Hi,
I have been with a large employer for several years that has had an employer-funded pension plan.
The employer announced that at the end of this year (2022) it is going to stop adding contributions to that plan "because other companies don't do that anymore".
I do not fully understand the possible impacts / implications for me personally. This makes me nervous. I cannot withdraw or roll over my pension proceeds without leaving the company, but it also seems me that the pension can only start to dissipate over time once further contributions are "frozen".
My immediate problem is I do not even know what specific questions to ask, or what to monitor in deciding whether I should "take the money and run" or stay with the company. From my point of view, anyway, the current sum involved is not insignificant - around $250K.
In lieu of 401(k) contributions, over the years I have looked to the pension as a resource for future retirement. I have a 401(k), but there is not much in it.
Any thoughts / ideas / suggestions?
Thanks!
W.R. Smith
