76 employees reported this benefit
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Pension plan is great. This is one thing that people do it have much of these days! If you stick around a long time, the pension plan can actually be a very valuable thing.
5 star just on the fact that they have one. dont know how it compares to others. You only qualify after 5 years of service.
One of the few companies to offer pension plan
Its nice to have but it grows so slow that it can't be relied upon.
It is fully funded and vesting is fairly quick.
It's a place you can work at for a long time and have a decent pension for retirement.
The best thing is that it's there and always has been. You can count on it. Eligible after 5 years.
Low vision coverage on the plan. Always spend at least another $100 after coverage.
PACCAR has a well funded, good pension. It doesn't require any employee contributions, and you have to work for 5 years to vest and get any benefit. If you leave the company before retirement but after 5 years of service, you can roll the benefit into an IRA, or take it as a lump sum pay out. The biggest issue is that the plan is not well communicated with employees: some employees don't even know that there is a pension, because it's not listed in the online benefits portal. Also, the calculation is a little convoluted, so its difficult for the average employee to understand what the benefit means to them. Some Division HR orgs are getting that feedback, and providing some optional compensation training for folks, but there's still room for improvement. For those reasons, I give the pension plan itself, 4/5 stars.
It's nice that they offer one, but you can't collect on it unless you have worked at least 5 years of service BUT YOU STILL HAVE TO PAY INTO IT EVERY PAYCHECK BEGINNING FROM DAY ONE.