I am a state employee (at a university) and have a pension plan. It is a defined benefit plan so regardless of the performance of the investment pool, I will get a defined amount upon my retirement. It is based on number of years of service and average of highest salary. You need 5 years to be vested (which I am, so even if I leave the state system, I will get this benefit upon retirement).
I feel secure with this as I do have other retirement funds as well (403b and Roth IRA) which are more agressive. My husband is also employed at the state university with me, but he opted for the optional retirement plan that was offered whereby the university contributes 10% to an investment of my husbands choosing. Quite honestly, I might have gone with the optional retirement plan myself but I have been employed with the state longer and at the time of my initial employment, there was no choice but the their teachers retirement system.
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