Poll:How many here have a defined benefit pension?

[Koolau]

That is good money in the middle of the country.

Pretty close. $3382

Plus, any money I decide to take from my taxable portfolio, but I haven't taken any in several years.

Heh, heh, we figure that's about our Paradise Premium. So blessed to have a "stash" to draw from as well - and we do! YMMV

 

[jurgs01]

My defined benefit pensioner has ~$100 Trillion in unfunded liabilities and is effectively bankrupt, but they have a bank forced to monetize their debts and can steal your money and throw you in a cage if you don't pay, so my checks are relatively safe.

 

[CindyBlue]

Ah, that's a very different thing.

Doesn't appear that you have much leverage.

https://www.pensionrights.org/issue/church-pension-plans/

Yep, that I know...sigh...
But I wonder if anyone might have the same kind of pension and might know how to find out how funded they are...

 

[scrabbler1]

I get a statement every year telling me how well funded my former employer's pension plan is. Its funding percentage has varied between 100% and 104% of target, so I'd say it's pretty good.

But remember, my pension has been frozen since they froze it at the end of 2001, as I was not old enough to get grandfathered into the non-frozen part of the plan. Given that it's a non-COLA pension, at this point 21 years after that big change in 2001, the payouts should be rather predictable, as all the potential recipients have been known for 21 years and their amounts also known.

 

[Koolau]

I get a statement every year telling me how well funded my former employer's pension plan is. Its funding percentage has varied between 100% and 104% of target, so I'd say it's pretty good.

But remember, my pension has been frozen since they froze it at the end of 2001, as I was not old enough to get grandfathered into the non-frozen part of the plan. Given that it's a non-COLA pension, at this point 21 years after that big change in 2001, the payouts should be rather predictable, as all the potential recipients have been known for 21 years and their amounts also known.

My Megacorp didn't freeze the pension as such, but they did radically change it (requiring age 65 to receive full pension - instead of a points system that let me retire with full pension at 58.) Clearly, they were attempting to get folks to retire before that happened. And it worked - very well. I left (for other reasons) and my boss left for that very reason just before the change over in the pension.

I noticed shortly after the change, our pension funding statement looked much healthier! From mid 80% to upper 90%. Who would have thought Megacorp was so smart??

 

[Fleur58]

I am 64 and next summer at 65 I will receive $465 per month from a job that I held for 6 years in the 90s.

 

[Koolau]

I am 64 and next summer at 65 I will receive $465 per month from a job that I held for 6 years in the 90s.

Heh, heh, as they say "Better than a stick in the eye." But seriously, that's pretty good for a 6 year investment of "w*rk." Proportionally, that's as good as my pension. YMMV

 

[jollystomper]

Yes, they did. The company that acquired us was a class act. If you weren't eligible for the pension they put an extra 6% of salary in your 401(k) every year, regardless of whether you contributed or not. They also matched 100% of your first 6%. So- you put in 6% of your salary but were getting 18% added to the 401(k). Investment options were also far superior.

This was similar to my Megacorp. I got the 6% 401K match, and then when they froze the pension plan, those of us within 5 years of retirement eligibility were given an extra percentage match (I forget the number but it was between 5-10%) into our 401K until we retired. The timing worked for me as that extra match started in 2008 so the bulk of it was invested at market lows.

 

[Brett_Cameron]

I have pension.

 

[bada bing]

I vested in 4 pensions. I was traded and sold several times during my career with various big-oil corps. I was continuously pension covered during my working career. Not complaining, but private sector pensions don't add up like some public workers get. My pension records look like:
$235/month non-COLA at age 65 - took the lump sum offer, rolled to IRA
$880/month non-COLA at age 65 - took the lump sum offer, rolled to IRA
$275/month non-COLA at age 65 - starts in 19 months, no options
~$3000/month @ 70, cash balance plan annuity, current cash value $339K

The interesting one is the cash balance plan. It will annuitize whenever I start it, at the prevailing rates at that time. The projected payouts have recently been ratchetting up as interest rates rise. The principal grows in the meantime at 30 year treasury rates with a 5% guaranteed floor. I have a lump sum option as well, but think I'll probably annuitize at age 70.

I will be more or less SIRE at age 70 if I defer both SS and cash balance pension until then. 6.5 years more to go living off of savings here. Being close to SIRE definitely changes one's perspective a bit verses having to manage it on your own.

 

[523HRR]

DW and I both have mega corp exec pensions (SERPs) starting at 60. Her’s is $7k / mo… mine is $18k / mo. No COLA.

 

[Rianne]

DW and I both have mega corp exec pensions (SERPs) starting at 60. Her’s is $7k / mo… mine is $18k / mo. No COLA.

That is crazy. And you say no COLA? Just made me laugh.

 

[Koolau]

DW and I both have mega corp exec pensions (SERPs) starting at 60. Her’s is $7k / mo… mine is $18k / mo. No COLA.

That is crazy. And you say no COLA? Just made me laugh.

Yeah, I could live on it.

 

[NYC1967]

I will have two pensions (I'm currently 54 and working)
@ 62 $8,700 year (from a job I left in 2000) (can take 80,000 lump sum now)
@ 63 $11,500 year (currently still at) that will be 100% survivor
Husband will have(he is currently 55 and working)
@ 60 $30,000 that will be 100% survivor or option for lump sum - which now is about 600,000

NO COLA for any of them