I worked for Farm Credit in the early '90's- we had a "defined benefits" program- you get a fixed pension amount at retirement, based on salary and years of service. There was a big push by all companies then to switch folks over to a "defined contribution" plan- a 401k that you contribute to, employer matches up to a point, and you're on your own. Company offered to "buy out" our pensions by contributing a lump sum to a 401k. I was reluctant, because it didn't seem like they were offering enough, based on what my pension would be.
The push was from "headquarters". My boss was a real "company man", and I figured he'd do it immediately, then join the pressure from Spokane. He mentioned the conversion one day, and I figured, Here we go- let the games begin. I told him I didn't want to do it- and was surprised that he didn't, either! In a very "un-company-man" statement, he opined that the very fact that they were pushing so hard led him to believe it would be very favorable to them, and therefore unfavorable for the employees.
I left Farm Credit in a "reduction in force" in 1995, and he retired a couple of years ago. We are both happily drawing our pensions. If I had converted, and drawn the same amount monthly as I have been getting from the pension for the past 7 years, I'd have run out of money several years ago, based on interest rates as they actually are (1%) vs. what they were projecting at the time (6-8%).
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Today's Featured Article - A Lifetime of David Brown Tractors - by Samuel Kennedy. I was born in 1950 and reared on my family�s 100 acre farm. It was a fairly typical Northern Ireland farm where the main enterprise was dairying but some pigs, poultry and sheep were also kept. Potatoes were grown for sale and oats were grown to be used for cattle and horse feeding. Up to about 1958 the dairy cows were fed hay with some turnips and after that grass silage was the main winter feed. That same year was the last in which flax was grown on the farm. Flax provided the fibre which w
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