Is the pension worth sticking around for or is it going to be gone/frozen in a few years? As an early career employee, it really is a fantastic benefit but I don't think sticking around is worth it if the pension will get frozen.
10 replies (most recent on top)
Pension needs to go away and go away quickly.
Me apologies. I had a series of mini-strokes in the past few months.
Before that - good faith in the best pension still existing (and the company that holds it).
I'm wondering when the lump sums will be enough to buy the company out.
Or the dividends.
All debts forgiven of course.
What in the hell is the person who through in the comment about the kushner kids smoking? Culture of health bro. That c-ap you just typed was the most bizarre sh– I’ve read in a long time.
I don't think that basing a decision on whether to stay in this company/industry on pension is the way to go. XOM is pretty much the last company holding on to the 'career for life' thing, and what do they have to show for it? Gold-plated employees and non competitive costs. We are waiting to hear from large initiatives by Nov 1st, you will find out soon enough
When I was starting my career 25+ years ago, a helpful family friend almost ready to retire from Mobil, said: I didn't think I would make it out of the oil industry in time, but I did; but I can guarantee you that you won't. It turns out I will, but only if I retire at 55. I can guarantee you that you won't. Take it as you will.
Maybe the pension will be gone someday, but right now the company is looking for ways to improve near term cash flow, maybe by laying more people off, cutting the dividend, selling more assets, etc.
To be young in the career - as me was some 30 years ago.
Where I'd work for a single company - a Big One - for years until I take my Pension.
Days are done.
Gone the Sun, son.
From the boost, from the tech, from the sly.
I've retired now for 2 years with my 30 past - and quite comfortable (hips and knees bionic).
You can't look forward to that it is sad to say.
That's not the nature of things. It was a long post-War blip.
You'll be fine with perspective.
And take a few Mandarin classes like the Kushner kids.
What id–t is going through and voting down the comments saying that there won't be a pension. Lord, there are so many people in this company that dont have anything between their ears.
Sorry those comments aren't what you want to hear, but please explain if you believe otherwise.
Don't be naive here. I'm similar to you, early career but came in as an experienced hire. My previous company (O&G) had their pension frozen years ago. The number of companies that offer the pension nowadays is extremely low. The number of companies that offer the pension and are struggling as bad as XOM is? Probably 0.
When previous employers removed their pension, they increased their 401k contribution to suffice, and/or added supplemental bonuses. No bonus and 401k match is gone till further notice, what do you think is next?
If you're an early career engineer, please don't be naive and hope for a pension at retirement. I told people at the company that before COVID even became a thing.
Seeing as very few companies even offer a pension, chances are that the pension will not be around near the time you retire.
At the same time, chances are the company you know today will be vastly different and operating in a different environment (successfully is another question)
I know as much as you (nothing).
Step back and look at this from a high level - who else provides a pension? Almost nobody even in the desired tech industry. My guess is that it will be halted and the 401k match will be restarted in a more limited fashion.