Field Technicians/ Retirement Benefits

[Caveman]

Was curious what type of retirement benefits most of the field service reps are being provided at their place of employment - whether it is a 401K - set pension or some other type of package. I have been in the industry for nearly twenty years now as a field service technician and have been working with a 401K plan - curious as to how most of us in the field are dealing with this aspect of the work - thanks in advance for all feedback.

Caveman

[kyoceradude]

401K .... Mine is down to a 101K.....

[Caveman]

Kyoceradude - thanks for the feedback - I guess referring to it as a 101K is more appropriate these days!

The reason I thought to put this question out there is because of the current state of the economy - many companies are cutting back - some offer a 401k plan - others offer a plan with a match - some still provide a pension - while others offer nothing. I just wanted to get some idea how others like myself who work as a field technician are holding up and planning for the years ahead.

Caveman

401K .... Mine is down to a 101K.....

[Raymondd]

Whats a 401K (these days)

[cobiray]

Not much on the way of retirement benefits. IMHO, retirement plans have gone the way of the dinosaur. Companies don't seem to put money aside for their employees anymore, unless you happen to have a state, military or education related job. Either they don't care or it affects the bottom line too much or both.

Currently we have a 401k (insert bad economy joke here) with a token match from the employer.

[Caveman]

Cobiray - thanks for the feed-back.

I agree with you that most companies are not in a position these days to provide employees with a retirement package of any substance. Years ago putting twenty years of service in with a solid company translated to a respectable retirement - today the burden is put solely on the part of the employee - regardless of how minimal your match might seem, be thankful that your company is providing something for you - thanks again for replying to my inquiry.

Caveman

Not much on the way of retirement benefits. IMHO, retirement plans have gone the way of the dinosaur. Companies don't seem to put money aside for their employees anymore, unless you happen to have a state, military or education related job. Either they don't care or it affects the bottom line too much or both.

Currently we have a 401k (insert bad economy joke here) with a token match from the employer.

[Shadow1]

...annother day, annother dime - before taxes.

Ricoh-USA just cut out the company match on our 401k, but even so now is the time to put into it - Google "Dollar Cost Averaging"

[fixthecopier]

12 years ago I worked at an auto parts plant and had sick days, full coverage insurance for the family, 401K, 4 weeks paid vacation, lots of overtime and a retirement plan. They had about 1200 employees.
Now they have about 100 working short weeks. Rest of jobs in Mexico.

Been copy guy for 10 years. Just now making per hour what I was making 13 years ago.
No sick days
No 401K
No retirement
No overtime
Pay for insurance
But I do not have to drive to Mexico to clock in.

[kyoceradude]

Just a follow up about our 101K. We do have that with the company matching the first $1000.00. We also have overtime available, averaging about 10-15 hrs per week (@ time and a half). Very flexible time off, 2 weeks vac per year with 4hrs per month sick time. The company will also let you comp your overtime and carry over vac time. Some techs have over 250 hrs vac time. No short term disabilty, but the comp time sure helps if you get real sick. Sorry, we're not hiring at this time.

[bilyahn]

Have a very small work force, ME plus my boss and his wife. Have 3 weeks vacation, 8 days sick/yr and 8 paid holidays and Xmas bonus (generally 1 weeks pay). Very flexible hours and OT as required. No benefits, insurance or 401K. However wouldn't leave this job or my employer for anything!

[Caveman]

Bilyahn-

It's great that you appreciate your employers - I'm sure they value you as well. I also hold the owners of my company in the highest regard - they have proven to be wonderful people who take a real interest in creating a positive and productive work environment - when employers show appreciation and recognize your efforts it make all the difference in the world.

Caveman




quote=bilyahn;65435]Have a very small work force, ME plus my boss and his wife. Have 3 weeks vacation, 8 days sick/yr and 8 paid holidays and Xmas bonus (generally 1 weeks pay). Very flexible hours and OT as required. No benefits, insurance or 401K. However wouldn't leave this job or my employer for anything![/quote]

[bilyahn]

So very true, Caveman!!

[djdan73]

where i work we are a union shop so we have our union pension plan at least i hope we still do

[Caveman]

Djdan -

Thanks for the feed-back. I believe you are the only person so far responding to this thread that has a set pension as opposed to a 401K plan. In my opinion a defined benefit package is a more secure means of preparing for retirement - having to contribute on your own and being dependent on market conditions to build an adequate fund is challenging. You are very fortunate to have a set pension - that's a great benefit.

Caveman

where i work we are a union shop so we have our union pension plan at least i hope we still do

[fixthecopier]

Bilyahn-
- when employers show appreciation and recognize your efforts it make all the difference in the world.

Caveman




quote=bilyahn;65435]Have a very small work force, ME plus my boss and his wife. Have 3 weeks vacation, 8 days sick/yr and 8 paid holidays and Xmas bonus (generally 1 weeks pay). Very flexible hours and OT as required. No benefits, insurance or 401K. However wouldn't leave this job or my employer for anything!

[/quote]



I would not know how to act... you mean they do that?