This article will look at 5 jobs that still offer traditional pensions. We have also covered a detailed analysis of the changing landscape of pensions in the US along with industries and companies that offer pensions as part of their compensation package. If you are interested in reading about that, head straight to 15 Jobs That Still Offer Traditional Pensions.
5. Construction Worker
According to US News, construction workers earn a median annual salary of $37,520, with the potential for higher pay through specialization and additional training. While formal education requirements are minimal, certain roles like carpenters or equipment operators offer higher average salaries.
Around 27% of construction workers have access to traditional pension plans, particularly in unionized private sectors jobs like trucking, hotels, construction, groceries, and nursing. Union membership often provides defined benefit plans, according to Laura D. Quinby, a senior research economist at the Center for Retirement Research at Boston College.
4. Correctional Officer
One of the most honorable and fairly compensated jobs with good retirement benefits is that of the correctional officers in the US who often receive traditional pensions. As public sector employees, many correctional officers are eligible for defined benefit pension plans. These plans provide a guaranteed retirement income based on factors like years of service and salary. Traditional pensions serve as a valuable incentive to attract and retain qualified correctional officers while offering long-term financial security.
In Michigan, a bill has been introduced by state representative, Kathy Schmaltz to exempt pensions of Michigan Department of Corrections retirees from state income tax. This proposed legislation acknowledges the demanding nature of correctional officers’ work and aims to show appreciation for their dedication and commitment to public safety.
3. Manufacturing and Production Employee
Historically, workers in heavy-lifting occupations, especially those in unionized trades, have commonly received pensions as part of their retirement benefits. However, the availability of such pensions has been decreasing in recent years.
JM Family Enterprises, a renowned private manufacturing company in the US, is one where employees become eligible for the pension plan shortly after being hired. This highlights the company’s commitment to providing retirement security for its workforce.
2. Postal worker
The United States Postal Service (USPS) has historically offered pension benefits to its employees, including postal workers, as part of their compensation package.
The United States Postal Service (USPS) is part of the federal retirement program, which includes a defined benefit pension and disability coverage. Eligibility for these benefits is based on factors such as age and years of creditable service. As a postal worker, one can participate in this program and receive a guaranteed pension income upon meeting the eligibility requirements.
1. Military personnel
Service members in the military, including those on active duty, reserves, or guard, may qualify for retirement payments after serving for a designated period, typically at least 20 years. The military employs various methods to calculate retirement payments, generally favoring longer-serving individuals with more generous benefits.
Military pensions are regularly adjusted to account for inflation, ensuring their value over time. Retirees also have the option to enroll in a survivor benefit plan, which offers annuity payments to surviving family members in the event of their passing, making it one of the best jobs with pensions.
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