When partners retire and the company sends them on a golden parachute, does that affect local staff salary increases and bonuses? Or are they not related at all?

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The pension cost is known and forecasted in advance, the cost to provide it is built into our cost of service. The assets in the pension fund, forecasted rates of return, partner life expectancy, and so on all go into the actuarial calculation.

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PPED pension is priced into your already low pay

likefunny

KPMG1 knows what’s up

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Are you an accountant? Do you know how pensions work?

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Bro...please google gold parachute. The google pension. Two very different things. Also wtf how don’t you already know this!!!!!!!!!

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@MA1 speaking from the experience of seeing MA merge in all these smaller firms?

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A pension plan isn’t a golden parachute bruh.

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It can affect you if you work for a smaller firm that doesn’t have much of a succession plan. That particular situation is one of the main reasons for a smaller firm to combine with a larger firm, as they don’t have enough people to carry on the work to fund the retired partners’ “pensions.” In that scenario, I’m assuming local staff salary increases and bonuses are affected, but it’s anyone’s guess by how much.

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SIRAG

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@Assurance Senior 1 - yes

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What extra cost are you thinking is associated with their retirement?

EY 1, they get a sweet pension.

Of course it does. Everything is budgeted out so everything is impacted by what the partners want the bottom line to be.

Not related at all.

In addition to the pension, the firm has to buy back the partner’s share of the partnership interest so they get all their capital paid out eventually. That’s at least $1M.

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