Pension plans...

[Buckrider]

Where I work they are finally going to do away with the pension plan that has been in place for many years. I know they can’t legally just keep the money but what are normally some options that they can do with the money we have “accumulated” in our name to replace the outgoing pension? How do they determine what amount will be transferred? Just hoping to have some ideas of what to possibly expect so we don’t get a shock... they are not talking any details other than very likely will happen and probably in August.... thanks


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[HoustonHunter]

Hope you get to keep it!

[Firefyter]

Well I can tell you from experience that after 35 years as a Firefighter the city last year went and cut my pension, so they are not obligated to give you what they promised or what you earned. They have to give you something but it doesn't have to be what you have earned. Saw it disappear before my eyes.

[Acameron52]

Hmm, honestly never thought about that. Hopefully TMRS never goes away. I would imagine they would move it to a 401k or something similar.

[brysdad]

Well I can tell you from experience that after 35 years as a Firefighter the city last year went and cut my pension, so they are not obligated to give you what they promised or what you earned. They have to give you something but it doesn't have to be what you have earned. Saw it disappear before my eyes.

Who was your plan through? This scares the heck out of me.

[Voodoo]

Gotta fund Lone Star cards somehow

[BigValley]

Usually a company will change them to a cash-balance plan where instead of monthly installments, you just receive the balance as a lump sum when you retire. It shouldn't go completely away. If the plan is underfunded, the Pension Benefit Guarantee Corporation will take it over but you'll just get what you currently have vested. Don't hesitate to reach out if I can help with anything!

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[Atfulldraw]

The general rule is to take the lump sum as early as you can, and get it out of the idiots’ hands.

[Huntindad]

I went through this a few years ago. They discontinued the pension plan and rolled it all over into 401K accounts. They are paying the admin fees as ell.

[MadHatter]

The general rule is to take the lump sum as early as you can, and get it out of the idiots’ hands.

Roflmao

[ON THE EDGE]

Well I can tell you from experience that after 35 years as a Firefighter the city last year went and cut my pension, so they are not obligated to give you what they promised or what you earned. They have to give you something but it doesn't have to be what you have earned. Saw it disappear before my eyes.

Every chance they get, it’s the fire fighters costing them money. What an F ing joke. I plan to pay in as much as I can, and get nothing when I retire. If your a FF and haven’t learned people want you to sacrifice all and get nothing in return, your living in a dream world. I used to do it because I loved it. Now it sometimes feels like I do it to keep the younger ones from sacrificing their lives for nothing. I’m willing to lay down mine, but not willing to let another do the same for the citizens and city that don’t give a ****

[wal1809]

Well I can tell you from experience that after 35 years as a Firefighter the city last year went and cut my pension, so they are not obligated to give you what they promised or what you earned. They have to give you something but it doesn't have to be what you have earned. Saw it disappear before my eyes.

They cut your pension or changed what happens from this point forward?

[jmeghunts]

Hmm, honestly never thought about that. Hopefully TMRS never goes away. I would imagine they would move it to a 401k or something similar.

TMRS will be fine however don't count on your city to always match funds. DeSoto cut their contribution a few years ago as have other cites. A lot of cities were 7% with 2-1 match but a lot have gone to 5% 1-1 or 1.5-1.

[Mayhem]

My company is doing away with our pension and we are all going to a 401k. From my understanding the amount I already have will stay in the account until I retire. I do not know if it will gain interest or not.


I wish they would let me have access to the money and invest it as I see fit, but I don’t think that is a option at the moment.


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[Jerry Worley]

Depends on how it was set up. I used to work for Allstate and they had a defined benefit plan. I did not put in a penny. They made a contribution each year of a certain percentage of your gross income. Pretty sweet deal. Until I left to go be an independent Agent and found out that since it was a defined benefit plan they controlled everything. So not only could I not move it, they have not had to pay me one red cent in interest since 2000 and I cannot collect till age 65. So no interest on a chunk of money for 25 years. That has cost me a LOT of money.