Fortune has published a list of the best companies to retire from and the companies they list come as no surprise to me:
- IBM – They cite the 401(k) plan as a “gold-standard” with automatic contributions of 4% plus a match of contributions up to 6% of en employee’s salary.
- P&G – P&G has the oldest employee stock plan in the nation and they contribute cash and preferred stock based on your tenure, up to 18% after 20 years of service.
- Sherwin-Williams – Another case of a company that increases benefits over time, after 35 years you get medical benefits covering 80% of your costs, even if and when you qualify for Medicare.
- Alcon Labs – Alcon, maker of eye-care products, automatically contributes 7% plus another match on employee contributions up to 5%.
- Principal Financial Group – 75% match on of employee contributions up to 8% of their salary, plus a pension that scales up over time and tops out at 14%. Work there for 25-30 years and the plans provide the equivalent of a full salary for life.
- Devon Energy – Benefits scale up over time and the 401(k) plan tops out at 22% of pay plus medical coverage.
- NuStar Energy – A relatively new company, opened in 2001, they have an interesting plan: “NuStar’s pension gives retirees their full salary for one-and-a-half times their years of service: work 20 years and get 30 years’ worth of your full pay, assuming you haven’t retired early. That’s in addition to dollar-for-dollar 401(k) matching, up to 6% of pay, and a $1,000-deductible medical plan.”
- Weyerhaeuser – With both a pension and 401(k) plans, they round out the list.
8 great companies to retire from [Fortune]