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  #1  
Old 01-30-2010, 04:15 PM
Anonymous
 
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Default So when does the defined benefit pension plan get cut or changed?

It has got to happen, and soon. J&J financials no longer support such a lucrative plan. I think they will have to change participation, vesting, calculations, and/or limit it significantly and enhance the 401K a touch. Who know what will hapeen and when???
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  #2  
Old 01-30-2010, 09:01 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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It has got to happen, and soon. J&J financials no longer support such a lucrative plan. I think they will have to change participation, vesting, calculations, and/or limit it significantly and enhance the 401K a touch. Who know what will hapeen and when???
The plan did change a ffew years back. It was calculated differently and the benefit was cut SIGHTLY, but was still a good plan.

Current final decisions are in the works as far as how the pension plan will be eliminated. If you are vested what you have alreadyy earned is YOURS.

New employees will not be eligible for the company pension. Plans are for 100% company match up to the first 5%.

It is still up in the air as to whether or not the pension plan will be frozen for those that already have it or if they will still accrue this benefit as an old employee and be completely eliniated for new hires.

This will be rolled out the second half off the year. Most likely the pension will be frozen for the current employees who are vested with 5 years time. You will find out what that is worth and that will be the dollar amount when you retire.

New hires, take advantage of the 100% company match.
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  #3  
Old 01-30-2010, 10:58 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Originally Posted by Anonymous View Post
It has got to happen, and soon. J&J financials no longer support such a lucrative plan. I think they will have to change participation, vesting, calculations, and/or limit it significantly and enhance the 401K a touch. Who know what will hapeen and when???
Oh, you didn't hear? The pension was just cut... for about 8,500 people and another 900 back in April. Hope we all live long enough to get it after 62!
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  #4  
Old 01-31-2010, 01:49 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Oh, you didn't hear? The pension was just cut... for about 8,500 people and another 900 back in April. Hope we all live long enough to get it after 62!
It is not just happening here. Astra Zeneca announced 8,000 - 9,000 earlier this month. Today, Glaxo Smith Kline announced 4,000 to be axed.
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  #5  
Old 02-01-2010, 09:35 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Oh, you didn't hear? The pension was just cut... for about 8,500 people and another 900 back in April. Hope we all live long enough to get it after 62!
You are vested after 10 years, that money is yours to keep. Those cut cannot continue to contribute throughout their severance, but they can have disbursements begin as early as age 55. That amount is reduced from what they would get if they wait until age 62.
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  #6  
Old 02-01-2010, 11:14 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

That is not correct. You are vested AFTER 5 years.
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  #7  
Old 02-01-2010, 01:06 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Oh, you didn't hear? The pension was just cut... for about 8,500 people and another 900 back in April. Hope we all live long enough to get it after 62!
Boy are you guys dumb! This post was sarcasm that they basically pulled the financial future out from under thousands of people therfore resulting in an end to the pension plan for many. I know you are vested after 5 years and can collect, but it pales in comparison to what you would get if you worked for 20-30 years.
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  #8  
Old 02-01-2010, 01:52 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Boy are you guys dumb! This post was sarcasm that they basically pulled the financial future out from under thousands of people therfore resulting in an end to the pension plan for many. I know you are vested after 5 years and can collect, but it pales in comparison to what you would get if you worked for 20-30 years.
Having been one who has worked near 30 years, and was also cut, it is not that much of a financial future. If you didn't save you are still screwed.
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  #9  
Old 02-02-2010, 06:17 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Having been one who has worked near 30 years, and was also cut, it is not that much of a financial future. If you didn't save you are still screwed.
I know we have the pension calculator, but how much did you get in pension after 25+ years?
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  #10  
Old 02-02-2010, 07:38 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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I know we have the pension calculator, but how much did you get in pension after 25+ years?
Grossly oversimplified, each 10 vested years give you about 10 % of your final pay at 62
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  #11  
Old 02-02-2010, 10:42 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Grossly oversimplified, each 10 vested years give you about 10 % of your final pay at 62
Grossly oversimplified, yes; but pretty damn accurate. After close to thirty years my pension is 30% of what I made working for the company. So, back to what the previous poster mentioned; you better save or plan on part-time work because not many can live on 1/3 of their previous income.
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  #12  
Old 02-02-2010, 01:13 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Grossly oversimplified, yes; but pretty damn accurate. After close to thirty years my pension is 30% of what I made working for the company. So, back to what the previous poster mentioned; you better save or plan on part-time work because not many can live on 1/3 of their previous income.
If you retire before 62 the pension benefit is reduced 4% for every year from 62. For example, if you retire at 60 your benefit would be reduced 8% vs full benefit at 62.
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  #13  
Old 02-02-2010, 03:25 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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If you retire before 62 the pension benefit is reduced 4% for every year from 62. For example, if you retire at 60 your benefit would be reduced 8% vs full benefit at 62.
Our pipeline is promising and we have great leadership that has heading in the right direction. Why would I retire? Well...gotta run and make a few more calls before I head home to have dinner at 7:30.
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  #14  
Old 02-03-2010, 06:26 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Grossly oversimplified, yes; but pretty damn accurate. After close to thirty years my pension is 30% of what I made working for the company. So, back to what the previous poster mentioned; you better save or plan on part-time work because not many can live on 1/3 of their previous income.
Is it true that once you start collecting social security the company reduces your pension by the amount of your SS payments?
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  #15  
Old 02-03-2010, 09:04 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Is it true that once you start collecting social security the company reduces your pension by the amount of your SS payments?
That's already worked into the calculation. You're not going to get rich on the pension but it's nice to have as a base. Unless they're lying on the projections, mine will be 57% of my base salary. I hate to go against the grain and be somewhat positive on this site, but not bad as a base (plus SS, and income you can generage from personal savings, and 401k). But yes max out on 401k and save, save, save, the pension alone won't do it.
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  #16  
Old 02-03-2010, 09:14 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

But the whole point of this thread is that there are rumors that the pension plan is being discontinued. Does anyone know anything concrete about when the changes are to come or how currently vested employees will be affected? If they do freeze it at some point, unless you are currently 62 or older you will never get to the 30% of salary that has been discussed.
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  #17  
Old 02-03-2010, 10:02 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Is it true that once you start collecting social security the company reduces your pension by the amount of your SS payments?
It depends how you have the pension funds allocated. If you collect a pension at 55 you can get more up front (level pay) until you are 62, then that amount will be decreased so when SS comes in the total combined monthly amount will be the same. If you collect at 62 the amount of your pension is not decreased.
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  #18  
Old 02-03-2010, 10:04 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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But the whole point of this thread is that there are rumors that the pension plan is being discontinued. Does anyone know anything concrete about when the changes are to come or how currently vested employees will be affected? If they do freeze it at some point, unless you are currently 62 or older you will never get to the 30% of salary that has been discussed.
Not true, you can get to 30% if your tenure is at, or close to, thirty years. Its not necessarily age only related.
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  #19  
Old 02-03-2010, 11:50 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Is it true that once you start collecting social security the company reduces your pension by the amount of your SS payments?
It depends which benefit you choose. Some of the plans made available to those who retire early will have a larger payout until they reach 62 when their payout is reduced by the amount you recieve from SS. You can take a lower benefit if you retire before 62 that will not be affected. I retired when I was 58 and my pension was $3900 per month that was reduced to $2450 when I turned 62 but I did start to collect $1750 from SS. I could have taken about $2850 monthly that would have not been reduced but I elected to take the higher payout for 4 years. This is a lifetime benefit and my wife will receive $2400 a month when I die. This was just one of several programs that I could have picked with benefits ranging from 5-20 year payouts to a lifetime payout. Now this may not be the program that is available now but when I retired this was the JNJ pension program.
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  #20  
Old 02-04-2010, 07:27 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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It depends which benefit you choose. Some of the plans made available to those who retire early will have a larger payout until they reach 62 when their payout is reduced by the amount you recieve from SS. You can take a lower benefit if you retire before 62 that will not be affected. I retired when I was 58 and my pension was $3900 per month that was reduced to $2450 when I turned 62 but I did start to collect $1750 from SS. I could have taken about $2850 monthly that would have not been reduced but I elected to take the higher payout for 4 years. This is a lifetime benefit and my wife will receive $2400 a month when I die. This was just one of several programs that I could have picked with benefits ranging from 5-20 year payouts to a lifetime payout. Now this may not be the program that is available now but when I retired this was the JNJ pension program.
Thanks for your informative response. I'm sure you utilized the pension calculator when you were still working. I am wondering how accurate that thing is. I am looking to retire in the next couple of years. I plan on electing the 100% lifetime benefit for my wife also, so that the pension does not reduce when I die. How many years ago did you retire? I know it is personal information, but would you mind sharing what your base salary was in your last year of employment. Any other suggestions to someone looking to retire? Thanks.
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  #21  
Old 02-04-2010, 08:16 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Originally Posted by Anonymous View Post
Thanks for your informative response. I'm sure you utilized the pension calculator when you were still working. I am wondering how accurate that thing is. I am looking to retire in the next couple of years. I plan on electing the 100% lifetime benefit for my wife also, so that the pension does not reduce when I die. How many years ago did you retire? I know it is personal information, but would you mind sharing what your base salary was in your last year of employment. Any other suggestions to someone looking to retire? Thanks.

You can't be serious. Asking for retirement and pension advice on cafePharma? Get a financial planner, or go on the pension calculator. The dumbest FP in the world is better than the smartest CPharma responder. This is the worst possible place to come looking for information.
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  #22  
Old 02-04-2010, 09:02 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

Can you elect to have a lump sum payout today if you've left the company. I don't want to spend it, I want to save it myself. Roth would be a much better investment vehicle than the defined pension plan. Also, I'm leary of corporate leaders that cut benefits to the rank and file while getting 30mm per annum. Call me crazy.
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  #23  
Old 02-04-2010, 09:20 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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You can't be serious. Asking for retirement and pension advice on cafePharma? Get a financial planner, or go on the pension calculator. The dumbest FP in the world is better than the smartest CPharma responder. This is the worst possible place to come looking for information.
Go away
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  #24  
Old 02-05-2010, 06:09 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Originally Posted by Anonymous View Post
Can you elect to have a lump sum payout today if you've left the company. I don't want to spend it, I want to save it myself. Roth would be a much better investment vehicle than the defined pension plan. Also, I'm leary of corporate leaders that cut benefits to the rank and file while getting 30mm per annum. Call me crazy.
There is no lump sum payout option in the J&J pension. There are a lot of options as to how you get paid. Too numerous to mention. Go to pension calculator. There is a lot of info there.

Also, here is another way they could limit pensions - stop giving us raises which will happen for some of us under the new comp system. So, IF THE PENSION IS CONTINUED, those people salaries will not go up and the pension amount will be reduced because the calculation is based on the average of the last three years of salary.
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  #25  
Old 02-05-2010, 06:26 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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There is no lump sum payout option in the J&J pension. There are a lot of options as to how you get paid. Too numerous to mention. Go to pension calculator. There is a lot of info there.

Also, here is another way they could limit pensions - stop giving us raises which will happen for some of us under the new comp system. So, IF THE PENSION IS CONTINUED, those people salaries will not go up and the pension amount will be reduced because the calculation is based on the average of the last three years of salary.
You are correct about the raises, but that should not impact many people. The salary ranges in the new bands are much broader than under the the old system, so there will be few people not getting raises because they are at the upper end.
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  #26  
Old 02-06-2010, 04:30 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Originally Posted by Anonymous View Post
There is no lump sum payout option in the J&J pension. There are a lot of options as to how you get paid. Too numerous to mention. Go to pension calculator. There is a lot of info there.

Also, here is another way they could limit pensions - stop giving us raises which will happen for some of us under the new comp system. So, IF THE PENSION IS CONTINUED, those people salaries will not go up and the pension amount will be reduced because the calculation is based on the average of the last three years of salary.
Why was I under the assumption that pensions were calculated as an average of the highest five years overall earning within the last ten years of work? Maybe that was an old way?

If it is truly based on the LAST THREE YEARS BASE SALARY, the new banding may actually drive out some tenured folks like myself!! I am in jeopardy of being paid the lump sum difference between my current base and the top of the new job band base salary. Unless I can get promoted... ha ha. That would suck, as it WILL lower my pension!!! No reason to stay longer, as it will just get worse. I have been calculating with the retirement calculator that for each six months I stay, my pension goes up significantly at this point.

If that is true, it is a very clever move to rid the company of old folks, without paying us off!! I turn 58 later this year, with 26 years tenure (SURVIVOR!!) Thank goodness I have been pouring beaucoup bucks into my 401K.
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  #27  
Old 02-06-2010, 06:32 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

To my knowledge, the pension is calculated on the highest consecutive 60 months within the past 10 years. I haven't heard of any change.
And, you are right, those of us who have been here a long time will have to carefully watch our pensions because with the salary caps and no raises for those of us over our band, we could actually get less pension by staying more than 5 years.
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  #28  
Old 03-23-2011, 11:43 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

I haven't seen this situation posed elsewhere.....

I am vested with only 6 years employment, not vested elsewhere, but ok with savings and 401k. Does anyone have any update info on the JNJ pension plan and ideas on the following scenario: 1) if I returned to JNJ now at the age of 55, 2) worked a couple of years retiring at 57:

*Would it make a big difference on the pension --8 years vs 10 years service? (is the 10 year interval a critical number or it's just used for incremental reference?)

*Would I get healthcare benefits upon retirement?

Thanks-
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  #29  
Old 03-24-2011, 12:39 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Originally Posted by Anonymous View Post
I haven't seen this situation posed elsewhere.....

I am vested with only 6 years employment, not vested elsewhere, but ok with savings and 401k. Does anyone have any update info on the JNJ pension plan and ideas on the following scenario: 1) if I returned to JNJ now at the age of 55, 2) worked a couple of years retiring at 57:

*Would it make a big difference on the pension --8 years vs 10 years service? (is the 10 year interval a critical number or it's just used for incremental reference?)

*Would I get healthcare benefits upon retirement?

Thanks-
I don't believe 2 more years with your low years of service would make much difference. The very concept of a "defined benefit" pension is that the pension escalates during the last number of years of employment, (hockey stick graph), and is really designed for the career employee (30 to 40 years service). I'm not being snide, but you're not going to get much regardless.
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  #30  
Old 03-24-2011, 12:50 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Originally Posted by Anonymous View Post
Thanks for your informative response. I'm sure you utilized the pension calculator when you were still working. I am wondering how accurate that thing is. I am looking to retire in the next couple of years. I plan on electing the 100% lifetime benefit for my wife also, so that the pension does not reduce when I die. How many years ago did you retire? I know it is personal information, but would you mind sharing what your base salary was in your last year of employment. Any other suggestions to someone looking to retire? Thanks.
The pension calculaor is very accurate. My suggestions: hang in as long as you can, a defined benefit plan is back end loaded, escalates geometrically the last few years of employment. You will take a big hit with 100% for your wife also, think about it, the annunity is covering TWO people (all based on life expectancy). Go for 50% joint and survivor if possible, I understand if she has never worked this may not be enough, although in this case she would be eligible for 50% of your S.S. also when you die. Hope this helps.
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  #31  
Old 03-24-2011, 01:09 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Originally Posted by Anonymous View Post
Why was I under the assumption that pensions were calculated as an average of the highest five years overall earning within the last ten years of work? Maybe that was an old way?

If it is truly based on the LAST THREE YEARS BASE SALARY, the new banding may actually drive out some tenured folks like myself!! I am in jeopardy of being paid the lump sum difference between my current base and the top of the new job band base salary. Unless I can get promoted... ha ha. That would suck, as it WILL lower my pension!!! No reason to stay longer, as it will just get worse. I have been calculating with the retirement calculator that for each six months I stay, my pension goes up significantly at this point.

If that is true, it is a very clever move to rid the company of old folks, without paying us off!! I turn 58 later this year, with 26 years tenure (SURVIVOR!!) Thank goodness I have been pouring beaucoup bucks into my 401K.
You're confusing two points: one is your numerical salary and the other percentage. These are the two variables plugged into the calculation. You will get a higher % as you have more vested years with the company (or more accurately, you'll be penalized LESS for early retirement). So even is your income stays the same say, in your case, between your age 58 and 62, you will be eligible for more pension benefits (it's actually 4% per year). Hope that helps.
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  #32  
Old 03-24-2011, 01:29 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Not true, you can get to 30% if your tenure is at, or close to, thirty years. Its not necessarily age only related.
I don't know where this 30% comes from: true it's not only age, but a combination of age and tenure, and also the choices you make for your pension payout. I retired 2 years ago at age 60, 35 year tenure, and am currently drawing 57% of my final salary. I elected 50% joint and survivor (my wife gets half of my pension for her lifetime if I pre-decease her) It would have been 8% more if I'd waited to 62 (you are penalized 4% per year for early retirement, which is defined as being between 55 and 62). When you are at the time you plan to retire, a defined plan is golden as a base, along with 401k, private investments, S.S., added to pension, S.S., etc. your spouse has.
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  #33  
Old 03-26-2011, 10:28 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

I've been doing some calculating myself and the payment for life really is an attractive benefit making me feel inclined to try to stay at J&J. I really do want to go, but the other company I'm considering has given up on pensions and gone to 100% 401K match up to 6% of your salary. Even though I won't work for that many more years, the difference in pension is significant and would be very nice added to my 401K and SS. A much higher salary and the better match does not come close to the amount of money from the pension, even if I don't live to a very old age.

So, I really do wonder if J&J will move to freeze the pension for current employees and eliminate it for new employees. If they do, I think will be sorry I didn't move on. I'm very interested to hear more about any information concerning the future of the J&J pensions. Please tell me more.
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  #34  
Old 03-26-2011, 11:25 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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I've been doing some calculating myself and the payment for life really is an attractive benefit making me feel inclined to try to stay at J&J. I really do want to go, but the other company I'm considering has given up on pensions and gone to 100% 401K match up to 6% of your salary. Even though I won't work for that many more years, the difference in pension is significant and would be very nice added to my 401K and SS. A much higher salary and the better match does not come close to the amount of money from the pension, even if I don't live to a very old age.

So, I really do wonder if J&J will move to freeze the pension for current employees and eliminate it for new employees. If they do, I think will be sorry I didn't move on. I'm very interested to hear more about any information concerning the future of the J&J pensions. Please tell me more.
Don't be retarded. Hang in there and collect the check! If I was in your position, nothing about this place would bother me. I'd just sit back, do my thing and count my money.
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  #35  
Old 03-26-2011, 11:55 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Don't be retarded. Hang in there and collect the check! If I was in your position, nothing about this place would bother me. I'd just sit back, do my thing and count my money.
Don't you wish it would really be up to each of us to decide if we wanted to stay here until retirement? All the pharma and biotech companies today are freezing pensions, getting rid of them as well as all benefits to current employees, and not offering anything to new employees anymore. Blame the recession or the health care reform but things are changing. J&J is behind the curve compared to the other pharma and biotech companies that have already slashed their employee costs by the billions in the past year. Can't imagine this company doing so badly this past year and not doing exactly what every other company in the industry is doing to cut costs and be more attractive to shareholders. Don't complain when J&J continues in moving forward with more drastic reductions towards employee salaries, positions, and benefits. They have been forced to do so in order to make up for their errors in the past few years. Hopefully everyone is planning for a secure future without relying on J&J or any company to save you and your family.
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  #36  
Old 03-27-2011, 07:15 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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I've been doing some calculating myself and the payment for life really is an attractive benefit making me feel inclined to try to stay at J&J. I really do want to go, but the other company I'm considering has given up on pensions and gone to 100% 401K match up to 6% of your salary. Even though I won't work for that many more years, the difference in pension is significant and would be very nice added to my 401K and SS. A much higher salary and the better match does not come close to the amount of money from the pension, even if I don't live to a very old age.

So, I really do wonder if J&J will move to freeze the pension for current employees and eliminate it for new employees. If they do, I think will be sorry I didn't move on. I'm very interested to hear more about any information concerning the future of the J&J pensions. Please tell me more.
Here's how I believe J&J would (will) do it when the decision is made to phase out defined benefit pensions: If you're age 55+ with 10+ years tenure, you stay in current pension plan, age 45+ with 20 years+, you keep defined benefits accrued, but are now in a hybrid of added 401k benefits while phasing out defined, and less than 20 you keep accrued defined benefits but go to all added 401k benefits. Or something like that. You don't say what your current age is, but if you're 55 or close to it, if you have the option, HANG IN. Your pension benefits(if any) at a new company would be NOTHING compared to J&J. (you say you won't work for "that many more years" I'm assuming you have decades with J&J). Here's another way to look at it: rule of thumb: you need about $1m in savings to generate $50k in income. Can you save (401k or whatever) $1m or $2m in the "not that many more years" or working?
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  #37  
Old 03-27-2011, 08:26 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

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Originally Posted by Anonymous View Post
Don't be retarded. Hang in there and collect the check! If I was in your position, nothing about this place would bother me. I'd just sit back, do my thing and count my money.
In many ways that is good advice and what I am thinking for the most part. At the same time I wonder if a new start would revitalize my passion for work, so that the remaining time would not be such drudgery. I thought I might even continue to work a bit longer, if I were more engaged and more excited about what I did and where I worked.

I'm currently hanging on with my fingernails dragging across a chalkboard, even though I am also grateful to have a job. It is just a shame that simply being grateful to have a job has replaced the passion that many of us felt when we first went into science and research as a career. Maybe some of the fault is mine for losing my passion, but I think some of it is also the fault of the decisions by J&J senior leadership and even my immediate supervisor to some extent.
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  #38  
Old 03-27-2011, 04:41 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

After such legal issues and bad press in almost every operating division this past year, I would assume that J&J will be taking drastic measures immediately to make it's portfolio and image more attractive to shareholders. And that means cutting costs. J&J's Pension Plan, Total Benefits Package, and 401 K match are superior to any other pharma, device, and biotech company out there. It makes sense that the Pension Plan will be frozen this year for all employees and eliminated for any new hires in 2010. The financial future we all worked so hard and planned so carefully for is not going to be what we expected. It's a shame.
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  #39  
Old 03-27-2011, 06:04 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

Do you think they'll be targeting the older employees to save money on salaries and potential big pensions? That's the rumor I've been hearing. I hear that if you're close to 55 you're a goner.
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  #40  
Old 03-27-2011, 07:06 PM
Anonymous
 
Posts: n/a
Default Re: So when does the defined benefit pension plan get cut or changed?

Word around the water cooler is that since jnj had such a rough year, any and every vested employee is fair game. The more tenured employees close to retirement are the most expensive to jnj so they are right to be more concerned. They have the most to lose if they get laid off. According to most managers, many of the older reps also have chips on their shoulders from having gone through so many redeployments and changes which have taken them out of their comfort zone. Managers complain that the tenured reps also seem to resent any upgrades in technology and are resistant to new programs and directions, thinking that since they have more years in the industry than their managers they know what works in the field. It's difficult to train an old dog new tricks and if employees around here don't begin to embrace the many changes that are coming their way, they are putting themselves at risk for being targets with the upcoming downsizings.
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  #41  
Old 03-28-2011, 07:59 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

Quote:
Originally Posted by Anonymous View Post
It's difficult to train an old dog new tricks and if employees around here don't begin to embrace the many changes that are coming their way, they are putting themselves at risk for being targets with the upcoming downsizings.
If only were that easy to avoid a downsizing.
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  #42  
Old 05-19-2011, 12:53 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

I read this board and it's a glimpse of what private workers are faced with at most companies- dwindling or no pensions. And those with pensions aren't likely getting cost of living increases. ALL public sector workers (e.g., teachers, policemen etc) need to be alert that they can't expect the American taxpayer to continue to pay for their pensions when most taxpayers are not getting one themselves. They can't continue to expect cost of living increases and free retirement health care.
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  #43  
Old 05-22-2011, 08:16 AM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

Poster #42 states reality.
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  #44  
Old 05-22-2011, 05:06 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

Quote:
Originally Posted by Anonymous View Post
I read this board and it's a glimpse of what private workers are faced with at most companies- dwindling or no pensions. And those with pensions aren't likely getting cost of living increases. ALL public sector workers (e.g., teachers, policemen etc) need to be alert that they can't expect the American taxpayer to continue to pay for their pensions when most taxpayers are not getting one themselves. They can't continue to expect cost of living increases and free retirement health care.
That which can't be paid--won't be paid.
Politicians over-promised.
Public-sector unions over-demanded.
Private-sector firms over-promised.

It's starting in Ireland, parts of Europe, but eventually anyone who can do 5th grade math knows it's coming to the USA as well.
http://www.csmonitor.com/Business/Th...ivate-pensions

Unless you believe the endless propaganda about how things are getting better and better now, you'd better at least consider the possibility that even 401(k)'s and IRA's may be taxed to nothing or otherwise seized.

Here's the math on government promises, for the numerically-challenged:
http://market-ticker.org/akcs-www?singlepost=2139435
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  #45  
Old 05-23-2011, 06:26 AM
Anonymous
 
Posts: n/a
Default Re: So when does the defined benefit pension plan get cut or changed?

Let's get back to the original topic - when will J&J change its pension. This thread started Feb 2010. Poster #2 sounded like like he or she knew inside info but got it wrong saying it would change in 2010.

Anyone have any knowledge of the actual change? Some of our competition (Pfizer and I think GSK) changed their pensions in the last year or so.

Probably before Weldon retires. But exactly what it will be or when I have no clue.
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  #46  
Old 05-24-2011, 12:02 AM
Anonymous
 
Posts: n/a
Default Re: So when does the defined benefit pension plan get cut or changed?

When: After Weldon retires in about 8-10 months

NOTE: Many people who were hammered under GCF will see the value of their pensions FALL IN VALUE over the next 5 years. Why? Look at your "pension eligible compensation". If you had high bonuses that were badly hit and if your pay is capped or was reduced, the highest average five will DECLINE in value as those years move out of the ten year window and are replaced by lower earning future years.

For example if you went from $70 K bonuses as a senior dir to 20K bonuses as an M2 and your salary hit the cap your pension could fall by about 20% over time . . . the small 1.5% annual increments will do little to offset the total decline in credited earnings.

It COULD PAY for your to leave JNJ or retire early!!!

Good luck to everyone!!!!!
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  #47  
Old 06-07-2011, 12:45 AM
Anonymous
 
Posts: n/a
Default Re: So when does the defined benefit pension plan get cut or changed?

Can't see big pharma continue employee pensions and benefits much longer in this economy.


Leading 15 global pharma majors suffer setback in 2010, net falls by over 20%

Monday, June 06, 2011, 08:00 Hrs [IST]

The top 15 global pharmaceutical companies suffered a major setback in their working during the year ended December 2010. The operations of these companies affected mainly on account of stiff competition from generics, expiry of their patented products, restrictive healthcare policies and failure in creating breakthrough drugs, as per a Pharmabiz study.

Although the global economy recovered from the deep recession somewhat quickly during 2010, higher restructuring and acquisition costs, research and development expenditure and litigation charges put additional burden on overall working of these companies.

The aggregate worldwide revenues from pharmaceuticals, generics, vaccines, diagnostics, consumer healthcare, nutritional products and animal healthcare, of 15 global pharma companies increased by 11 per cent to US$ 567 billion during the year ended December 2010 from $ 511 billion in the previous year. This was mainly on account of significant higher sales by Pfizer and Merck & Co with merger of Wyeth and Schering-Plough respectively. The aggregate revenues of Pfizer went up by 36 per cent to $68 billion and that of Merck moved up by 68 per cent to $46 billion in 2010. For better comparison, Pharmabiz study has converted all currencies into US Dollar at a constant exchange rate as at the end December 2010 and 2009.

The aggregate revenues, in terms of US dollar, of sanofi-aventis, GlaxoSmithKline and Johnson & Johnson declined by 4.1 per cent, 2.8 per cent and 0.5 per cent respectively to $40 billion, $44 billion and $62 billion during 2010. Abbott Laboratories, Novartis International, Takeda Pharmaceutical Co and Teva Pharmaceutical have registered growth of over 14 per cent in aggregate revenues. All other companies viz., Amgen, AstraZeneca, Bayer, Bristol-Myers Squibb, Eli Lilly and Co and Roche Group registered revenue growth in the range of 1-6 per cent during 2010.

The net profit of 15 global companies declined sharply by 20.1 per cent to $85,955 million in 2010 from $107,595 million in the previous year with major setback for Merck, Bristol-Myers and GlaxoSmithKline (GSK). The net profit of these three companies declined in the range of 68-93 per cent. Further, net profit of Abbott Labs, Bayer, Pfizer, sanofi-aventis and Takeda Pharmaceutical declined in the range of 4-19 per cent in 2010. The net profit of Amgen improved marginally by 0.5 per cent to $4,626 million.

Teva Pharmaceutical, which entered for the first time in Pharmabiz study, has recorded 67 per cent growth in net profit to $3,331 million as against $2,000 million. Eli Lilly and Novartis have posted relatively better growth in profits of 17.1 per cent and 17.9 per cent to $5,070 million and $9,969 million during 2010. Roche also earned a net profit of $9,450 million, a growth of 15.3 per cent. Johnson & Johnson, and AstraZeneca managed to pushed there bottom line by over 8 per cent.

The net profit of Merck declined sharply by 93.3 per cent to $861 million from $12,899 million in the previous year mainly on account of gains recognized in 2009 with merger of Schering-Plough. Further, the Vioxx liability reserve, restructuring cost of $985 million and impact of US health care reform legislation also put pressure. Bristol-Myers' net declined in 2010 mainly due to income from discontinued operations of $7,373 million in the 2009 which resulted from the split-off of Mead Johnson in 2009. However, its operating profit moved up by 8.4 per cent to $6.071 million.

GSK's aggregate revenues declined by 2.8 per cent to $43,917 million from $45,178 million in the previous year mainly due to US healthcare reform and EU government austerity measures, which reduced its sales by $588 million. Further, the 'washout' of pandemic products, Avandia and Valtrex also adversely impacted its top line. The net profit of GSK declined sharply by 68.3 per cent to $2,866 million from $9,028 million as its cumulative restructuring cost worked out to $5,568 million for the year 2010.

The cost of production of 15 companies increased by 16.6 per cent to $172 billion during 2010 and their selling, marketing & administration cost moved up 12.3 per cent to $175 billion from $ 156 billion in the previous year. R&D expenditure went up by 15.5 per cent to $89 billion from $77 billion. However, the provision for taxation declined by 11.3 per cent to $23 billion from $26 billion.

The pharmaceutical sales, including generics and vaccines, of the Pharmabiz sample of 15 companies increased by 10.4 per cent to $430 billion from $390 billion in 2009. Due to mergers and acquisition, there was major shifting in ranking of companies based on pharmaceutical sales. Pfizer maintained its leading position with pharmaceutical sales of $58,523 million, after taking into consideration sales of Wyeth. Novartis jumped to second spot with pharma sales of $42,478 million. Merck, with merger of Schering, reached to third rank from seventh in the 2009, recording pharma sales of $39,811 million. Sanofi-aventis lost its second position and went down to fifth spot with sales of $37,325 million and GSK from fourth to sixth spot with sales of $36,167 million. Johnson & Johnson and Eli Lilly maintained there ranking in 2010. Teva has overtaken to Takeda Pharma, Amgen and Bayer and grabbed 12th position with pharma sales of $16,121 million as against 15th in the last year.

The pharmaceutical sales in United States increased only by 3.4 per cent to $185 billion from $180 billion in the previous year. Pfizer's sales in US increased by 29.7 per cent to $25,962 million from $20,010 million. Teva also managed to push its US sales by 16.3 per cent to $9,988 million. Novartis and Abbott also posted 12 per cent sales growth in US. However, Merck, sanofi-aventis, GSK, AstraZeneca, J&J, Takeda Pharma and Bayer received setback in US. Roche, Eli Lilly, Bristol-Myers and Amgen managed single digit growth in US market.

There were 98 blockbuster products with sales of over one billion dollar in 2010 as against 99 products in the previous year. The total sales of these 98 blockbusters increased by 6.6 per cent to $247 billion from $232 billion in the previous year. Six new products, viz., Effexor, Sutent and Premarin family (all from Pfizer), Isentress (Merck), Velcade (J&J) and Exelon/Exelon patch (Novartis) entered the blockbuster list during 2010. However, 10 products lost blockbuster status which includes Valtrex, Avandia, Relenza and Augmentin (all from GSK), Fosamax and Gardasil (Merck), Tamiflu (Roche), Eloxatin (Sanofi), Pulmicortt (AstraZeneca) and Topamax (J&J). The revenues from these 10 product declined to $8,358 billion from $15,780 billion in the previous year mainly due to intense generic competition.

Pfizer's blockbuster Lipitor brand maintained its top position with sales of $10,733 million in 2010 as against sales of $11,434 million in the last year, a fall of 6.1 per cent. Seretide/Advair of GSK ranked at second spot with sales of $7,949 million as against $7,926 million. Roche's Avastin and MabThera/Rituxan moved up to third and fourth position with sales of $6,867 million and $6,756 million, recording a strong growth of 14.6 per cent and 15.2 per cent respectively. Plavix of Bristol-Myers lost its third position and went down to fifth rank with sales of $6,666 million.

The Research and Development (R&D) expenditure of Pharmabiz sample of 15 companies increased by 15.5 per cent to $88,609 million from $76,707 million in the previous year. The R&D expenditure of Merck increased sharply (after merger of Schering) by 88 per cent to $10,991 million from $5,845 billion. Similarly, Abbott's R&D spending increased by 35.8 per cent to $3,725 million and that of Novartis increased by 21.4 per cent to $9,070 million. However, the R&D expenditure of Bristol-Myers, Johnson & Johnson and sanofi-aventis declined in the range of 2-11 per cent during 2010. Pfizer's R&D expenditure increased by 20 per cent to $9,070 million.

The consumer healthcare sales of 15 companies increased by 7 per cent to $44,368 million from $41,472 million and that of Vaccines went up by 10.1 per cent to $14,715 million from $13,364 million. GSK's vaccines sales touched to $6,691 million from $5,902 million and that of sanofi-aventis reached at $5,046 million from $4,992 million. Novartis reported vaccine sales of $2,978 million as compared to $2,470 million.

The performance of 14 companies from Pharmabiz sample (excluding Takeda Pharma as its year ends in March) during the first quarter ended March 2011 was not upto the mark and the aggregate net profit declined marginally to $22,555 million from $22,606 million in the corresponding quarter of last year. The aggregate revenues improved only by 3.3 per cent to $140 billion from $135 billion, out of which pharmaceutical sales increased only by 1.9 per cent to $104 billion. Several companies reduced their projection in respect of top line, bottom line and EPS growth for 2011 on account of generic competition, loss of exclusivity, US healthcare reform, stringent approval systems, slower growth in US and Europe and adverse exchange rates. However, the focus on emerging markets, consolidation and cost cutting measures may help to improve financial working.
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  #48  
Old 06-14-2011, 09:32 PM
Anonymous
 
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Default Re: So when does the defined benefit pension plan get cut or changed?

Heard the rumor that instead of cutting the pension plan there's gonna be a layoff of about 3000 in a couple of months.
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  #49  
Old 06-22-2011, 02:17 AM
Anonymous
 
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Default DONT LOOK NOW BUT IT IS ALREADY GOING AWAY

Yes there are layoffs happening a (cordis 900-1000 people) and others will follow.
AND just in case you didn't notice -- anyone who was knocked down by GCF and ended up at the top of their new lower band ----- YOUR PENSION JUST FELL IN VALUE. Your pay is capped an cannot grow for pension purposes. Your bonus took a dive . . . your pension formula will probably decrease in real teams by about 4-10% over the next 3-4 years as your high 5 years are averaged down. If you can't get promoted, you must try to CHANGE JOBS to support yourself and your family.

Over time -- GCF will effectively FREEZE the pension for many people by effectively
Ieliminating 10 years of increase in pension value.



Too bad the leadership didn't have the balls to be honest.



----------------
Quote:
Originally Posted by Anonymous View Post
Heard the rumor that instead of cutting the pension plan there's gonna be a layoff of about 3000 in a couple of months.
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  #50  
Old 07-03-2011, 02:28 PM
Anonymous
 
Posts: n/a
Default Re: So when does the defined benefit pension plan get cut or changed?

there is no way to look back on the years spent at jnj as a pharma rep as anything but a waste of time...You just don't see it when you are younger because you enjoy the money, the free car, and the flexible schedule...you also don't mind taking crap from the idiotic district "managers" when you are younger...

it all becomes painfully clear at somepoint...everyone will eventually have there "a hah" moment and realize they have been swindled...
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