{ "media_type": "text", "post_content": "Just curious. What are everybody’s pension benefits out there? PwCs are fairly dismal for employees. 25% 401(k) match on first 6% deferred. Then a non elective contribution that varies by staff level. 3% for associates. 4% seniors. 5% for managers. 6% directors and then I think 8% for partners. What does everyone else get?", "post_id": "5f679321123dde002ba46293", "reply_count": 22, "vote_count": 2, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Just curious. What are everybody’s pension benefits out there? PwCs are fairly dismal for employees. 25% 401(k) match on first 6% deferred. Then a non elective contribution that varies by staff level. 3% for associates. 4% seniors. 5% for managers. 6% directors and then I think 8% for partners. What does everyone else get?

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Not sure why you think that’s “dismal” — seems pretty well in line with industry to be honest. And while partners do get matching and wealth builder, the real partner pension benefit is the actual pension — after a partner gets 10 years of service as a partner under their belt, they get a paycheck till they die.

likefunny

Technically, legally no. The pension isn’t legally a pension because it’s not funded out of an investment return (there isn’t a pot of money put aside for it) — it’s funded out of future firm cash flows. From a practical perspective, yes. If you are eligible for the pension when you retire, you get what amounts to a defined benefit, a fixed amount based on a formula I won’t get into (not because it’s secret, it’s just complex) annually until you die.

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If it were the only thing PwC did, the 401k match would be weak, but the Retirement Wealth Builder is a different, and fortunately much better, story. Mine’s currently worth $430,000, and I’m fully vested in it and have 25 or so years until retirement. That didn’t cost me a cent to accumulate. If I were to leave before retirement, I can roll it into an IRA. So don’t ignore it and invest it wisely (or, just drop it in the S&P 500 tracking fund if you don’t want to actively manage it). Also note that PwC allows you to roll any post-tax 401(k) contributions you made into a backdoor Roth as frequently as each paycheck, which can maximize returns and minimize taxes in the long term.

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Also as for the non elective contribution are we even allowed to use for taking loans as we can do with 401K?

helpful

Loans can only be taken against the 401(k). The Wealth Builder is structured as a defined benefit retirement plan, and I believe the tax rules for loans against those are quite a bit more complicated, which could be why loans are not permitted.

OP - that sounds pretty good. A 3 - 8% retirement contribution plus a match. I though most companies offer a match and that’s it.

Accenture has a 6% match and no Wealth Builder equivalent. We have a stock purchase program though

Pwc UK contribute 12% of salary when we contribute 8% for a total contribution of 20% a year. That's 150% contribution for ever dollar. THIS IS WHAT A GOOD MATCH LOOKS LIKE, not 1.5% match a year.

UK salaries are like 30% lower than US ones... don’t know that more generous matching even comes close to making up for it.

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