You field workers got hosed a few years back when slb took away your pensions. That pension was golden. As it is now, those 24 hr days work aren't worth it.
But if you were making that pension it would be because its worth about $100k/yr assuming the market returns 0 interest which is realistic in my opinion.
As far as the trade off with a few percentage points extra pay in 401k, it doesnt come anywhere close to 100k/yr.
You just have to work out the numbers over a career at the berger. 22-50 is 28 yrs, and a pension pays till you die so from 50 to 95 is a good approximation
for the payout years which is 45 yrs. That amount of cash is huge. Its like winning the $2 million lottery! Last I checked berger pays out 30-60k /yr
in pension depending on when you retire.
Its amazing how these older companies had all kinds of pensions plans and now are abandoning them in droves. The exceptions are teachers etc with unions (the
states are still behind the private sector in adjusting compensation). These companies are essentially halving or close to it the total pay of workers from one
generation to the next. Its a pure rip off if you ask me as the older generation of managers f'd over the next succeeding generation.
So I suggest you people find some good attorneys in union work and establish a union. Baker still pays out a pension last time i checked.