» Sponsored ads

» Sponsored ads

» Sponsored ads


Go Back   Cafepharma Message Boards > Company Boards > Abbott
Register Members List Calendar Search Today's Posts Mark Forums Read

Reply

 
Bookmark and Share Thread Tools Rating: Thread Rating: 81 votes, 5.00 average. Display Modes
  #1  
Old 10-12-2009, 11:43 AM
Anonymous
 
Posts: n/a
Default ABBOTT PENSION RETIREMENT

Can anyone provide some details about the Abbott pension retirement plan? When does a person vest? How is the combination of age and service used and compared against what? How is pension payout calculated? Are there medical benefits for retirees?
Much appreciated!
Reply With Quote
  #2  
Old 10-12-2009, 05:16 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Go to www.resources.hewitt.com/abbott this will answer all your questions and model the pension for you
Reply With Quote
  #3  
Old 10-12-2009, 06:05 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

troll
Reply With Quote
  #4  
Old 10-13-2009, 09:22 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Thank you, Anonymous (2 above). So, if I am a Solvay employee, possibly to become an Abbott employee, how can I find out about the pension retirement plan? I can't log onto the Hewitt site. Thanks.
Reply With Quote
  #5  
Old 10-13-2009, 09:24 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

And all that's asked for is simple stuff: how are years of service and age factored in? If a person is fully eligible, how is the monthly pension calculated? Are there medical benefits for retirees? Basic answers. Thanks.
Reply With Quote
  #6  
Old 10-13-2009, 10:46 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Your pension provisions may be different than current Abbott employees when you transfer over. It depends on the contract agreement between Sovay and Abbott on this topic..ie, what Abbott signed off on. Check with the Solvay side first.
Reply With Quote
  #7  
Old 10-13-2009, 12:19 PM
Anonymous
 
Posts: n/a
Argue Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
Can anyone provide some details about the Abbott pension retirement plan? When does a person vest? How is the combination of age and service used and compared against what? How is pension payout calculated? Are there medical benefits for retirees?
Much appreciated!
10 years service and 50 years old. The coin is nothing to get excited about. The benefits are really a joke. I think to cover you and spouse or significant other. It runs around 800.00 a month. No deal here.
Reply With Quote
  #8  
Old 10-13-2009, 02:03 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

On another thread is this:

" Is the retirement formula at abbott labs, for full retirement benefits, still...your age + your years of service = 72? Do you still get 60% of your salary on the average of your last 3 years of service ..... "

Can anyone verify the "72" as qualifying for full benefits? Can anyone verify the "60% of the av of last 3 yrs"?
Thanks
Reply With Quote
  #9  
Old 10-13-2009, 03:27 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

The pension you will get is just enough for taxi fare to the local welfare department.
Reply With Quote
  #10  
Old 10-14-2009, 11:25 PM
Anonymous
 
Posts: n/a
Arrow Re: ABBOTT PENSION RETIREMENT

In response to post #9... I have a friend who retired 6 years ago and he is doing very well on the Abbott pension...so much for the comment on enough for taxi fares.
Reply With Quote
  #11  
Old 10-15-2009, 11:27 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Thank you Anonymous #10. And thank you Anonymous #6. We at Solvay know that the provisions of a possible Solvay retirement are likely to be different than for Abbott. We are working with our HR, but the process is slow, and so far even the basics of what the Abbott provisions are is not forthcoming. We only have some “hints”.

So, here again is a request for basic info if some kind soul would tell us:
1. Is full retirement calculated on the basis of age + yrs of service = 72?
2. At full retirement, how is monthly pension then calculated? [We heard 60% of average of last 3 yrs of base salary. That seems high.]
3. At less than full retirement (for example, 70 vs 72 (or whatever)), how is monthly pension then calculated?
4. What about medical benefits for retirees? For example, “standard Abbott med/dental plan with COBRA payment of 50% up to age 65, and then you’re on your own.”
Thanks to anyone who would help us. If it would help I will get an anonymous external email address and even a fax number.
Reply With Quote
  #12  
Old 10-16-2009, 12:55 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
Thank you Anonymous #10. And thank you Anonymous #6. We at Solvay know that the provisions of a possible Solvay retirement are likely to be different than for Abbott. We are working with our HR, but the process is slow, and so far even the basics of what the Abbott provisions are is not forthcoming. We only have some “hints”.

So, here again is a request for basic info if some kind soul would tell us:
1. Is full retirement calculated on the basis of age + yrs of service = 72?
2. At full retirement, how is monthly pension then calculated? [We heard 60% of average of last 3 yrs of base salary. That seems high.]
3. At less than full retirement (for example, 70 vs 72 (or whatever)), how is monthly pension then calculated?
4. What about medical benefits for retirees? For example, “standard Abbott med/dental plan with COBRA payment of 50% up to age 65, and then you’re on your own.”
Thanks to anyone who would help us. If it would help I will get an anonymous external email address and even a fax number.
Call one of the Abbott reps in your area and have them pull out the latest benefits package which will outline Abbott's benefits. Don't be surprised if they change the rules for the Solvay group. I no longer work for the company, but I know that the benefits changed in 2004 and 2006. After that, not sure. Get the package and then you will have leverage when they try to cheat you because I know Miles White and he will positively cheat you!
Reply With Quote
  #13  
Old 10-17-2009, 05:59 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
On another thread is this:

" Is the retirement formula at abbott labs, for full retirement benefits, still...your age + your years of service = 72? Do you still get 60% of your salary on the average of your last 3 years of service ..... "

Can anyone verify the "72" as qualifying for full benefits? Can anyone verify the "60% of the av of last 3 yrs"?
Thanks
All of this is correct. Go to www.mmmglaw.com and read the transcript of the trial against Abbott and Hospira regarding retiree benefits. The benefits consultant from Hewitt testified about the details of the Abbott benefit plans. You can also read the transcript at abbottlabscase.com
Reply With Quote
  #14  
Old 10-18-2009, 01:34 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

You all are crazy and don't realize what you have here. Look at the matching in our 401k and the fact that the retirement savings plan offer a Roth. That is great!!! Also, look at our Pension. We can take a lump sum which is very rare with other companies. The fact that we have pension is incredible.
Reply With Quote
  #15  
Old 10-19-2009, 09:50 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
You all are crazy and don't realize what you have here. Look at the matching in our 401k and the fact that the retirement savings plan offer a Roth. That is great!!! Also, look at our Pension. We can take a lump sum which is very rare with other companies. The fact that we have pension is incredible.
Can't take a lump sum unless it's under $25K. Sorry to break your bubble.
Reply With Quote
  #16  
Old 10-19-2009, 12:39 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

To Anonymous #13: thank you very much. Very interesting.
To #14: none of what we (Solvay people) wrote was to criticize the Abbott pension or 401k offerings. It is terrific to have a pension at all and 401k matching. Just trying to compare. For example: Solvay matches 100% of the first 7% of salary put into your 401K; that's 100% interest immediately - very generous.
Reply With Quote
  #17  
Old 10-19-2009, 02:44 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
To Anonymous #13: thank you very much. Very interesting.
To #14: none of what we (Solvay people) wrote was to criticize the Abbott pension or 401k offerings. It is terrific to have a pension at all and 401k matching. Just trying to compare. For example: Solvay matches 100% of the first 7% of salary put into your 401K; that's 100% interest immediately - very generous.
Right! And look what happened to YOUR company....it's gone.
Reply With Quote
  #18  
Old 10-19-2009, 03:09 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
Can't take a lump sum unless it's under $25K. Sorry to break your bubble.
Partially correct. Lump sum only if under $25K AND your spouse agrees in writing.

My husband didn't want to do that at the last company I worked for, but then he accidently fell down the stairs and reconsidered his position.
Reply With Quote
  #19  
Old 10-19-2009, 04:19 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

pension + 401K + medical insurance for retirees + annual profit sharing = best deal going. granted, there's always something to complain about, but the benefit plan is certainly not one of them.
Reply With Quote
  #20  
Old 10-19-2009, 08:27 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
To Anonymous #13: thank you very much. Very interesting.
To #14: none of what we (Solvay people) wrote was to criticize the Abbott pension or 401k offerings. It is terrific to have a pension at all and 401k matching. Just trying to compare. For example: Solvay matches 100% of the first 7% of salary put into your 401K; that's 100% interest immediately - very generous.
Is that a real "for example"? Just asking because it's wrong.
Reply With Quote
  #21  
Old 10-20-2009, 02:35 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

It's a real example. It's 100% match of up to 7% of salary for people who were eligible to stay in the previous ("old", annuity retirement) plan. It's 100% match of up to 9% for those under the new FutureChoice plan that began Jan 1, 2005.
Reply With Quote
  #22  
Old 11-22-2009, 12:11 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
Thank you Anonymous #10. And thank you Anonymous #6. We at Solvay know that the provisions of a possible Solvay retirement are likely to be different than for Abbott. We are working with our HR, but the process is slow, and so far even the basics of what the Abbott provisions are is not forthcoming. We only have some “hints”.

So, here again is a request for basic info if some kind soul would tell us:
1. Is full retirement calculated on the basis of age + yrs of service = 72?
2. At full retirement, how is monthly pension then calculated? [We heard 60% of average of last 3 yrs of base salary. That seems high.]
3. At less than full retirement (for example, 70 vs 72 (or whatever)), how is monthly pension then calculated?
4. What about medical benefits for retirees? For example, “standard Abbott med/dental plan with COBRA payment of 50% up to age 65, and then you’re on your own.”
Thanks to anyone who would help us. If it would help I will get an anonymous external email address and even a fax number.

At Abbottit is according to the age you retire. 57 is the prime time. anything less than that age you take a real hit on pnsion benefits. The important thing is your 401K. If you have a good amount of money in your 401K plus your pension at 57, according to your last three years salary, actukllay make more money than working. I would not depend on teh pension under any circumstances.
Reply With Quote
  #23  
Old 11-22-2009, 01:34 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
At Abbottit is according to the age you retire. 57 is the prime time. anything less than that age you take a real hit on pnsion benefits. The important thing is your 401K. If you have a good amount of money in your 401K plus your pension at 57, according to your last three years salary, actukllay make more money than working. I would not depend on teh pension under any circumstances.
Good point. The pension won't do it all by itself. But if you hang around, it can be very nice... mine will be about $45K/year... but then again, I have been here since the office was in Ravenwood. I am just sticking around until next year, when we are supposed to get stock grants... my DM says those will probably come in Sept, and she is normally right on the money with her info.
Reply With Quote
  #24  
Old 11-22-2009, 01:41 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
Good point. The pension won't do it all by itself. But if you hang around, it can be very nice... mine will be about $45K/year... but then again, I have been here since the office was in Ravenwood. I am just sticking around until next year, when we are supposed to get stock grants... my DM says those will probably come in Sept, and she is normally right on the money with her info.
Haven't heard anything about the stock grants. Could you please elaborate. Thanks
Reply With Quote
  #25  
Old 01-29-2010, 11:30 AM
Anonymous
 
Posts: n/a
Worried Re: ABBOTT PENSION RETIREMENT

I've read in abbott website years ago that abbott forces you to retire at age 50. Probably your brain starts to be useless by then.
Reply With Quote
  #26  
Old 01-29-2010, 02:29 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
On another thread is this:

" Is the retirement formula at abbott labs, for full retirement benefits, still...your age + your years of service = 72? Do you still get 60% of your salary on the average of your last 3 years of service ..... "

Can anyone verify the "72" as qualifying for full benefits? Can anyone verify the "60% of the av of last 3 yrs"?
Thanks
60% not likely. That means if you have a average salary of $100,000 the last 3 years your pension will be $60,000. Full pension would probably be around $30,000. Everyone is different though.
Reply With Quote
  #27  
Old 01-29-2010, 02:38 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

If you retire before 62 many companies will offer a higher monthly payout until you turn 62 when your benefit will be reduced. Most reductions are egual to what you will receive from social security so the total benefit is the same as you received before you turned 62. Now this would be just one option available to employees thinking about retiring early.
Reply With Quote
  #28  
Old 01-29-2010, 05:19 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
If you retire before 62 many companies will offer a higher monthly payout until you turn 62 when your benefit will be reduced. Most reductions are egual to what you will receive from social security so the total benefit is the same as you received before you turned 62. Now this would be just one option available to employees thinking about retiring early.
Can't remember the last time I saw a 62 year old Abbott rep running around with a bag, or a 75 yr. old rep with a short skirt on talking about synthroid...pension isn't all that big a deal unless you started with the company right out of college and managed to survive to the old age of 62. That's not much of a life. Lifer with this company is like a prison sentence with $$$
Reply With Quote
  #29  
Old 01-29-2010, 05:55 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
pension + 401K + medical insurance for retirees + annual profit sharing = best deal going. granted, there's always something to complain about, but the benefit plan is certainly not one of them.
With all the talk about OEC terminations what happens to all the retirement plans if you are fully vested and then terminated after the trip to the GS?
Reply With Quote
  #30  
Old 01-29-2010, 08:29 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

3 years as a rep...received an estimate of my pension: if I retire after 20 years it was like 4k/month. If retire at 30 years it was 11k/month. Again, that's in current dollars and at the rep level. So, if you move up the company ladder then it should be more.
Reply With Quote
  #31  
Old 01-29-2010, 10:29 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

I was at abbott for 8 yrs and made approx 115,000 a yr for 8 yrs.
When i turn 65 my spouse and i will get 700.00 a month from abbott
until we die. if i die 1st , then my spouse will contine to get the 700 per month until their death. Agan, this is the abbott pension portion, Not my 401k, that is a seperate plan.
The abbott pension portion is 100% funded by abbott.
This is just 1 example, obviously the more years you put in with abbott the
more you will get at retiremnt.
Reply With Quote
  #32  
Old 01-30-2010, 08:05 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
I was at abbott for 8 yrs and made approx 115,000 a yr for 8 yrs.
When i turn 65 my spouse and i will get 700.00 a month from abbott
until we die. if i die 1st , then my spouse will contine to get the 700 per month until their death. Agan, this is the abbott pension portion, Not my 401k, that is a seperate plan.
The abbott pension portion is 100% funded by abbott.
This is just 1 example, obviously the more years you put in with abbott the
more you will get at retiremnt.
TAKE THE MONEY WHEN YOU TURN 50 - the earliest date you can draw the pension.

REASON: Abbott has the legal right/ability to change retiree benefits and reduce the payout. You will regret waiting until you are 65 to collect since the $700.00 is not inflation adjusted. Your $700 adjusted for inflation (CPI extended out 15 years) is like the equivalent of getting $1200 at age 50. Additionally, you can bet we will have a social welfare system that will tax at European/Canadian levels, and thats assuming Abbott does not gut the fund and adjust . Many a pension plans have been reduced or wiped out, even after you "think" you are fully vested (just ask a United airline Sr. pilot) . Not only are young/new employees at the greatest risk (no way will the pension be available) - but so are the rest of us. Take the money early, pay your taxes at todays tax rate, and RUN.
Reply With Quote
  #33  
Old 01-30-2010, 10:12 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
You all are crazy and don't realize what you have here. Look at the matching in our 401k and the fact that the retirement savings plan offer a Roth. That is great!!! Also, look at our Pension. We can take a lump sum which is very rare with other companies. The fact that we have pension is incredible.
This is the first I'm hearing about a Roth Ira. Could you please elaborate?
Reply With Quote
  #34  
Old 01-30-2010, 11:32 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
This is the first I'm hearing about a Roth Ira. Could you please elaborate?
What, you telling us you don't know how to get to the benefits website? Just go ahead and shoot yourself
Reply With Quote
  #35  
Old 01-31-2010, 08:56 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
What, you telling us you don't know how to get to the benefits website? Just go ahead and shoot yourself
Honestly I do. I have never seen or heard anything about a Roth Ira. I'm in the process of converting an IRA Ive had for years to a Roth Ira. It's a good deal.Split the taxes between 2012 and 2013.
Reply With Quote
  #36  
Old 02-01-2010, 11:10 PM
Anonymous
 
Posts: n/a
Post Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
I've read in abbott website years ago that abbott forces you to retire at age 50. Probably your brain starts to be useless by then.
Our brain enters Dementia at age 25. By age 30, axons starts to regress. They should make retirement earlier.
Reply With Quote
  #37  
Old 02-04-2010, 11:57 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
3 years as a rep...received an estimate of my pension: if I retire after 20 years it was like 4k/month. If retire at 30 years it was 11k/month. Again, that's in current dollars and at the rep level. So, if you move up the company ladder then it should be more.
Haaaaaaaa... oh, you are killing me! Haaaaaaa. What a riot. So you are thinking that the pension alone will give you $132,000/year? Oh this is too rich... you better go figure again. You are thinking that you will get >$2,000,000 if you live 20 years past retirement?
Go ahead and spend it now and see what happens...
Reply With Quote
  #38  
Old 10-30-2011, 01:58 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

I recently left Abbott and am looking to roll over my pension. I have 3K in pension and fully vested. I usually do yearly Roth IRA. I do not see any benefit between rolling to a Roth IRA and cashing it and doing it myself separately. I do not want traditional IRA.

Can you guys suggest what other roll-over options do I have other than IRAs? I want to minimize my tax burden.

Is it possible to roll-over to another rolled-over 401K plan from a previous employer with Fidelity or with Abbott roll-over 401K. I am trying to minimize my tax burden. Please advise.
Reply With Quote
  #39  
Old 10-30-2011, 02:46 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
3 years as a rep...received an estimate of my pension: if I retire after 20 years it was like 4k/month. If retire at 30 years it was 11k/month. Again, that's in current dollars and at the rep level. So, if you move up the company ladder then it should be more.
Share with me whatever you're smoking. At nearly 30 years with the company, and a 6 figure salary, maxing out the pension deductions....I will get about 40k per year with my pension. Your figures are simply wrong. I know as a rep you're not compensated at a level that would provide the numbers you're dreaming about.
Reply With Quote
  #40  
Old 10-30-2011, 03:41 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
Thank you Anonymous #10. And thank you Anonymous #6. We at Solvay know that the provisions of a possible Solvay retirement are likely to be different than for Abbott. We are working with our HR, but the process is slow, and so far even the basics of what the Abbott provisions are is not forthcoming. We only have some “hints”.

So, here again is a request for basic info if some kind soul would tell us:
1. Is full retirement calculated on the basis of age + yrs of service = 72?
2. At full retirement, how is monthly pension then calculated? [We heard 60% of average of last 3 yrs of base salary. That seems high.]
3. At less than full retirement (for example, 70 vs 72 (or whatever)), how is monthly pension then calculated?
4. What about medical benefits for retirees? For example, “standard Abbott med/dental plan with COBRA payment of 50% up to age 65, and then you’re on your own.”
Thanks to anyone who would help us. If it would help I will get an anonymous external email address and even a fax number.
Don't waste your time. Almost nobody, NOBODY, in field sales gets to full retirement. Once, years ago, I did know of a guy that made it to full retirement. He died 6 months later. You won't get to full retirement because you will be let go before you make it. How many reps do YOU know that hit 65? Some managers, maybe, but I bet in the field sales force right now, 10 might make it.
Reply With Quote
  #41  
Old 11-07-2011, 04:03 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Can somebody please answer my question? Appreciate your help.

Quote:
Originally Posted by Anonymous View Post
I recently left Abbott and am looking to roll over my pension. I have 3K in pension and fully vested. I usually do yearly Roth IRA. I do not see any benefit between rolling to a Roth IRA and cashing it and doing it myself separately. I do not want traditional IRA.

Can you guys suggest what other roll-over options do I have other than IRAs? I want to minimize my tax burden.

Is it possible to roll-over to another rolled-over 401K plan from a previous employer with Fidelity or with Abbott roll-over 401K. I am trying to minimize my tax burden. Please advise.
Reply With Quote
  #42  
Old 11-07-2011, 05:27 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
Can somebody please answer my question? Appreciate your help.
Cash it in and go to Vegas. Play roulette and drink like a fish. $3K is such a small amount just spend it!
Reply With Quote
  #43  
Old 11-07-2011, 09:26 PM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
Can somebody please answer my question? Appreciate your help.
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!
Reply With Quote
  #44  
Old 11-09-2011, 07:34 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

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.
Reply With Quote
  #45  
Old 11-09-2011, 07:51 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

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

Quote:
Originally Posted by Anonymous View Post
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.
Reply With Quote
  #46  
Old 11-09-2011, 08:54 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
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.
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 $$
Reply With Quote
  #47  
Old 11-09-2011, 10:10 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Note:

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


Quote:
Originally Posted by Anonymous View Post
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 $$
Reply With Quote
  #48  
Old 11-09-2011, 06:16 PM
Anonymous
 
Posts: n/a
Banghead Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
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 $$
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.
Reply With Quote
  #49  
Old 11-16-2011, 09:46 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

Quote:
Originally Posted by Anonymous View Post
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.
NONSENSE! They would not do that to us.
Reply With Quote
  #50  
Old 11-16-2011, 10:26 AM
Anonymous
 
Posts: n/a
Default Re: ABBOTT PENSION RETIREMENT

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.

Quote:
Originally Posted by Anonymous View Post
NONSENSE!
They would not do that to us.
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.
Reply With Quote
Reply




Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Forum Jump


All times are GMT -4. The time now is 12:20 AM.


Powered by vBulletin® Version 3.6.11
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.