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I'm pretty sure it's still a defined benefit pension plan. Company funded just calculations changed.
$978
Hope it stays around.
Can anyone provide some more info? This might be incentive to move firms
As of last summer it's now a cash balance defined benefit plan. Benefit is based on defined contributions and a set rate of return, instead of a guaranteed % of average salary over your last ten years at the firm. New partners are really getting screwed compared to those who vested and are just retiring now
Does EY really have a pension plan?
Yep
They got rid of the traditional defined benefit pension plan last year. Now it's a shitty defined contribution plan. Starts at like 2.75% of salary per year and earns a set 4% interest.
Better than just a 401K at least. EY still the only ones with any form of a defined benefit plan?
Partners have a separate plan.
Partners do have a separate "supplemental plan" but it still took the same structural hit as the general plan. Source - good friend and very bitter new partner