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 - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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