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Does anyone besides KPMG offer a DB pension plan these days?

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  • Does anyone besides KPMG offer a DB pension plan these days?

    Participated in a benefits review panel for my organization. I'm happy with our package. It rewards longevity > 7 years with ca 10% retirement contributions and 40 days of combined PTO and CME per year. Good pay if you are productive.

    I said I wanted a sabbatical every ten years and/or a defined benefit pension. Like Kaiser. Would accept after tax 403b and in service rollover to facilitate mega backdoor Roth IRA in lieu of first two requests.

    What do you think?
    Last edited by FIREshrink; 01-26-2021, 07:43 PM.

  • #2
    What’s kpmg, do you mean tpmg

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    • #3
      Originally posted by fatlittlepig View Post
      What’s kpmg, do you mean tpmg
      No the better scpmg

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      • #4
        Very interesting thought experiment. I think it all depends on your age. My defined benefit plan was not that big of a bonanza for me. There was a 5% reduction in benefits for every year under 65, so the total value of my benefit is less than a quarter of what it would have been if I were at retirement age. I naively thought it was a straight up 12% bonus when I took the job out of residency.
        I sometimes have trouble reading private messages on the forum. I can also be contacted at [email protected]

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        • #5
          I personally would want control of the money myself. But the vast majority of people would be better off with a pension.

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          • #6
            I'm a new attending at a state institution. I had the choice between the state's pension/DB plan and what they call the "optional retirement plan," basically a third tax-deferred account (functions as a 403(b)) in addition to my 403(b) and 457(b). The state puts 7.25% of my salary into it as a gift every year, and I am 100% vested from day 1. The choice between the two plans had to be made on my first day and was irrevocable. I went with the optional plan because I figured a bird in hand...

            I think DB plans are still pretty common in the public space.

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