Originally Posted by
tsquare
Nope. Sorry. That dog don't hunt. Money in my accounts and in my name can in absolutely no way be construed as a paycut. It might not be liquid, but it sure ain't a paycut
Of course money you put in your account is yours.
What I was talking about was the loss of our DB plan. When we had a DB plan, you KNEW how much you were going to be making in retirement, and you didn't HAVE TO put EXTRA money into your 401K, and hope the market doesn't crash!
Under today's DC plan, if you are in your 50's now, you don't have a lot of time to build up a sufficient retirement fund to replace what you lost in the DB plan.
In addition to the company's punny 15%, we now have to put EXTRA MONEY ASIDE for our retirement. Money from OUR PAYCHECKS, which are already reduced by a substantial amount! So, not only are the pay rates LESS than in 2004, in addition to that, you've now got to take some of that money and put it into your Retirement Account!
