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Politics : Politics for Pros- moderated
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To: KLP who wrote (112191)5/2/2005 7:25:01 AM
From: Lane3   of 793917
 
For a few years of service, it sounds too much

I'm surprised that one percent of salary per year of service is considered high. What in your experience is typical.

I tried googling for the common practice on defined benefit pensions and found this bit from The CPA Journal Online. It assumes a two percent calculation.

"For purposes of discussion, we will assume that all company retirement plans are the same: companies have defined benefit pension plans in which the benefits at retirement are calculated according to the following rules:

1. The plans have a five-year "cliff" (all or none) vesting;

2. The company pension is based on the salary earned in the last year of employment; and

3. The pension fraction is 2% per year worked.

Thus, if vested, an employee's retirement is calculated by taking the last year's salary and multiplying by 2% for each year of eligible service."
nysscpa.org

This was from yesterday:

Good. I was so sure I hadn't given you that info twice. You had me thinking I had lost my mind. <g>
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