pensions

[Anonymous]

the press is loaded with stories about companies cutting back pension plans in order to survive. IBM, sears, the airlines, auto companies. they should have been doing what G & SKB have been doing for many years. get rid of them before they qualify & that way you don't have to pay a dime or cut their pensions in half. it's very easy to do & they're very good at it. this is no joke, they're doing it. there should be an investigation.

[Anonymous]

The cash balance is a lousy plan for reps who stick with one company. If you change jobs alot and contribute to a 401K as well as getting a cash balance you will be in better shape then most Americans when you retire,

[Anonymous]

[ QUOTE ]
The cash balance is a lousy plan for reps who stick with one company. If you change jobs alot and contribute to a 401K as well as getting a cash balance you will be in better shape then most Americans when you retire,

[/ QUOTE ] Are you nuts or is this post a joke.

[Anonymous]

He is right. The pension plan suck. I left Gsk about 6 months ago Instead of a pension the five percet go into the 401k. thus, the give 5 percent if you do nothing. Next If you put in atleast five percent they mactch another ten percent. Overall the company puts in 10% if you contribute atleast 5%. Not to mention the employ stock purchase plan. For thouse you are SB heritage your really fuck it you were there any lenge of time because you must take the sb part in an annuity. The glaxo portion you get in a lump sum. Oh yea...to 2% SOA is a joke.

[Anonymous]

For an outsider looking into the company--is there a defined pension plan or is it all 401K?

[Anonymous]

don't give me shit about spelling and grammer. The wife was raising hell at me in the background......go figure.....I'm sure you got the point....GSK is a great company....the pension concept needs to be redrawn......

[Anonymous]

[ QUOTE ]
For an outsider looking into the company--is there a defined pension plan or is it all 401K?

[/ QUOTE ]

There is a 401k match up to 4%....2% stock ownership account(co. Paid) 5% pension (co. paid)

[Anonymous]

The Cash Balance is a joke. After 21 years, I have 110K,,, do you call that a pension? And don't come back to me and say, what about your 401K. That is seperate and voluntary...not a pension plan.

[Anonymous]

you'll never be there long enough to collect a pension. they're going to get rid of you before that. it happens all the time. wake up.

[Anonymous]

What's really disgusting is that some of us had a traditional pension plan at one time but they switched it to a Cash Balance plan which really hurts anyone with seniority. Most ethical companies allow employees to be grandfathered in under the old plan but not GSK --- if there's a way to screw their employees, they'll find it. For that matter, it isn't like they had huge financial obligations under the traditional plan. They use every dirty tactic available to get rid of their older reps. How many people do you know who have actually retired from GSK?

[Anonymous]

[ QUOTE ]
[ QUOTE ]
The cash balance is a lousy plan for reps who stick with one company. If you change jobs alot and contribute to a 401K as well as getting a cash balance you will be in better shape then most Americans when you retire,

[/ QUOTE ] Are you nuts or is this post a joke.

[/ QUOTE ]
No joke, most people work about 4 years for a company then switch jobs. The number of people who will work 30 years for a corporation and get a traditional pension from that corporation is very small. The 401K is voluntary but you are fool if you don't contribute to it. When you change jobs you can take your 401K and Cash Balance with you, it will not be much but if you work for six more companies the money will add up. It is not just the drug companies that are hosing employees it is all corporations.

[Anonymous]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
The cash balance is a lousy plan for reps who stick with one company. If you change jobs alot and contribute to a 401K as well as getting a cash balance you will be in better shape then most Americans when you retire,

[/ QUOTE ] Are you nuts or is this post a joke.

[/ QUOTE ]
No joke, most people work about 4 years for a company then switch jobs. The number of people who will work 30 years for a corporation and get a traditional pension from that corporation is very small. The 401K is voluntary but you are fool if you don't contribute to it. When you change jobs you can take your 401K and Cash Balance with you, it will not be much but if you work for six more companies the money will add up. It is not just the drug companies that are hosing employees it is all corporations.

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You are right, unless you are a cop or a federal employee you won't get shit as a pension.

[Anonymous]

Many of the drug companies still offer a nice pension, Novartis and Pfizer for starts. GSK acts like they are this great company with competetive benefits---NOT, they are very cheap. Hey, but check out JPs pension.

[Anonymous]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
The cash balance is a lousy plan for reps who stick with one company. If you change jobs alot and contribute to a 401K as well as getting a cash balance you will be in better shape then most Americans when you retire,

[/ QUOTE ] Are you nuts or is this post a joke.

[/ QUOTE ]
No joke, most people work about 4 years for a company then switch jobs. The number of people who will work 30 years for a corporation and get a traditional pension from that corporation is very small. The 401K is voluntary but you are fool if you don't contribute to it. When you change jobs you can take your 401K and Cash Balance with you, it will not be much but if you work for six more companies the money will add up. It is not just the drug companies that are hosing employees it is all corporations.

[/ QUOTE ] Listen numbnuts - why don't you look and see how much you will "take with you" after four years with this shithole-- about $1500 - wow. These Bastards fucked everybody when they made the change---except the Execs. of course. Hey even if you do retire with these bastards ( if they let you ) not only is there no pension they fuck you on medical, every chance they get, deny you dental benefits, raise your premium 20% a year and then cap you as you get older. You are a damn idiot. That is how this company gets by with what they do to people, dumb bastards like you....BTW fuck you Garnier-glad you are sleeping well for now.

[Anonymous]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
The cash balance is a lousy plan for reps who stick with one company. If you change jobs alot and contribute to a 401K as well as getting a cash balance you will be in better shape then most Americans when you retire,

[/ QUOTE ] Are you nuts or is this post a joke.

[/ QUOTE ]
No joke, most people work about 4 years for a company then switch jobs. The number of people who will work 30 years for a corporation and get a traditional pension from that corporation is very small. The 401K is voluntary but you are fool if you don't contribute to it. When you change jobs you can take your 401K and Cash Balance with you, it will not be much but if you work for six more companies the money will add up. It is not just the drug companies that are hosing employees it is all corporations.

[/ QUOTE ] Listen numbnuts - why don't you look and see how much you will "take with you" after four years with this shithole-- about $1500 - wow. These Bastards fucked everybody when they made the change---except the Execs. of course. Hey even if you do retire with these bastards ( if they let you ) not only is there no pension they fuck you on medical, every chance they get, deny you dental benefits, raise your premium 20% a year and then cap you as you get older. You are a damn idiot. That is how this company gets by with what they do to people, dumb bastards like you....BTW fuck you Garnier-glad you are sleeping well for now.

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You did not include the 401K. I do agree the amount will not be great but the chances of working 30 years with GSK or any big company is slim to none. The 401K is what you will live on when you retire. With IBM, General Motors and Ford going to Cash balance plans do not expect GSK to go back to the old fashioned pension. By the way if you make 80 grand a year with GSK cash balance pays you $4000,after 4 years it will be 16,000 plus interest, 30 years from now it will be 75,000. If you work for 6 companies and have 6 401Ks you might be able to survive. As far as medical benefits for retirees I think we will all be screwed eventually.