military retirees could face pension reductions

101lifts2 · 10-01-2011, 09:34 PM

I had a pension from General Motors after 7 years, which I bought out for 33 grand (lucky for me because 4 years later they went B.K) in 2004.

I have a 401k now plus a pension from Isuzu, which was 100% vested after 5 years (I've been here 9 years). The pension is fully paid for, not dependant upon future vehicle sales, but currently they are not incressing the funding, so it's been at a standstill for a few years now.

I remember back in the late 90s GM was paying 80% retirement for the combined avg. of your last 5 years of base pay. There were many people making 80-100k a year, retiring at around 60 grand plus whatever they saved in their 401k. Now you know why GM went bankrupt. lol

10-01-2011, 09:34 PM	#1
101lifts2 WSB Champion Join Date: Nov 2008 Location: Anaheim, CA Moto: 2009 Kawi ZX6R Posts: 5,570	I had a pension from General Motors after 7 years, which I bought out for 33 grand (lucky for me because 4 years later they went B.K) in 2004. I have a 401k now plus a pension from Isuzu, which was 100% vested after 5 years (I've been here 9 years). The pension is fully paid for, not dependant upon future vehicle sales, but currently they are not incressing the funding, so it's been at a standstill for a few years now. I remember back in the late 90s GM was paying 80% retirement for the combined avg. of your last 5 years of base pay. There were many people making 80-100k a year, retiring at around 60 grand plus whatever they saved in their 401k. Now you know why GM went bankrupt. lol __________________ Train Hard Ron Paul - 2012 Mark of Excellence GM