Ex-EY here, can someone from EY help me understand how the pension thing work? I believe they now have 2 accounts, correct? One pre-2016 and one lost which is like cash pension? After working 5+ years I’ve been told I have like $22k as estimated payout? I know of friends from other big 4s getting around $40k in pension for the same amount of time, is is something we miss on while joining? Help any insight here.

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My last day is coming up shortly. I called the benefits number and they explain it really well. Once you’re “terminated” in the hr system - 1-2 pay periods after your last day- you can look to move the pension current balance (both a and b) to an IRA. But if you don’t move it in 6 months, then you can’t access it unless ey tries to buy you out.

helpful

Thank you. This actually helps me out!

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There are a lot of factors involved. Ask for a breakdown of your payment. The post 2016 plan only contributes like 2-3% per year of your salary with a 4% interest rate.

Other companies like PwC allow you to invest your pension amount in the stock market like a 401k so assuming they were heavy in equities, they could have been getting 20-30% returns the past 5 years while you only got 4%.

If you invested your "pension" see if it's actually a pension or defined benefit plan vs just defined contribution

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Differences in contribution rates and interest rates and compensation that the contribution rate can equate to significant differences over a 5-10 year timeframe.

It is heavily dependent on your age. Beginning of career, 20k sounds reasonable. End of work career, not so much.

My last day is Friday. Is this something I should call fidelity about? No one has mentioned it lol

Fidelity has nothing to do with the pension (defined benefit) only the 401k.

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