My husband is 52. He is being recruited by a firm where the substantial financial appeal is in the alleged defined benefit pension. Since he is talking to a CEO type, he doesn't have more than generalities to offer("our objective is to provide sr. execs with 80% of their pay in retirement). It is a service business, all the stock held by about 20 people. What specifically do I need to get from these people to be able to confirm the financial soundness of the plan, and that he will qualify with only 13 years working before retirement? Or do I hire an actuary?

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Ask for a Summary Plan Description (abbreviated SPD) which will describe the eligibility, vesting, and benefit formula. Your husband will become vested, i.e. own the benefit, typically after 5 years of service. However, the statement that 80% of pre-retirement income will be provided (typically when including social security and all employer-provided retirement programs) should be treated with skepticism for someone who is hired at age 52.

Most defined benefit plans(except plans for government employees) only provide a "full" pension benefit when the employee works at least 20 to 30 years by his or her retirement date. For example the pension formula could be 2% of pay for each year of service up to 25 years reduced by 50% of the employees social security benefit.

the answers about my husband's offer were very helpful. could an employer make other arrangements for him...""buy in on his behalf prior years?" Or purchase on his behalf deferred compensation?

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