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Like they would make it better 😂
The partner pension did change. Supposedly comparable but funding and formula changed. I'd say if you make partner earlier - 33 or so - you'll be way better off. 40 or so - prob worse off
Worse
Partner pension didn't change but ED pension was gutted.
EDs got fucked? God damn not only did some of those guys aspired to be partners, the firms killed those dreams but now they are killing their retirement. RIP.
Assuming no one has details?
@ey2 - any idea how? I'm considering whether to chase the partner route (would need to go back to school) or ED route.
EY4 - why would you need to go back to school to become a partner?
Same question on going back to school. Also - not sure you choose the route - think route chosen for you
In IT risk, don't have 150 credits to get a CPA which is a pre-req for partner. Odds of principal are slim to none.
While I know you don't explicitly choose the path per se, you have to be in the right position to even have the opportunity. I've also talked through this with a number of PPEDs and an SM who turned down ED to go for partner. (He is up for it this year, and every indication is he will get it.)
Finally, if you are doing it right you are making your interest known well in advance and having those conversations about how to wind up on which path.
My understanding is that the partner plan was also changed to a cash balance scheme for new partners vs the old model where benefit was determined based on average comp over the last x years at the firm. When they announced the cash balance change for the staff pension they made it seem like they weren’t making changes to the PPEDD plan, but a week later I overheard a guy I work with a lot with who made partner in the first class affected having a very heated conversation with a very senior partner about how the change effectively created a second class of partner who will never have it as good as those in the old plan
EY6. You can do the math - and I will acknowledge they tried too hard to sell it - but I still think if you make partner at 36/37 - if annuity rates stay what they are now - you will get a comparable pension. If you really want to drink kool aid you could say in today's changing environment with more advisory partners who seem to come and go - it's actually better for them. Under old plan if you were partner for 10 years you for jack - now you'll have built up a cash balance which is yours.
It did change - I don’t know the new plan (I am under the old plan) But I believe it is a cash balance plan with changes in how it is funded. One thing they changed I think was using current firm earnings to fund the pension. Under the old plan, max pension is 400k.. totally worth it and one of the reasons I went for partner (good timing on my part, I was the last class under the old plan)