{ "media_type": "text", "post_content": "Sitting with a college friend who is in KPMG and just bragged that she is enrolled in a pension plan sponsored by KPMG and it is separate than 401K . I doubt this . Can anyone from KPMG confirm?", "post_id": "5b5d4061f49b0e0013d28b4f", "reply_count": 20, "vote_count": 2, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Sitting with a college friend who is in KPMG and just bragged that she is enrolled in a pension plan sponsored by KPMG and it is separate than 401K . I doubt this . Can anyone from KPMG confirm?

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A good response would be to remind her that she stilll works for KPMG

likefunnysmart

Yea, that’s correct. Nothing to brag about though, however pension plans are rare these days I feel.

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It isn't anything to brag about, but it is nice that it exists. I'm happy to get free money every year. If I recall correctly Deloitte has one as well.

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Nothing to brag about. What’s wrong with working for KPMG btw? Is there a certain stigma that I don’t know about?

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Also, if you leave the firm and don’t want to stay in the pension plan, you have the option to roll over the lump sum into your 401k.

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We have a pension outside of 401k, we don't put into it, all employer paid. It starts after year 1, you're vested in whatever earned starting at year 3. Contribution is based on years of service and age and a percentage of your base. Great benefit to have a pension as many places don't and I'm not putting anything into it, so no complaints, but all that being said I'm not relying on that as retirement funds bc you just never know what happens with that stuff. If it comes through, bonus for me!

likesmart

EY has the same

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@OP - are you at Accenture? I ask because I started as a consultant level there and remember the SMs mentioning RSU grants. You’re probably right that it all likely evens out at the end. My guess is all the firms keep tabs on each other’s retirement benefits and try to stay in line.

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Yes, I am at ACN.

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What are the requirements to be eligible (tenure, employee contribution etc.)?

Firm starts contributions after one year of service. It’s a very small percentage multiplied by salary.

M1 got it right 😆

Well, it is a nice benefit to have . It is admirable in today’s times when firms are cutting their pension plans to encourage 401 plans investing and match.

I thought other B4s did that too

PwC has it also but it’s not really a “pension plan"

KPMG has a defined pension and a defined contribution plan. EY and Deloitte have same (have one from Deloitte as well). Very lucrative and a reason to stay.

Can confirm the Big D has a direct contribution pension (at least in Canada). They match you up to a percentage of your income (pre-tax). Pretty nice

As a manager at EY for ~3+ years, pension payout for rollover to 401k came out to about $50k. As a director at KPMG, the firm’s annual contribution into the pension plan on my behalf will be roughly $20k per year. It may not be a huge number at the junior levels, but it does seem to start to become a fairly substantial retirement benefit at the Manager and above levels. In addition, I think there’s also a 401k benefit of 50% match up to 6% of salary.

There is a difference between most of today's defined benefit plans and traditional pensions. Make sure you know what it really is.

@KPMG 6.. At my firm, 401 match is 100% upto 6% of salary with no pension. I guess, at some level it evens out since I get RSU every year along with 15% discount as part of ESPP.

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