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<blockquote data-quote="FracusBrown" data-source="post: 780526" data-attributes="member: 29360"><p>True, but there may be duplicate fees by having two 401Ks. From a diversification stand point, there is some benefit in not having to many eggs in any one basket. Different plans offer different investment options. This may be a benefit also. </p><p></p><p></p><p> </p><p>A person that goes into management now has no defined benefit pension. They only have a 401k style pension. They would receive their union pension at retirement age if they are vested.</p><p> </p><p>For those who went into management prior to 2008, years of union service counts toward the non-union pension. Minimum retirement age is 55 for non-union employees with a defined benefit pension. If the union employee is vested in the union pension and they receive a union pension, this amount is deducted from the non-union pension. Depending upon which union pension the employee is in and years of union service, the union pension may exceed the non-union pension. If so, there is no payout by the non-union pension. 401k has no effect on the pension payments for those included in the defined benefit plan.</p></blockquote><p></p>
[QUOTE="FracusBrown, post: 780526, member: 29360"] True, but there may be duplicate fees by having two 401Ks. From a diversification stand point, there is some benefit in not having to many eggs in any one basket. Different plans offer different investment options. This may be a benefit also. A person that goes into management now has no defined benefit pension. They only have a 401k style pension. They would receive their union pension at retirement age if they are vested. For those who went into management prior to 2008, years of union service counts toward the non-union pension. Minimum retirement age is 55 for non-union employees with a defined benefit pension. If the union employee is vested in the union pension and they receive a union pension, this amount is deducted from the non-union pension. Depending upon which union pension the employee is in and years of union service, the union pension may exceed the non-union pension. If so, there is no payout by the non-union pension. 401k has no effect on the pension payments for those included in the defined benefit plan. [/QUOTE]
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