Question? If we get severed before we are 55 does that mean we do not get our lump sum payout at 55? What if our age and years add up to 55 does that mean we can get the pension lump sum now, or I we just out of luck. I know that I should know this so please just the real answers, much appreciated.
It also depends what company you originated from. L-Pfizer pension has different rules than L-Wyeth or the other companies that Pfizer gobbled up. Look at your pension calculator in hrSource and put in various dates for last day worked. That will give you an idea of what you will get and if you are eligible for the lump(if there is no lump sum listed under a last day scenario date, than it probably means you can't get one). The interest rate when you hit 55 will also determine payout for a lump sum. Also age and years adding to 55 means nothing. Wyeth had a "rule of 70"-it's now gone; Pfizer has a "rule of 90"-still there.
does anyone read the plan documents? why is there ambiguity with respect to something so important. inform yourselves on this topic.
They didn't. Only thing that's gone is rule of 70 and the Wyeth retirement medical plan. They stayed for two years after the takeover and then disappeared as part of the agreement. L-Wyeth people who retire now fall under the Pfizer medical during retirement-that is if you retire after 55 and are still employed by Pfizer. If your gone before 55 you don't get medical.
You want the real answer?? Get off your arse and read the dcuments. Why would you ask a stupid question like that here?
Why would you act like such a jackass in here? You must be one of those managers that can read fine print but can't sell shit. The fine print in the documents is so confusing that if you call HR 3 times, you get 3 different answers. When I called to get my first 'retirement estimate', whoever prepared it was so stupid they neglected to include my first 26 years with Wyeth. This is why people ask questions instead of just reading and trusting HR crap. To the OP, ask all the questions you want. It's buyer beware around here. To the 'document reader' - documents has an 'o' in it Mr or Ms Internet Smartass.
Legacy Pfizer is leave (for any reason) before 55 and your only option will be the annuity (beginning at age 55 if you choose to take "early" retirement).
You've got to be some serious stupid if you think that asking such an important question over cafepharma makes any sense, than reading your plan documents or contacting someone that handles pension questions at Pfizer.
Reading plan documents-yes. Getting accurate information from someone in pension department-maybe. They have a lot of incompetent people in that department who give conflicting information. Kind of sad, but that's the experience many people have when they call.
Read your plan's SPD, Summary Plan Description document. It ALWAYS says they have the right to change or terminate the plan (defined benefit plans for sure) whenever they want to.
If you think its so easy, try figuring it out. If you do your pension it still has a place that checks for the 70 rule for Wyeth people. So does that mean its still real or its not. Its that kind of stuff that is conflicting, plus go and try and look at the pension information it has info from 2011. Really, I personally think my Pfizer friends are better at answering then Pfizer help desk. Thank you to the person who gave me permission to ask questions.
It's true the HRSource people are terminally clueless. But what would you expect when you outsource it to the Philippines? Accurate information on pensions and other benefits may be a critical need for the employees bur Frank and Ian see it as needless expense. It's not like we really own anything in Pfizer!!!