No. of Recommendations: 2
I was "fooled" by my present employer.

Let me start in 1991 - the aerospace company I worked for in Buffalo NY closed down. I had 5 years there so I was fully vested in a pension. Lets just call the pension $X.00 / month at 55 years old with 5 years vesting.

I find another job in 1992 and fast-forward to 2005. I am with this new LARGE company all along. I have been trying to check on my pension with HR for long term planning. NO LUCK with them for YEARS. Until today - the company has put the pension information on the web for all employees to see.

Well - after working there since 1992 and assuming I retire at 55 – that would be working there for 18 years - I will get almost the EXACT same pension as the aerospace company – but I worked for the aerospace company for only 5 years ! Not near the 18 for my present employer.

They fooled me. I would have thought that I would be much better since I worked for my present company 18 years - but NOT ! I thought that the below industry pay was OK as long as they matched 401K and had a good pension. I was fooled.

My present employer has a 401K matching, etc.. but looking back - I wish the old aerospace company was around again (they had a matching program too).

I would suggest you check out your company to be sure what you are entitled to.

I blew away 18 years.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.