3 ms·

Who the hell has a pension any more?

• iancmceachern 6y ago
  J&J employees do
• csa 6y ago
  Many/most federal, state, and local government employees (including teachers), among others.
• chrisseaton 6y ago
  I have a pension from my tech job. Almost all professional full-time jobs offer pensions. It might be in the form of a 401k in the US, but a 401k is just another kind of pension.
  • fragmede 6y ago
    They're both forms of retirements savings, but a 401k is a totally different form of retirements savings from a pension.
    • chrisseaton 6y ago
      I don't know why people get confused about this! It's a fund to give you income in retirement. That's a pension! You can have both defined-benefit and defined-contribution pensions. Not all pensions are defined-benefit: 401(k) is a defined-contribution pension. Wikipedia say it's a pension: > a 401(k) plan is an employer-sponsored defined-contribution pension https://en.wikipedia.org/wiki/401(k) https://en.wikipedia.org/wiki/401(k) The US Code also says it's a pension - 401 is 'Qualified pension, profit-sharing, and stock bonus plans' and 401(k) is covered under the 'qualified pension' clause ('qualified' meaning the same as 'defined contribution' in this case.) If it looks like a pension and quacks like a pension and is called a pension in law and is called a pension in non-technical resources like Wikipedia then... it's a pension!
      • xxpor 6y ago
        You're using the legal term to be pedantic. However, it makes nearly 0 sense in this case because with 401(k)s, you can usually only invest in the funds allowed by the plan, not individual stocks.
        • deleted 6y ago
          [deleted]
      • hrez 6y ago
        But it doesn't quack the same as defined-benefits. If 401k tanks no amount of calling it a pension is going to feed you.
        • wutbrodo 6y ago
          What you're describing is "defined-benefit pension" not "pension". As the parent comment quotes, a 401k is a "defined-contribution pension".
          • StillBored 6y ago
            Congratulations on buying into wikipedias politically "correct" definition. How about https://www.dictionary.com/browse/pension https://www.dictionary.com/browse/pension Or maybe for clarity consider the word "pensioner" Is it still a "pension" when contributions are made your whole life and it crashes to 0 and you never make a withdraw? Most people call defined contribution plans "retirement savings" plans and defined benefit "pensions". While conceptually at a high level they are the same thing, the difference is in who bears the risk when the plan is underfunded. In the first the risk is entirely born by the individual which frequently doesn't have any choice in the investment companies much less the investments. The latter the risk is squarely on the shoulders of a larger organization, be that a company or as the last resort the government. Aka the risk is socialized/insured.
            • chrisseaton 6y ago