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KPMG has similar scheme as PwC for Partners. MDs still participate in employee pension plan which is a cash balance plan (not defined benefit) with amounts contributed annually by firm based age and years of service—it is better than the 401k match for employees but the Partner plan is the only retirement benefit offered that is actually generous.
K1 - you said that only one plan is "actually generous”. There are five plans and together it leads to a significant amount of wealth creation. I am assuming you are not a partner or have not read your annual benefits statement.
I am sure that the big four all have similar plans. I have heard the Deloitte’s is the most attractive as it has the longest vesting period (mandatory retirement is 62) and does not have a 10 year cap.
Vesting at Deloitte is 10 years. Cap is at 25 years. Mandatory retirement with 62.
K1 - you don’t know what you are talking about
There are multiple pension plans. Very generous but it takes time to have the payouts to be truly meaningful.
Does Deloitte have a pension for MDs as well? PwC doesnt
Wowwww. That’s pretty cool. Been at two B4’s and both acted like MD and P were essentially equivalent. Your deal makes that real. Elsewhere it’s materially different.
EY doesn’t have a pension any more. Just a generous 401K matching.
I figured EY1 was not a Partner
Better make sure it is fully funded.....
That’s what the annual report is all about
Huh? I never said there were not. You don’t know how to read. What I said is our partner plan is similar to what was described by PwC. It is.
What do you mean by meaningful? Your posts seem to imply that if you don’t partner at K by 40 it doesn’t pay. I call that incorrect. The ten year vesting isn’t hard and fast either.
What is wrong with people on this thread? I never used the word “meaningful”. I never said anything about age. In general at a high level our plan is just like what PwC described...the biggest benefit from the pension is for the longest service and the earlier you promote the better value proposition it is. Being promoted late is indeed a penalty, similar to what PwC described. That’s all I’m saying.
So if you don’t make the 10/25 years you loose it all? So all or nothing
For one of the plans, I believe you have to have 7 years at partner before mandatory retirement at 60 to fully vest. Otherwise it is years x 5% vesting. This is the only plan I think that varies significantly on years of partner service
No A1. It’s generous throughout but the jumps between ages 55 to 58 are very significant.
At PwC full vesting happens at age 55, and you need minimum of 10 years to qualify
Op 20 years at PWC overall or 20 years at partner level?
20 at partner.