I worked for Farm Credit in the early '90's- we had a "defined benefits" program- you get a fixed pension amount at retirement, based on salary and years of service. There was a big push by all companies then to switch folks over to a "defined contribution" plan- a 401k that you contribute to, employer matches up to a point, and you're on your own. Company offered to "buy out" our pensions by contributing a lump sum to a 401k. I was reluctant, because it didn't seem like they were offering enough, based on what my pension would be.
The push was from "headquarters". My boss was a real "company man", and I figured he'd do it immediately, then join the pressure from Spokane. He mentioned the conversion one day, and I figured, Here we go- let the games begin. I told him I didn't want to do it- and was surprised that he didn't, either! In a very "un-company-man" statement, he opined that the very fact that they were pushing so hard led him to believe it would be very favorable to them, and therefore unfavorable for the employees.
I left Farm Credit in a "reduction in force" in 1995, and he retired a couple of years ago. We are both happily drawing our pensions. If I had converted, and drawn the same amount monthly as I have been getting from the pension for the past 7 years, I'd have run out of money several years ago, based on interest rates as they actually are (1%) vs. what they were projecting at the time (6-8%).
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Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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