Will the associates moving to this new company keep their TIAA salaries? I heard this new company doesn't have a retirement plan.... scary
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people should read more, anything, so when they read documents, they better understand what is being said.
Accenture has a 401k plan just like TIAA. TIAA 401k plan is understood as gSRA contract for those who have many years of service. This is also the plan where employee money goes and TIAA match money goes.
TIAA also has a ‘retirement plan’ which is linked to the RA/GRA contract. This is entirely employer money based on age based sliding scale. It is viewed more like a pension because the distribution options are restrictive against full distribution unlike the 401k.
This employer only plan is special to TIAA but also similar to additional retirement plans in the for profit world usually linked to executives as part of retention compensation - similar to stock options with a vesting period.
There is not one major company that does not have a retirement plan. Not one. We don’t actually have what anyone would consider a pension. We really just have a retirement plan contribution that doesn’t need a match.
We kid ourselves calling this a pension because we turn it into a pension at the end of employment. When most people talk about a pension it is a defined benefits plan that has certain parameters and you get paid an annuity at the end without being concerned how you invest it. That is very rare at this point. Don’t kid yourself that we have a pension here if you invest it like cr-p you won’t have money when you retire.
Their retirement plan is like any other company, 6% match. We are so spoiled by tiaa that we demand tiaa salary and pension anywhere we go.