we will be in good shape
As a business owner which I feel you are in a perfect world the employer would give that extra money they're paying in pension and benefits to their employees but in reality I’ve not seen that.
I worked for one company that did. They acquired my employer and their pension plan had been closed to new entrants so we didn't qualify. Anyone who wasn't in the pension plan got another 6% of salary put into the 401(k) every year. That was in addition to the 100% match on the first 6% you put in and it was paid regardless of whether you participated in the 401(k). Truly a class act. The employees were still stuck with longevity and investment risks but that may have been close to what they'd been putting into the pension plan.
So many employees terminated their pension plans and changed to a 401(k) with measly employer contributions or none at all. Pretty rotten.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.