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Pensions are definitely phasing out. So many legal hurdles involved with them and they are a hefty long-term financial challenge for employers.
The only person I know who has an actual pension is my stepdad. But he worked for the government for 30 years. I don't know anyone in the private sector who has a pension.
IBM is bringing back annuities yes. There was a piece about it in January.
I have a pension with my company, but 5 years ago, they slashed the pension and revamped it leaving us with only a small amount vs. what we were anticipating when we retire. It was a terrible blow to all of us who worked for years under the guarantee of a certain pension when we were first hired.
That’s brutal,is that even legal to amend the terms? People might have just stayed for the pension and the firm turning its back is cruel to say the least
You're right about that. I haven't seen a company offer a pension plan as part of their benefits package in so long. It has to have been about 4 years