ABBOTT PENSION RETIREMENT

Discussion in 'Abbott' started by Anonymous, Oct 12, 2009 at 11:43 AM.

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  1. Anonymous

    Anonymous Guest

    Can somebody please answer my question? Appreciate your help.

     

  2. Anonymous

    Anonymous Guest

    Cash it in and go to Vegas. Play roulette and drink like a fish. $3K is such a small amount just spend it!
     
  3. Anonymous

    Anonymous Guest

    call edward jones or somebody! we are just drug reps......however yes you can roll it anywhere you want to.

    You got 3 grand???? what a month? A lump payout?
    Buddy, 3 grand ain't hardly shot to worry about. I keepo that much in my night stand....with the loaded 9mm that is!
     
  4. Anonymous

    Anonymous Guest

    Did any one see Gonzos All PPG Employee email? We he sure did answer the question about benefits. Yes, the New Company will have the SAME benefits as Abbott, but people wake up and understand the following: They are the same, but....

    1) This is a new company, just like if you left Abbott today and went to another pharma company, you will be starting with "0" years of service.
    2) You will have the minimum vacation weeks, most likely 3.
    3) Years of service toward retirement pension, "0"
    4) Years of service toward retirement medical benefit, "0"


    The difference between the New Company and being layed off Abbott is that with the lay off they have to pay you for years of service. The New Company can give you the minimum severance, maybe 4 weeks and your vacation.

    The question that everyone needs to ask HR is "Are we being given our years of service in the New Company, such as same vacation and years of service toward a retirement? My guess the answer is no, but if enough people ask maybe t will change.

    So, bottom line, take this as if you are choosing to leave Abbott for a new company. Ask yourself, if this New Company any better than what other company offers? Will the pay be more in base and bonus and is there a signing bonus? If the answer is no, then take the retirement, if you are over 50, and go to the a different company. Good luck. I myself will take the money and leave for another company. The grass my not always be greener, but is will be a new adventure, with a little more pay, and I will be more motivated to work for someone else.
     
  5. Anonymous

    Anonymous Guest

    Told us exact same thing at Hospira.....still have my copy of that communication. Your naive.

     
  6. Anonymous

    Anonymous Guest

    You got it only half correct. What you say is true but they will also be cutting benefits as well as tenure.
    In addition, probably before, but certainly after the spinoff, there will be massive layoffs in the bloated sales and mgmt ranks. So the good news is alot of reps don't need to worry about benefit cuts as they will be laid off anyway.
    Although if laid off after the spin, vs before it, you will get screwed out of severence $$
     
  7. Anonymous

    Anonymous Guest

    Note:

    Hospira counted prior years at Abbott in calculating severance on layoffs after 5 years from spin-off. FYI


     
  8. Anonymous

    Anonymous Guest

    Years of service is tenure, you moron. Your retirement benefits are cut as you are back to square one or year one. Medical is now at the max for employee contribution. The Max is yet to be determine. I am sure there maybe a pension, but how much the New Company puts in is yet to be determine. Again you are at square one and thats not much. And one last thing about pension, it takes in most cases, 10 years to be vested for a pension. If you are over 50 you will never make it. Lay offs will occur. Some same as much as 40% of sales. If you think you are getting 1 week for ever year and you work for Abbott for 10 years, you won't get 10 weeks plus vacation, you get the minimum. You might get 2 weeks plus vacation, because you have worked for the New Company less than 1 year not 10. All employees might be back to 3 weeks vacation. So if you were with Abbott for 25 years and enjoyed the 5 weeks, forget about it.
     
  9. Anonymous

    Anonymous Guest

    NONSENSE! They would not do that to us.
     
  10. Anonymous

    Anonymous Guest

    Originally Posted by Anonymous
    Years of service is tenure, you moron. Your retirement benefits are cut as you are back to square one or year one. Medical is now at the max for employee contribution. The Max is yet to be determine. I am sure there maybe a pension, but how much the New Company puts in is yet to be determine. Again you are at square one and thats not much. And one last thing about pension, it takes in most cases, 10 years to be vested for a pension. If you are over 50 you will never make it. Lay offs will occur. Some same as much as 40% of sales. If you think you are getting 1 week for ever year and you work for Abbott for 10 years, you won't get 10 weeks plus vacation, you get the minimum. You might get 2 weeks plus vacation, because you have worked for the New Company less than 1 year not 10. All employees might be back to 3 weeks vacation. So if you were with Abbott for 25 years and enjoyed the 5 weeks, forget about it.

    Thats sound like the same words spoken by Hospira.

    They can and they will. You need to press HR for answers to these types of questions. Don't be blindsided thinking it won't happen. If you know that if is happenning to your years of service, you can make a well in formed decision to stay or leave.
     
  11. Anonymous

    Anonymous Guest

    I worked for a company that was taken over by pfizer. We had a choice- take our poison pill and leave or come on board as new employees. What you need to know is what your poison pill is for a hostile takeover or purchase before Dec 2012. We had 21 days to decide. I wish I had not stayed as I was laid off the day after we were eligible to be separated (1 year). I had 11 years w my old company and I got Pfizers severance. Lost all my options and equity. Ask the questions in advance.
     
  12. Anonymous

    Anonymous Guest

    Sounds like we need to ask HR if we will be give 21 days to decide or will we be given any at all? If you are over 50 but under 55 this is very important. If they freeze pensions like Hospira, then for many it will be hard decision to make. There is a major jump in the current Abbott pension in the month of your 55 birthday. If you have not checked it out on he benefit site, you need to asap. We need answers and a period to decide because it will effect out retirement in a big way.
     
  13. Anonymous

    Anonymous Guest

    In the last 30 years, Abbott has NEVER given an option like the one you had. You can move to the new company as planned or quit. If (or perhaps "when" would be a better choice of words) they decide to lay more people off, you will offered a severance, and you will have 3 weeks or so to decide if you want to accept it. If you don't accept it, you are just laid off without a severance. So I suppose in that regard, you do have a choice. But don't be thinking that you have a choice as to whether keep working OR get a severance and be let go. Abbott or whatever the new company will be called, is The Decider on that one.
     
  14. Anonymous

    Anonymous Guest

    I hope they let us take a voluntary severance, etc. would help out a lot of folks. Newco will be like joining a new company. So a voluntary severance will give people the choice to stay or go and open up spots for those who truly want to stay, just a thought
     
  15. Anonymous

    Anonymous Guest

    I retired last year with 32 years of servive, about half were in a management role. My pension along with early social security and my 401K makes my life worry free. I'm more than happy with what I receive from Abbott.
     
  16. Anonymous

    Anonymous Guest

    You just keep thinking those happy thoughts...
     
  17. Anonymous

    Anonymous Guest

    Guys - I am planning to rollover my Abbott pension to a regular Fidelity Roth IRA. Does the AGI limit restrict me from rolling over rollover. My 2012 AGI is > 200K+. Please advise at your earliest. Thanks.
     
  18. Anonymous

    Anonymous Guest

    Nope. But you can't roll it over until you retire, obviously. It's just one tax deferred account to another; there are no income limits involved
     
  19. Anonymous

    Anonymous Guest

    And how much was that, in dollars US? Don't just come onto the board and claim you are fat, dumb and happy....
    We wonder if, after 30 years, you are just stupid...?
     
  20. Anonymous

    Anonymous Guest

    I retired in June. Was told I could rollover 401k but not pension.