The company decided to freeze pension and convert to a cash balance before keytruda took off. This change royally screwed over older salaried employees with many years of service. Also, if you were not 50 by the end of 2012, medical subsidy is gone. Age only, years of service no longer matters. Those who made those changes don’t even work for the company any more. Shameful!
The medical subsidy is a joke anyways, the cost is outrageous. The pension now is nothing. Merck has people brainwashed that this is some great benefit when anyone who does some research would know that it is not.
I totally agree. NYC firefighters getting 100k per year pensions and medical. The wealth of this company from keytruda is being funneled to the top eschelon employees via restricted shares and deferred compensation. Unless you are director level, you are wasting your time.
they didn't freeze the pension. they announced conversion to cash balance years before keytruda was ever on the market. Old employees got the old pension plan all the way up to 2019 and kept all their money from the old formula. medical subsidy sucks anyway. so in summary, everything you said is either wrong or worthless. but nice try
If you have several years service and are in late forties or early fifties, the pension growth trajectory changed last year and kicked the legs out of the later growth of the pension. Cash balance pensions are no where near as good as traditional pensions and unfairly penalize older workers with long service history. That’s why ibm employees took the issue to the Supreme Court when ibm went to a cash balance pension and unfortunately lost.
The medical subsidy was very good for employees born 1962 or earlier. It is now just age based and years of service means nothing.
The cost of the medical subsidy is outrageous. This is not a benefit folks. You can get it cheaper on the market then this supposed “benefit”. If you think this is some great benefit Merck is offering you, you are drinking the kool aid. Take another big gulp.
It's easy to thaw anything frozen. Like the Turkey for Thanksgiving you can also thaw the pension as well. No problem.
The pension may not be frozen, but it’s certainly iced. I was recently severed and got the package. Any pension benefits lost past 2019 are negligible. Pre 2020 pension growth was exponential, while post 2020 is less than inflation. Believe me, I’ve lived it first hand. You can ask for a pension benefit estimate from the Merck retirement center. I can guarantee that you will be shocked how little your pension grows past 2019. In other words, don’t stay for the pension past 2020, it’s not worth it.
Poster is 100% accurate. Many left on their own accord between 17' - 19', they weren't laid off. Many can be found at biotechs with big salaries, 401k's, and bonuses. They still get their Merck pension via annuity or lump sum once they hit the right age. These smarties didn't hang around for a meager "savings plan" or no retiree medical. Might as well maximize earnings towards the end of ones career vs. hanging out here and possibly getting cut.
