Kinda… The S&P was around 1560 in October of 2007, then hit a low water mark in March of 2009 at 667… It closed last Friday at 4515.
Stock market always comes back (so far, anyway)… Same can’t be said for union pension funds.
BUT… That being said, with MEBA:
-You can do 401k up to $66,000 ($22.5k pretax)
-You get X% of your base pay into the Money Purchase Benefit (MPB) plan (varies by contract…6% of base pay at OSG as a reference). This MPB is basically equivalent to a 401k match as it is tax deferred money to an account in your name for free.
-AND you’re eligible for a pension after 20 years of sailing.
I’m probably biased but I would still be interested to hear from our MMP forum members about why MMP would be a better option for ATC and/or OSG mates.
Care to start us off on that @ShooterMcGavin ?