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Roth vs Traditional 401k, thoughts?
Conversation Starter
Rising Star
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Hello,
I'm looking for Job change and I'm very much interested and like to work in Zoho
Could someone please refer me..
Experience : 2 Years
Skills : Java, Spring Boot, Angular Framework (HTML, CSS, Typescript), Sql (Mysql, Oracle DB), Python
My current Organisation : Infosys
Role : Digital Specialist Engineer (Java Full stack Developer / Java Developer)
CCTC : 7.5LPA
I think I'm not getting my industry standard salary as per my YOE (2+ Years) and expecting atleast 10.5LPA
Zoho Corp
Bowl Leader
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You retire when you’re done - either when you’ve had enough or when you’re no longer productive and you’re gently CTLd. There is some financial incentive to retire by 60. We don’t have a Big4 style defined benefit pension plan (“Ponzi scheme”). Firm buys back your shares over time as you approach retirement.
Coach
McK that’s not how it works at PWC. It is actually very similar to what you describe
Pwc has a age 60 mandatory retirement for partners. Have to have been a partner 10 years to get pension. But this job doesn’t get easier and there is a pyramid at the top that gets really narrow... so you are going to have to do work, not just manage things for most partners. The cushy, administer other partners jobs are few, it’s all in client service for the most part. While those people in admin partner roles would not describe them as cushy, I have never seen a partner voluntarily go back to client service. So that tells you something.
And I get obits every few months of some partner that retired at 57 and is gone by 62. So you have to decide if you want to have a heart attack on the job or get a few years of leisure in. The payout of the pension plan is good, but I see retired fire chiefs in small towns that get more.
We move in with our parents
EY (think all big4 are similar) used to have a max partner pension payout of $400k/year. So partners would stay at the firm until they got this vesting usually around age 50 otherwise known as “the golden handcuffs”. Now, it’s a more portable buyout plan. Supposedly similar monetary benefit but tough to compare depending on when you leave or retire.
Why not stay until you’re 50 or 60? If it’s a careee you like and are good at, it only gets better as you get more senior
Lot of cool responses. So it sounds like my general observations from reading through this are:
Big 4: formerly a big pension, but now looking to have something more cash based lump sum; still buying out shares and maybe returning capital account money etc. mandatory retirement age.
MBB: share but back, but no pension. More up and out even as a partner than big four, but made up for by higher comp.
Other firms: typically no major pension, share buy back and some have interesting exit plans.
Am I missing anything cool or unique? Does Accenture or any other publicly traded firms have a different approach?
Subject Expert
Thats basically the employee pension plan at KPMG. Except contribution amounts are extraordinarily stingy. It’s called a cash balance pension plan. Partner plan is much better.
I’m not saying there’s not a reason. I’m saying I don’t know anyone who’s done it. Not one of my friends from my Super 7 who made partner at those places are still there. None. And there were plenty.
Bad info AM1. Whoever told you that was conflating one of the several deferred savings vehicles.
People use “pension” as a catch-all for post-retirement income, but there are different things that are part of that grouping. There’s still lifetime pension. Two, technically.
Not a 20-year partner, but don’t see a Big 4 partnership being any less lucrative now.
Not big 4 or MBB. We don’t really have a retirement plan. Between 55 and 65, you can do 5 years of emeritus kind of work (minimal like 60 hrs a year or something) to stay connected and you get roughly $300K-$400K or so (depending on years as P and last few years I’d pay). After that you are done. Company buys back your shares at book value.
So Most of the onus is on you to save on the money you make post making partner.
That’s a cool kind of setup to go out in a phased way. Not the carrot that the big 4 pensions were, but still really cool.