Us bank is giving me an offer , also they have associated pension as benefits.
Can some tell me how pension is calculated.
Pension will start from 1 yr of service.
Base salary is 150k
Haven Life xPNY15Jan 27, 2022
You should ask the recruiter for details. Pensions vary a lot by company. I have one and the company contribution and value is very clear. It’s just a cash value which can be annuitized at separation or retirement, or I can roll the balance into another retirement plan (401k, IRA, etc) upon separation.
I don’t know if that’s common or not. I know people with government jobs where it’s more of a formula based on years of service without a clear cash value. You could figure out a value for it though and figure out how that’s translates to TC.
You should ask the recruiter for details. Pensions vary a lot by company. I have one and the company contribution and value is very clear. It’s just a cash value which can be annuitized at separation or retirement, or I can roll the balance into another retirement plan (401k, IRA, etc) upon separation. I don’t know if that’s common or not. I know people with government jobs where it’s more of a formula based on years of service without a clear cash value. You could figure out a value for it though and figure out how that’s translates to TC.