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...I guess she is lucky to have a pension the way they used to spend money....

The pension is a red flag to me that should be looked into.

Most likely it is will be covered by the PBGC if they go belly up. The coverage should be enough if it a is modest one but if it is a large one then it could be at risk because the pension guarantee has a fairly modest limits especially for younger people like your wife. Even if the amount is covered the terms will be different and she will likely not be able to roll it out as a lump sum when she retires.

The thing that you need to find out is how much of her pension is guaranteed and how much is vested and could be taken as a lump sun if she quit today. It could be that if she left the company and got a lump sum before the company fails(if it does) then she would be better off.

Greg
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