Does Halliburton have a #pension plan or some other #retirement option (aside from a classic 401k)
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They don't have pension plan. Guide lines are when a company is bought out and the purchase company doesn't offer pension the they have to do a force pay out.
Baker Hughes retirement plan overall is much better than Halliburton's plan.
Halliburton has a maximum 9% matching if you contribute at least 6%.
On the other hand, Baker Hughes give you between 14% to 19% matching depending on your age if you contribute at least 5%.
OK, am I to believe that they can never screw us here: Whoever stated earlier that the pension fund "is at risk of default if the company does bankrupt" doesn't know what he's talking about. once contributions have been credited to your account, they may not be taken away from you. Under the Employee Retirement Income Security Act, the cash-balance fund is kept by third party separated from the company (unlike the traditional pension plan where you're promised to receive a certain % of your income throughout your life). Free money is better than no extra money. And Baker Hughes credit to your account each quarter, 2-4% depending on age. And the total money is guarantee to earn money that's pegged to 30-year U.S. treasury bonds. While it doesn't have stock-like return, but it's very safe. You should consider it as a part of your bond in your portfolio. Once Baker Hughes is merged with Halliburton, we will loose this benefit. Such a shame. Anyway, next year when they stop the pension plan, you can roll the whole amount over to a Roth IRA.
Whoever stated earlier that the pension fund "is at risk of default if the company does bankrupt" doesn't know what he's talking about. once contributions have been credited to your account, they may not be taken away from you. Under the Employee Retirement Income Security Act, the cash-balance fund is kept by third party separated from the company (unlike the traditional pension plan where you're promised to receive a certain % of your income throughout your life).
Free money is better than no extra money. And Baker Hughes credit to your account each quarter, 2-4% depending on age. And the total money is guarantee to earn money that's pegged to 30-year U.S. treasury bonds. While it doesn't have stock-like return, but it's very safe. You should consider it as a part of your bond in your portfolio.
Once Baker Hughes is merged with Halliburton, we will loose this benefit. Such a shame. Anyway, next year when they stop the pension plan, you can roll the whole amount over to a Roth IRA.
Halliburton doesn't have cash-balance pension fund, while Baker Hughes gives us cash-balance pension, 2-4% depending on age.. Halliburton 401(K) gives you maximum 9% free (5% plus 4% basic contribution). Baker Hughes 401(k) gives you 7% to 10% free depending on your ages (5% basic contribution plus 2-5% depending on your age). Halliburton HSA contribution for you is $1200 for family, while Baker gives us $1000. Health insurance is a wash. Employee stock purchase plan is also similar with 15% discount.
Overall, Baker Hughes has a little better benefit plan than Halliburton.
Ex hal here
classic 401.and stock purchase plane
Why would you want an antiquated "retirement" plan that's only good for maybe a 2% return, you don't have any control over and is at risk of default if the company goes bankrupt?