Latest rumor is they will offer to buy out your pension for a lump sum into 401k. The IRS rule that allows companies to save money expires in 2017 and is updated. Just curious. I wouldn't agree to anything since the pension guarantees 7.5% returns where the market returns ???
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I remember the switch to Aon-Hewitt quite well. They took a lump sum 10% cut out of my 401k just for sh--s and giggles. It's one of many reasons I left the sinking ship within a couple of months of that robbery.
They transferred the Smith 401k from Vanguard to Aon-Hewitt. I don't believe that was in best interest of the Smith people. Probably wouldn't be allowed today with the new fiduciary rules of this year.
You will have to do your own research.
Just be sure they can't screw up your pension somehow. Way, way back when HAL bought Bariod they somehow super screwed the Baroid pension. I remember those Bariod guys being beyond screaming angry.
Agreed. I remember the 2004 deal. Knowing nothing back in the day about pensions blah blah other than the the mantra "when the Company is pushing something different then it's never good for the employee", I stuck to my guns. Glad I did
You can bet if the company is pushing it, it's not in your best interests.
Reminds me of the pension / 401K switch back in 2004.