Does your company offer a traditional pension plan?

Question

I work in the banking industry and it seems almost none of the companies provide a traditional pension plan anymore. Everyone has a 401K but no one has a defined benefit plan. Maybe Bank of America does. Does you company have a plan and if you are one of the few how good is the plan?

Answer 1

There's your answer, I guess. Very few these days. I worked at Smith Barney(originally EF Hutton, then Shearson, etc, etc) and although they had a plan back then, it seemed iffy that they would continue. Last I heard, they were getting rid of it(gets more expensive as employees get older). It's probably just as well-contribute to that 401k!-because the regulations have changed to allow companies to withdraw promised benefits anyway(United Airlines is just one). I also remember Travelers employees were promised free health insurance in retirement and that was taken away. it's a different world these days...