Jobs That Still Offer Traditional Pensions

Retirement

I an a fireman with a large, non-union metro department on the east coast. When I retire after 30 years, it will be with over 85% of my salary. And I loved going to work EVERY day!

J. Clark of NC @ Jun 24, 2009 21:24:16 PM

who still offers these penisons?

Perhaps this isn't the place to ask this, but I am going to ask anyway. I am just starting out in my career (I am 28yrs old) and i would like to know what companies actually still offer a pension that my grandfather received. I am not a fan of the 401k most companies offer as it is scam, in my humble opinion. But aside from the military, post office and other government state and local agencies. Who else offers these pension that I would be eligible for?

Does the VA hospital offer pensions??

What about Utility companies?

Anybody know what other companies/organizations offer a traditional pension?

Thank you in advance to anyone/everyone who can provide some guidance and advise for a young guy trying to plan a retirement.

Matt of ID @ Jun 15, 2009 01:04:17 AM

Government Benefits

I'm really laughing. I'm a FERS employee working for the Federal government. The days of wonderful pensions is over. I will get a small pension, whatever I have been able to put in a 401K and social security (if in fact there is one to get).

This type of retirement started in the early 1980's. People under the old system retire at 55% of their base pay. It's doubtful I can retire since I lost a third of my 401k this last year.

Roxanne Kean of CO @ Jun 08, 2009 23:45:53 PM

It is a very telling statement when the primary beneficiaries of fixed retirement plans

are governmental employees. Seems we can afford good benefits for the govt. employees only be braking the back of the remaining workers/tax-payers who do NOT have strong benefit plans. I will believe Obama is serious when he advocates reducing governmental employees benefits down to the level of the benefits of those of us who are PAYING FOR THOSE FINE GUARANTEED BENEFITS FOR GOVERNMENTAL EMPLOYEES.

Paul of FL @ Jun 08, 2009 16:13:23 PM

Government insured

Angel. The private pension industry pays very high insurance premiums into the PBGC (Pension Benefit Guarantee Corporation). In fact, these premiums alone are starting to drive more people out of the pension system and into 401(k) plans (the cost to have and maintain a pension plan is enormous and continues to grow with new legislation). In a perfect world, the premiums being paid into the PBGC would cover the 'insurance' piece when a company goes under. Of course we don't live in a perfect world and the numbers never seem to work out. But it isn't supposed to be the taxpayers that cover these plans in the event of a company folding. It is supposed to be the pension plan sponsors that pay the premiums. But with many companies struggling (and the stock market drop) there are larger and larger numbers of companies that cannot meet the funding requirements. Which again puts pressure on the system.

Tim of OH @ Jun 03, 2009 12:34:04 PM

Military Pensions

One important profession wasn't mentioned in the article - the US Military! After only 20 years of service one is eligible to retire with 50% of salary, full medical and dental benefits for life, and a host of other benefits. Had I stayed for 30 years (until age 48) I could have retired with 75% of my salary. I retired this month and am only 38 years old - that's right, 38! In my case it works out to almost $40K a year for the rest of my life (adjusted upwards annually for inflation). Is it enough to live on forever? No, but it will make my house payment and gives me much greater flexibility than my peers in terms of future careers and options.

Neil M of MD @ Jun 03, 2009 10:20:03 AM