cross-posted from: https://lemmy.ml/post/26319922
this post was submitted on 22 Feb 2025
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Can someone explain me how pensions work? Isn’t that some sort of 401k that is tied to the company and you lose access to when you switch companies?
It depends on the organization.
I'm part of the Texas Municipal Retirement System. I put 7% of my salary into TMRS, and th city double-matches that, so I've got 21% going into the pension annually.
When I retire, the pension pays me according to what I put in and what I make the last 5 years of my career. Each member city that I've worked at contributes to my pension until I doe according to how long I've worked there.
The biggest thing to understand about a pension versus a 401k is that you can't cash out on a pension. When I retire, I'll get paid the rest of my life and even get raises, but I won't have a huge pile of money I can pull out or give to my heirs.
On the flip side, I don't run the risk of outliving my savings.
I have a 2% pension. So, every year I work at this company, they add an additional 2%. When I retire, I will get paid that percentage of my salary for the rest of my life. It will be based on what my salary is at the time I retire. So, if I work there for ten years, for example, I’d continue getting paid 20% of whatever my final salary is after I retire.
a pension ensures trust between employee and employer.
I believe if you leave, you lose it.
if they fire you without an acceptable reason, they lose it.
the longer you work there the harder it is to fire you without it hitting the company.
Sounds like a raw deal. It’s nice to have severance package but the price is losing your pension if you leave… not worth it. Companies change, get shitty, and then you’d be stuck with it.
and that's one of the handful of reasons why most people don't complain about them being gone.
on the other side, when your company gets shitty, get petty.
make them fire you for some dumbass reason. get the payout, and move on.
Yep there's so many ways to get someone to quit