Which is better? The non-contributory pension plan like Chevron or Shell have for some of the older employees or the Oxy retirement plan. I have a theory that workers are really getting screwed now compared to the plans of two or three decades ago. Sure you could buy an annuity with your retirement account but it most likely isn’t anything like what the old pension payouts were. Not talking about 401k plans.
5 replies (most recent on top)
Your theory is prove correct by the fact that almost no company offers defined benefits plans anymore ….. guess why?
The last poster just said pension plans are unsustainable. Then criticizes that the Anadarko plan was terminated. SMH
@1zok+1kp59ste
That isn’t a pension plan. It’s a defined contribution plan where Oxy contributes a defined amount. They have no future liabilities. Pension plans really were just unsustainable. The LAPC staff who were hired prior to 2007 had it good with the pension plan until Oxy screwed those that were left by freezing it.
Well, Oxy has both. There is the one you contribute to with the company match in addition to the one the company puts 7% in automatically (increase to 12% when base pay is over SSWB). So, definitely not a pension but it is non-contributory. They fund that even if you decide not to put funds into the 401k.
Yeah, sorry buddy, pension plans are the thing of the past. Some older workers are still in them, but most for the world has moved on. It’s not an Oxy thing. It’s just the reality of the world the past 30 years. You should start saving and investing early and plan your retirement. Don’t expect you employer to provide a lifetime income with a pension.