Career Path > Money Matters
Retirement
ToadSuck:
I search for pension, retirement, retirement benefits, etc.
I know all about 401k's so you don't have to waste your time there, but most companies aren't sharing their specifics on pensions, profit sharing, and stock options...
Since I have read all the posts on pay, now I want to weigh out the other stuff. Entergy or TVA looks like one of companies I will more than likely work for and they actually list in their manual exactly what you get.
For TVA, they put 6% of you pay into a pension account for you.
Question: Straight pay or 6% of everything?
For Entergy they say,"AVG Pay x 1.5 x # yrs". What avg pay??? It can't be yearly!!! So, monthly, weekly, bi-weekly????
What is considered base pay? Just straight time 40 hrs? OR, include overtime? Or, include overtime and bonuses?? (I know that "base" doesn't include bonus...just trying to present every option I can think of.)
I would just appreciate help from people describing their companies pension for Ops (RO/SRO). Any companies info would help because besides the 2 I listed, no one else divulges the info... It might help me decide to go somewhere else.
Thx in advance...
Matt
Nuke Officer and Enlisted Recruiter
NRD New Orleans
WebbedOne:
Entergy has a "defined benefit" retirement plan. The specifics of the plan vary based on the employee's work location, job, labor status (bargaining/non-bargaining), etc. The percentage (1.5%) is the same for most workers. However, for some employees OT is included, for others bonuses are included. At my site, in my position, neither OT, nor bonuses are calculated into the base. So, to determine my pay at retirement age of 65 years old, I would multiply my years of service X .015 X average base hourly wage for my 3 highest years X 2080 hours/12 months = monthly retirement benefit.
What you have described for TVA is a "defined contribution" retirement plan.
RRhoads:
--- Quote from: cmattatkins on Jul 24, 2008, 11:25 ---I search for pension, retirement, retirement benefits, etc.
I know all about 401k's so you don't have to waste your time there, but most companies aren't sharing their specifics on pensions, profit sharing, and stock options...
ok
Since I have read all the posts on pay, now I want to weigh out the other stuff. Entergy or TVA looks like one of companies I will more than likely work for and they actually list in their manual exactly what you get.
For TVA, they put 6% of you pay into a pension account for you.
Question: Straight pay or 6% of everything?
For Entergy they say,"AVG Pay x 1.5 x # yrs". What avg pay??? It can't be yearly!!! So, monthly, weekly, bi-weekly????
What is considered base pay? Just straight time 40 hrs? OR, include overtime? Or, include overtime and bonuses?? (I know that "base" doesn't include bonus...just trying to present every option I can think of.)
While iam NOT OPS/SRO...
I cant speak for TVA i don't work for them...
At the plant i work at, base pay is just that, your base HOURLY pay. $$/hr X 40 hrs/week X 52 weeks/yr. + 12? holidays.
All my other monies..like $$ for medical insurance, overtime, stipends are all taxed post deductions.(this is NOT part of "base pay"). I have a State pension so ~ 5% of my gross(all monies accrued for 2 weeks) pay goes to that.
I would just appreciate help from people describing their companies pension for Ops (RO/SRO). Any companies info would help because besides the 2 I listed, no one else divulges the info... It might help me decide to go somewhere else.
Thx in advance...
Matt
Nuke Officer and Enlisted Recruiter
NRD New Orleans
--- End quote ---
Roll Tide:
--- Quote from: cmattatkins on Jul 24, 2008, 11:25 ---For TVA, they put 6% of you pay into a pension account for you.
Question: Straight pay or 6% of everything?
--- End quote ---
6% of the base pay you are receiving at the end of the fiscal year.
The "cash-balance" also grows at the 6% rate.
Then you receive benefits at retirement based on a formula (no, you can't actually take the cash balance and put it where you want it!)
I believe this link works for anyone considering TVA and the TVA retirement system.
http://www.tvars.com/cash_balance_calculator/index.htm
Old HP:
Whats to talk about, most of us have the B retirement plan. Work until you're 75 and spend 2 years on your bucket list and then kick it.
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