Whenever choosing a company, it is important to look for their pension plans for your financial security after retirement. Many companies in America have stopped offering pension plans and now offer plans like 401(k).
But the pension plan is far more generous than any other plans as it pays employees a guaranteed amount based on their salary and years of service.
Companies Offering Pension Plans and Retirement Benefits
1- General Motors(GM)
General Motors provides two types of pension plans to its employees– Defined Benefit Plan(DBP) and Defined Contribution Plan(DCP).
The eligibility for these pension plans depends on the Employee’s position, hire date and terms of employment. The pension plans are usually calculated by the salary and years of service of the employee.
2- International Business Machine Corporations(IBM)
IBM has recently reopened its pension plan but previously it was making just 5% contributions to its employees’s 401(k) accounts.
But IBM announced that it will fund a 5% credit into a ‘Retirement Benefits Account’, meaning it has reopened its pension plan for its employees.
3- AT&T
AT&T pension plan consists of providing benefits on retirement or death of its employees. The plan provides Defined Benefits with members paying additional voluntary contributions or money purchase benefit into the pension plans.
4- Chevron
Chevron offers two employee sponsored retirement plans that help employees save for retirement. These plans are the Chevron Retirement Plan (CRP) and the Employee Savings Investment Plan (ESIP).
You can go to Chevron website and log in to BenefitConnect to run pension estimates and use pension modeling tools to start your pension benefits.
5- Johnson & Johnson
Johnson & Johnson pension plan consists of a single-employer corporate pension based in New Brunswick, New Jersey which provides retirement benefits to the employees. J&J Pension Fund OFP works to implement the pension plans and manage the pensions of its employees.
