Working the Gulf, how does retirement/pension work?
I have looked into the unions programs and their accounts seem to have trouble staying afloat.
Is there a pension system for example you work 20+ years with a single company, and upon retirement you get 50% of base salary for life. (Just an example)
Any and all info would be great. Thanks.
Varies with companies. A good one will offer a 401-k or similar program with a percentage of matching funds from the company.
You may also possibly select the investments you wish to put your money into.
I don’t know of any OSV companies that have a pension plan. There are a few towing outfits that do, and there are several drilling companies that offer a pension plan.
Kirby is one that offers a pension, you get some formula based off your yearly salary, and it used to max out at a certain point. When I was there, it was basically a 100 bucks a month for every year you were there.
Example if you stayed with them 8 years, you would get 800 bucks a month when you retired. It used to max out at 2500 dollars no matter how long you stayed. They also have a 401K, on top of that.
The most common retirement in the gulf will be a company sponsered 401K. They vary by company, some real basic with a 3 percent match, some go much more. You have to shop around and ask plenty of questions before you make a commitment to a company to make sure you are getting the best deal. Some pay a little higher day rate, but have squat for benefits, others don’t pay as much, but there benefit package is way above normal for the GOM.
Then again there are some that don’t pay squat, and still have squat for benefits.
[QUOTE=laheim;80194]Working the Gulf, how does retirement/pension work?
I have looked into the unions programs and their accounts seem to have trouble staying afloat.
Is there a pension system for example you work 20+ years with a single company, and upon retirement you get 50% of base salary for life. (Just an example)
Any and all info would be great. Thanks.[/QUOTE]
BRAVO!..you sir have a great future in stand up comedy!
The large OSV companies do a 6-8% matching 401k plan. The drill companies do a 10%(or more) matching 401k. There is no pension system. And I know, in our company at least, if you say the word “union” they can and will fire you on the spot. You have to sign a piece of paper when you get hired that tells you in detail about it.
Just curious, what drilling companies do you know that match 10%? I have heard sea drill has 8%, but I thought that was tops. Never thought a OSV company would do 8% either. Most I know are 6% or less.
My current employer OSV company matches dollar for dollar up to 15%.
I was told Ensco does 10% in some positions. I could be mistaken though, but I thought it was 10%. Anyone work at Ensco can confirm?
[QUOTE=MIKEZ76SP;80218]My current employer OSV company matches dollar for dollar up to 15%.[/QUOTE]
Oh really? Which one?
It would be very nice if employers put information like 401k matching on their website, or on the job description form.
Sent you a message
Buy powerball tickets once a week. If your numbers hit, you can retire fully vested ;D
There are two basic types of pension plans: defined benefit plans and defined contribution plans. What you are describing is a defined benefits plan. Those are pretty much a thing of the past in the private non-union sector. Government employees, unions, and a few very large employers still have defined benefits plans, but companies are doing away with defined benefit plans and converting to defined contribution plans, like the 401k, as fast as they can.
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[QUOTE=MIKEZ76SP;80218]My current employer OSV company matches dollar for dollar up to 15%.[/QUOTE]
What company is it?
Tidewater gives a 3% pension. It works just like the 401(k) except it’s separate and you don’t have to do anything to participate. It’s automatic and you don’t make any contributions.
Transocean has a 6% match for 401k and also a pension plan.
Atwood matches 200% of 5%… so you put in 5% they put in 10 percent.
50% pay after 20 years of employment, I think the military still offers that benefit along with medical, dental, and PX for life.
As for the maritime trades, retirement plans vary depending on the company you are employed with. Most plans are only 401k plans, if any. However, there are some union plans that still offer defined benefits or traditional pension plans. Again, it depends on the company and/or union you are with. To answer your question, I have not heard of any retirement plan that pays 50% after twenty years service in the maritime trades.
Good Luck
[QUOTE=capt steve;80464]50% pay after 20 years of employment, I think the military still offers that benefit along with medical, dental, and PX for life.
Good Luck[/QUOTE]
NOT. While CURRENT members of the Military are still being offered 50%ish Retirement retirement retainer after 20 - that ship is about to sail and DoD is looking to COMPLETELY re-write how aal that is calculated and done - ALL to the benefit of DoD NOT the Service Member. They do have TSP which is the Military 401K that THIS Retiree sees as what will replace the current retirement system. While my Retirement Medical IS cheap is ain’t free and it ain’t as good as the Federal BC/BS that I pay for. Free Dental? RIGHT. Non-existant and still expensive. Yes I have Commissary and Exchange privileges.