So when does the defined benefit pension plan get cut or changed?

The company benchmarks with other large pharma companies for benefits. As for vacation: most people do not come later in life to negotiate what they had at their former companies. It is done but it is the exception.

 

what about the pension vs 401k. how does J&J match the 401K? Does it makes sense to rely or look forward to the pension when i would have at most 20 years with them(at age 60). I am not sure how mobile development is different from sales or other job categories (as far as being let go early etc etc).

 

No one can answer your personal financial situation; see a financial planner. It depends where one lives, do you have other income, a spouse, college expenses, how many children to educate, etc.

 

i surely hope that after 30 years of service and a 135k salary I can expect a good pension.

 

You won't be getting 80% like government workers in the Northeast.

 

First nobody makes that base, second nobody has been here 30 years.

 

Maybe not in your department; however, you are very mistaken.

 

Thatbis a lie. Many people make it to 30 and above years of service. If you are in science related department , you can easily reach 140-150k. After 30 years of service you can have a 5000 dollars a month pension. If you also have 1 million in 401k and 2800 a month from SS and paid houses and educated kids, you are in heaven. Furthermore, go live abroad or to the state of no state income tax, and you are a king.

 

People are talking about the pension not 401K or social security; and sales people do not make it to 30 yrs. (very RARE).

 

It all started with the SOB Weldon, closest anyone came to destroying the reputation and finances of JnJ.

 

Don’t worry few make it to 62 or over.

 

Aren't they financially incentivized to make sure that you don't? The top level "cuts costs" and gets
big money from the board.

 

They sure do. Various methods are used; 1) Give you crap, low profile tasks, 2) Make you report to someone 20+ years younger then you, 3) Criticize you in front of peers/lower level people, 4) Give you 70+ hour per week workload. When these things start happening they want you out.

 

Don’t forget no promotions, poor reviews, minimal raise, minimal bonus until retirement. My manager told me directly that this money was being targeted for younger associates in our department.

 

With 95,00 views over the years, I thought I'd paste my opinion to every other "loyal" Johnson & Johnson employee from the other newly started thread. Feel free to shout and disagree.

Thank you Human Resources, Compliance and Legal. Thank you avarice-filled Johnson & Johnson executives. A long time a coming, as most traditional, 'defined' pension plans have long since been done away with for these honest reasons below, not what was posted by our internal communications. Please pass this along to your fellow Johnson & Johnson colleagues so they gain another perspective, 2021:


Why are we making this change

• The pension update will serve to protect the financial health of the Company and, in turn, better position us to support the long-term financial health of our employees and invest in meeting the needs of the patients and customers who use our products and services.
  • Real reasons? I'm very serious here. It has nothing to do with meeting the needs of patients and customers in the sense of something that reduces costs, clearly enhances value UNLESS it means greater profits for this mammoth oligarchy we work.
  • This does help create greater wealth opportunity for the corporate elitists in the expensive balcony seats.
  • It has nothing to do with supporting the long-term financial health of our employees unless it means our executive leadership, in their gluttony and poor decisions put parts or even all of this entity at risk of major reconstruction, divesture, etc.
  • When they take away, they are never giving you, anything of EQUAL OR GREATER VALUE. They only take to enrich themselves. That's the game of the rule makers.
  • In other words, this changes, driven by actuaries, accountants, lawyers and wealth executives 'covers their asses a bit more' than if it stayed status quo.
• The new single-formula approach offers a consistent and equitable formula for pension benefits for all our non-union employees in the U.S. and Puerto Rico, regardless of their salary, length of service or job classification.
  • In an AGE of MORAL RELATIVISM, this is the improper use of words like "equitable". There is no moral imperative that drives a "consistent and equitable" formula for pay. REMARKABLY, our EXECUTIVES pay "themselves" very differently and NOT driven on SOCIAL equity by ANY MEANS.
  • Translation people of the J&J oligarch, they are hypocrites of the highest order that use such terms to sound ethical and almost, pious.
• Updating the formula will make our retirement program costs more predictable, allowing us to better manage market volatility and more accurately plan for long-term financial health and ongoing success.
  • This is actually true. They can pay out less with greater predictability. There you go.
  • But they will gladly live with the "unpredictable" volatility of share price as they are granted massive amounts of shares that for all intent, negate risk by their standard, not yours, of living.
• As with all our employee benefits, we periodically review our retirement plans to ensure that we can competitively attract and retain the best talent in our industry. Our pension benefits under the FAP Formula are more financially volatile than the pension benefits provided by most of our competitors.
  • So, under the guise, the logic of financial volatility, they tell you they had to make a change for loyal employees hired prior to said date.
  • J&J would attract the SAME talent where this is in fact could be a financial "calculator" for the potential, "offered", compensation savvy new hire. That is horse poop.
  • In other words, there are at least TWO WORLDS at this oligarchy. The upper management world where this means little to nothing. It is other aspects of Total compensation that accelerate wealth. Not the traditional pension versus RVP formula. Then, your world.
• This change maintains a Company-funded pension plan as a key component of our retirement benefits program. Unlike 401(k) plans, which are the only plans offered by most U.S. companies, Johnson & Johnson assumes the costs and related investment risk in funding a pension plan. In addition, pension benefits earned under the RVP Formula can be received in a lump sum, giving participants the option of managing their own retirement assets after leaving the Company.
  • I will be generous and give them a TRUE on this last point. Many companies as you should know, have long since killed pensions. But what does that say about these wealthy American corporations?! It tells you they continue to carve back on what they will share in your working and retirement years.
  • So, never forget, as you look over your little shoulder they will continue to put themselves in the best position to do 3 things that have nothing to do with the company per se:
    • Guard their base of political support and power in upper management.
    • Build as quickly and quietly as they can, transgenerational wealth.
    • Only change things that keep the troops 'happy' in the social, diversity, etc. fronts as that lessens the outrage of real compensation INEQUITY here and elsewhere.
    • When they do something like this, they have to provide a DIATRIBE of JUSTIFICATION. Obviously, there is no debating. They are the oligarch rulers.

But do not insult thousands of loyal employees at JOHNSON & JOHNSON.

 

Spot on.

Yes, leadership thinks we’re dumb, that’s why these communications always reference helping customers and patients. Anyone of average intelligence who has worked here for several years realizes only money and public image matter to JNJ.

As a general rule, anytime the rules are changed its to squeeze the non-Execs.

 

Before we die, wouldn't you like to hear and see, a CEO like Alex Gorsky, a Corporate Executive member or Board Member, or maybe even some high ranking employee actually say something like,

"We are changing our Pension Plan here at Johnson & Johnson to save millions moving forward. We will put that money to use in better ways than you could during your lifetime. I have my future generations to think about, protect and help prosper. You, are simply expendable. If you don't like these conditions of employment. Go work for someone else you think is more ethical, moral and just than we are. I have an integrity to always do what is right for me and my concerns. But, I will tell you it's about customers. Patients. You. So, either enjoy my political maneuvers, my manipulative leadership style, my gamesmanship or leave. Now, would be preferred. Thank you, I have a pressing engagement to attend."

 

These never happen in ones but they are broken up and phased in over time.

Next Steps:

1. cut bonus formulas
2. Cut insurance and keep raising our costs for it, regular and retiree
3. Reduce or eliminate 401-k match
4. Freeze merit raises
5. Eliminate FATE tuition reimbursement
6. Eliminate Inspire program
7. Eliminate company stores, physical and virtual

these will not be eliminated:

1. Starbucks at Corporate
2. Hair Salon at Corporate
3. Laundry service at Corporate gym



nothing to look at here anymore, no longer special to work here.