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EY has a calculator where you can input a lot of hypotheticals
I’m at PwC...I wonder if we have something similar
I️ thought we didn’t have a pension
PwC doesn’t have any pension. Unless you are maybe an old grandfathered in partner
So what do partners get when they retire now?
Uh.. since I’m staff level and you’re a manager i don’t feel qualified to answer that
Probably massive 401k matches and some sort of buyout that well in excess of their initial buy in.
@pwc2 take it away
Wealth builder that is way better than anyone below partner and actually builds true wealth. Lol
The way (broadly) the EY pension works is you take your 3 highest grossing years out of your last 5 as a partner, capped at $1.1M. So if you make more than $1.1M that year counts as $1.1M. They take the average of those 3 years and then effectively pay you 1/3 of that for as long as you or your spouse live. You can elect for the present value to be paid out to you on retirement as well. You can also elect to be paid out over 10 years in which case your payments are higher. So if you make more than $1.1M you get like $385K for life. Say you make the average profits per partner maybe you get around $250K for life. That’s the broad strokes of it.
^no longer available for new partners