Quote:
Originally Posted by Mr.Coffee
in an earlier post you stated most other people (you talking oil and gas I assume?) had similar pension pay.
Disagree. 10%? I've seen as high as 7% which was really good but I don't think I've seen as high as 10%. Unless you are including bonus, long-term comp? I'm sure there are a couple companies out there that might offer 10% but it wouldn't be the norm in my experience.
Your point about saving money stands though, for sure. It's a good point. Can anyone actually detail what the teachers pension actually is? I had heard it was average of your 5 highest earning years for life after retirement, but I'm not sure that's true and am too lazy to go research if there's a teacher here that can just confirm / deny.
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My last oil and gas job had a total of 13% employer funded savings. There was an 8% contribution to a DC pension plan, plus a 5% match to a savings plan paid with company shares. I always sold the shares and reinvested in index funds. I prefer the DC model to the DB model because I think I'll do better than the DB assumptions, but opinions can vary about that.
Worth noting that my base salary in that role was significantly more than a teacher with similar years of education/experience, so the % was also on a higher base.