No. of Recommendations: 6
<< and a shift from pension plans to 401(k)s have all put a burden on employees.>>

What's not to like?

I worked for a utility for twenty years, 1979-1999.

They had a defined benefit pension plan and I was covered by that for twenty years. When I turned 65 I got a cash settlement on that in lieu of an annuity, and received $100,000 in cash.

I was also covered by their newly established 401K from 1987-1999, and maxed out on contributions to that for those twelve years, which also caused contributions by the employer during those years.

That was worth about $250,000 at age 65.

Plus, that was an account that I owned personally and no one could screw around with.

MUCH to be preferred over either a government or company owned pension plan!

Seattle Pioneer
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