Benefits

Discussion in 'GlaxoSmithKline' started by Anonymous, Sep 11, 2013 at 12:25 PM.

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  1. Anonymous

    Anonymous Guest


    The main benefit of getting retirement healthcare coverage is to have something to cover you in the event you retire before 65. Try getting affordable coverage when you retire between the ages of 55 and 65. You are too young for Medicare, yet private insurance will cost an arm and a leg. Most companies have dumped their plans, so consider yourself lucky if you work somewhere that still has this benefit.
     

  2. Anonymous

    Anonymous Guest

    Still waiting for your long list. You said most other pharma companies have better pension programs. You must have that long list ready to go by now. Just give us the names and the details. Tick, tick, tick, tick.......
     
  3. Anonymous

    Anonymous Guest

    Pfizer
     
  4. Anonymous

    Anonymous Guest

    F the pension.

    There is no way to make bonus money here. You can't "blow it out anymore" and make 30K in a quarter. There are MANY other companies where you can still do this.

    Your gay little 5% pension comes nowhere near compensating for this.

    GSK's compensation is now way below average because the managers are threatened to be put on a coaching memo if they rate their reps too high on the COTS where they can make a decent bonus.

    This is a total loser company with incentive comp plan that's a joke and WAY below top industry standards. GSK is a 2nd to 3rd tier job based on total compensation. I would put them on par with a contract company in terms of bonus. Place is a joke.
     
  5. Anonymous

    Anonymous Guest

    OK Duffus, sorry to take so long to get back to you, but some people have a life and are not on Cafe Pharma on a Friday night. Just some recent retirees in our area were Novartis, Merk, Abbott and Meade Johnson. Merk rep with 30 years bringing home 75k. Novartis rep with less than 30 years and in early 50's bringing home 65K per year. Abbott rep with 29 years and in early 50's bring home 63k per year. Mead Johnson with 33 years bringing home 95k per year. Any other question DUFFUS?
     
  6. Anonymous

    Anonymous Guest

    I don't know how to spell duffus, but that is a good try! I am a 20+ year employee, in my early 50s, I have low 6-figures in my cash balance pension. That does not seem like very much. I know it is nothing to sneeze at, but; how much longer do I have with this company? Maybe 3-5 years MAX? The company that said, upon my hire, I would get 70% of a calculation of my career salary upon retirement, will be paying me much less in an annuitization of my cash balance pension plan.

    I think it is a situation where "I will get much less, AND LIKE IT" as Judge Smales eloquently states...
     
  7. Anonymous

    Anonymous Guest

    Yes, you are a Duffus. Your homework on pensions shows your lack of intellect as well. Mead Johnson changed their program:

    http://www.cafepharma.com/boards/showthread.php?t=381355

    Novartis??? You should have checked as well:


    http://www.cbsnews.com/8301-505123_162-42848816/at-novartis-pensions-are-out-and-cash-grabbing-is-in/

    As for Merck and Abbott, take a look at those as well. Unless you have 25 years of service or more, take a look at what you get......not much. By the way, take a look at the Merck funding level of the pension and note that it is subject to change.

    You really need to keep up with the times. Most companies have cancelled their plans. Read this article on Pfizer and the comments it makes about other companies:


    http://www.pharmalive.com/going-going-gone-pfizer-eliminates-pensions


    Note the following:

    Of course, many companies have been eliminating or altering the terms of their defined benefit pensions plans in recent years as a way to cut expenses, a trend that has accelerated during the recent recession (here is a list of companies that, since 2005, have either terminated plans, frozen plans for new and/or current employees, or made changes to the formula by which pension benefits are calculated).

    Any other questions, Duffus????
     
  8. Anonymous

    Anonymous Guest

    Beyond the 5% in the cash balance plan, we get 2% in stock and 4% in the 401K match. At at total of 11%, that is not too bad compared to what other people get. If you put another 15% away on your own, you should have a nice retirement. If not, it is your fault for being a financial moron.
     
  9. Anonymous

    Anonymous Guest

    Duffus, my hand is starting to hurt from slapping you around so much, but what the hell!
    In the first place I am sitting in the top 5% of investors for my 401k, so don't lose sleep over me! Secondly, I was just trying to explain to a shlupp like you that the majority (that means most Duffus) of pharma companies have maintained the traditional pension for their employees. New hires are coming under a less generous plan with a cash balance plan. Now Duffus, what that means is that most all the other reps you run into in the field (if you ever leave your house) have a traditional big time payout pension. GSK bailed out of a traditional pension back around 1989 (mommy was still scrubbing your butt and teaching you about your "special purpose"). It was one of the few cheap outfits that did so. Hope you loearned something Duffus!
    PS:if your wondering what your "special purpose" is, google Steve Martin and special purpose. Gosh i love having a fool like you around. Like Deputy Dog used to say "don't go away mad, just go away!" LOLOLOL
     
  10. Anonymous

    Anonymous Guest

    Duffus, tell me something new. Of course company's are changing their pension plans, but for the most part it is for new hires. GSK was probabley THE FIRST to jump to the cash balance plan screwing thousands of employees. Flap your gums on that one Duffus!
     
  11. Anonymous

    Anonymous Guest


    I think we all know what you are slapping. Face it, you just made yourself look like a fool. I just pointed out that the majority have either changed their plans or have eliminated them. If you read further, many have forced over existing employees to the new plans. What's the matter, can't read? Maybe your low intelligence level doesn't allow you to comprehend.

    Based on your inability to understand basic retirement plan documents, I suspect your 401K is sitting in the bottom 5%. Don't worry. Obama is keeping that safety net in place for you, so you should be able to live a somewhat comfortable life in your doublewide.
     
  12. Anonymous

    Anonymous Guest



    Looks like you got slammed pretty good. Maybe you should do a little homework next time before you post.

    Hahahahahahahahahahahaha
     
  13. Anonymous

    Anonymous Guest

    Duffus, Duffus, Duffus, playing with your "special purpose" is making you stupid. You still do not get the point Duffus. Sure, more companies have changed over the last year or two to cash balance plans. But GSK did this in 1998 Duffus, that was 15 years ago. You remember what I told you, that was when mommy was still scrubbing your butt and tickling your dingaling. Since then Duffus a whole lot of GSK people have retired and gotten screwed while those working for other pahrma companies have had great retirement plans. Surely,even a duffus like yourself can understand that? Well Duffus?
     
  14. Anonymous

    Anonymous Guest

    Dinosaur here....laugh if you may gen X......Massengill, Beecham-Massengill, Beecham Inc. , SmithKlineBeecham, then GlaxoSmithKline { GSK pronounced with the G silent } and I can promise you boys the retirement was super. We didn't even have it in the early days. You fellows can keep whining and crying....ever think about one of those tenured government jobs ?
     
  15. Anonymous

    Anonymous Guest

    And, again, you can't read. It doesn't matter when companies changed the plans because many of those had the benefits changed while employed. If you read the plan documents, the company (each company) has the right to change the plan at any time. You will note comments from employees indicating how much they lost with the change at previous companies. At least with GSK, they grandfathered in those in the plans at that time and provided offsets. Further, companies like Pfizer has ELIMINATED their plans. So, if we go back to your original point in which you claimed most other companies have better plans, we can see that you opened up your trap before actually looking into the plans of other companies.

    As to your "mommy" comments, it seems you had some weird issues with your mom when you were growing up and you are trying to find a way to talk about them. Sorry, but I don't think any of us can help you with that. I suggest you go get yourself some mental help from a psychiatrist.

    So the lesson learned here yet again, is for you to actually read and understand information before making additional comments that make you look even more pathetic.
     
  16. Anonymous

    Anonymous Guest

    Duffus, I could sit here, continue slapping you around and trying to educated you, but they do not pay me enough to deal with r*****s like you. Just go back to being Duffus with your communications degree or whatever schlupp degree you have and remain STUCK ON STUPID. Best of luck to you and god bless those that you work with!
     
  17. Anonymous

    Anonymous Guest

    " god " is capitalized Einstein.
     
  18. Anonymous

    Anonymous Guest

    Hahahahahahahahahahaha.........not that great at the spin, are you. Once the links were provided and everyone read for themselves that you were WRONG, it was all downhill from there for you.

    Yes, I guess you will have to resort to slapping yourself silly, Duffus.

    By the way, did you get your "mommy" issues resolved yet?

    Man, do you have some problems.
     
  19. Anonymous

    Anonymous Guest

    Yo Duffus, my hand has healed from slapping you so i am back. You can add Bristol Myers Squib to the list that have up until this time honored their reps with a full pension plan. I met a BMS rep today with 25 years and 60 years old and he will retire with 75K per year. Get it Duffus, most of these big pharma companys are STILL paying the fat pensions to those retiring and have been doing so so all along. We stopped that back in 1989 Duffus. Get it through you thick fricking skull that that is better than the small amount GSK pays its' reps with the cash balance plan. Or put it this way Duffus, if you were 60 years old and 30 years with a company would you want a one time payout of 250K or 75k per year for life? Go ask mommy Duffus!
     
  20. Anonymous

    Anonymous Guest

    Actually(and I agree with you in principle) I would prefer the 250K. Those 75K a year pension plans are way under funded and cannot pay those obligations. It's a pipe dream and the unions that think they "won" and think they can retire at 50 with 75k a year for life are in for a rude awakening.