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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