Just Received Copy of MegaCorp's 2008 EBSA/ERISA Filing...

[jdmorton]

MegaCorp just sent me a copy of the 2008 savings plan summary required by the Employee Benefits Security Administration (EBSA) of the Employee Retirement Income Security Act of 1974 (ERISA) - try saying that fast 10 times. Anyway...

Down over 36% for the year 2008.

Still has more than $1.5B for a little under 15,000 of us in "management". Of course, most of us are not yet receiving any benefits - not retired just yet.

Wonder what the 2009 summary will look like. I bet there are some retirement savings plan specialists in HR on the hot seat at the moment.

[clifp]

Hum so that looks like a $100K each. So if you all retired early and withdraw say 3.6% a year that would provide you each with a pension of $300 month. I hear cat food is edible.

On the other hand if you could get rid of 13,500 of your co-workers before they retire that would set you up for a pretty decent pension.

[Darryl]

Quote:

Originally Posted by clifp Hum so that looks like a $100K each. So if you all retired early and withdraw say 3.6% a year that would provide you each with a pension of $300 month. I hear cat food is edible.

clif, what does a funding level of 90% of the funds target attainment goal as determined by the IRS transitional rules, mean?

[Bestwifeever]

I predict the 2009 report will look mighty good compared to the 2008 report.

[CuppaJoe]

Quote:

Originally Posted by jdmorton MegaCorp just sent me a copy of the 2008 savings plan summary required by the Employee Benefits Security Administration (EBSA) of the Employee Retirement Income Security Act of 1974 (ERISA) - try saying that fast 10 times...

ERISA, to my mind, is the sweetest of gumment acronyms. Hang in there, jdmorton; my ERISA-mandated funding went up and down with the market for 30+ years. Had ERISA not forced my small business employers to include me in their retirement plans, I might have done something desperate like continue w*rking or oh, no, I cant’ look, I might have danced more seriously with MegaCorp.