ABBOTT PENSION RETIREMENT

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

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  1. anonymous

    anonymous Guest

     

  2. anonymous

    anonymous Guest

    The pension vests, in a small way, after 5 years. Abbott used to provide a calculator through Hewlett where the employee could estimate his/her retiree benefits. This may be available in the new system...don't know.

    When I worked there the magic number was 10 years service. Using the calculator the pension jumped about 38% between the 9th and 10th year of service. I was at Abbott a bit over 11 years and I get about 12% of my final pay so it goes up about 1.1% for each year of service. The pension comes from an annuity so it is fairly safe but there is no COLA. An employee can start the pension at 55.

    I don't use the retiree heath care year but it looks good. At 10 years the employee vests in health care where the company pays 40% and the retiree pays 60%. The employee contribution reduces by 2% for each year of employment after ten years. So for me I would need to pay 58% of the insurance premium. At 15 years of service the retiree would pay 50%. After the age of 65 the abbott insurance will work with Medicare to provide Part B coverage and Medigap. I ran the numbers and it's cheaper and better than Obama care or buying insurance in the open market.

    Hopes this helps.
     
  3. anonymous

    anonymous Guest

    Im sure the poster from 10 years ago is here JACKASS !!!!!!!!!!!!!!!!!!!!
     
  4. anonymous

    anonymous Guest

    My dad gets about 70k a year for the rest of his life from Abbott. He lucked out compared to some of his coworkers
     
  5. anonymous

    anonymous Guest

    That's pretty good. I made it 11 years at Abbott then got cut.Close to retirement anyway. Did better then most the average term of employment for Abbott is 5.5 years. Abbott was the most political company I have every worked for, but it was by far the most generous. Work hard and you were rewarded. That is until the political winds changed....

    Hope your dad is enjoying his retirement.
     
  6. anonymous

    anonymous Guest

    As a Abbott employee, by acquisition (former SJM Tech) . How to handle years of service with
    formal company's. do they match years of service? we have had little communicated to us about this yet. would love to here from anyone else that was purchased by abbott and the transition to the retirement plan
     
  7. anonymous

    anonymous Guest

    I wouldn't worry about long term employment. You're getting cut by June. GUARANTEED.
     
  8. anonymous

    anonymous Guest

    When Abbott bought Theasense back in 2004 years of service counted in some areas such as vacation. But for retiree benefits the accrual did not start until the buyout date. But you never know. Abbott was real nice to the new ADC employees but at the same time they cut about 300 out of Medisense. And look at what Abbott did to Hosperia....screwed former employees real bad.

    There is a big risk for the SJM employees......you might be redundant.
     
  9. anonymous

    anonymous Guest

    We should all be thankful for a great pension plan. Most companies don't have one or in the process of eliminating theirs for new hires. I will receive about $6000 a month after I retire. This is allows me to retire comfortably.
     
  10. anonymous

    anonymous Guest

    Boy I wish! You must have been at Abbott for awhile. I get close to $2k for eleven years. But I saved a lot and have no debt so I will do fine (start ups and good stock options).

    Very few companies give pensions anymore. I think it's one in ten. Abbott may be very political but it's way up there in benefits and pay.
     
  11. anonymous

    anonymous Guest

    What you say has some merit, loyalty and pension, but unless you were a Senior Director, and a Director for many, many of your 30 years, I doubt that your receiving $9,000/month with 100% survivor benefits??? I retired at 30 years as a Senior Manager, and took the 50% survivor benefit. My monthly pension from Abbott (retired from PPD in 11/2012) is around $6,300/month. I've been in the Abbott 401K plan from the start at max contribution, plus contributed to Bush's Lifetime Savings Account (LSA) program eligible at age 49 (instituted sometime around 2000), also at the max. My 401K account is now over $1,200,000. Company loyalty (along with a certain amount of pain, suffering, and sacrifice) does pay off in the long term. I'm now also eligible for SSN and have been collecting since 1/2017. Just some food for thought.
     
  12. anonymous

    anonymous Guest

    I came to Abbott later in my career. It lasted long enough to get some retirement benefits but not long enough for a solid pension. One poster here mentioned the retention for Abbott as a bit over 5 years....I read that same article. So I got a bit over twice that time. To hold out for 30 years requires lots of hard work and a good amount of luck. Abbott is very very political so at one point in time your are important to the team....the next you are trash.

    I did a few startups and made over $1M in options....take home. Makes up for the pension I guess. Need some luck to do this too.
     
  13. anonymous

    anonymous Guest

    How good is the Abbott retiree health care? I will be retiring next year (62 yrs) and the plan looks solid. Just wondering if anyone on this board has any experience with the plan.
     
  14. anonymous

    anonymous Guest

    It works on a sliding scale. If you retire with 35 years of service, you pay 20% of the premium, which I believe is what you pay as an employee. Not sure on percentages for less than 35 years, Benefits can give you a copy of the table. When you turn 65 and go on Medicare, you are eligible for Supplemental Medical coverage through your Abbott Retirement benefits plan. This will be about 40% of what you were paying for the full coverage. My facts may be off a bit, but should be pretty accurate. Hope this helps.
     
  15. anonymous

    anonymous Guest

    Thanks. HR did fill me in on that aspect. What I am curious about is how well do they pay the claims and how good is the coverage. My is younger so she will keep us covered from her work until she retirees in three years. At that point I am 66 and she is 62. So I will be on Medicare with Supplemental and she will be covered only by the retiree insurance until she reaches 65. My concern is how good is the coverage for her and the Supplemental for me? I had United Health at Abbott and it way very good.

    Thanks again
     
  16. anonymous

    anonymous Guest

    I have retiree insurance through United. It is identical to employee coverage (80/20) with the exception of a newly created $100 deductible before any coverage begins. This is something to watch as they can alter it at will
     
  17. anonymous

    anonymous Guest

    My situation is similar to yours. Difference being I am on Medicare, my wife doesn't qualify yet, although she is also retired. We still have UHC, as we did when we both still worked. Medical benefits still work the same, except Medicare is my primary coverage, then my UHC supplement. Nothing to worry about, I've had no problems.
     
  18. anonymous

    anonymous Guest


    Thanks!

    I will be on Medicare four years before my wife. She will retiree in two years so she will need the Abbott insurance about two years. A former coworker said the same as you...no problem with the UHC healthcare. Hope Miles does not end this retiree benefit anytime soon.
     
  19. anonymous

    anonymous Guest

    No worries! Miles White sees to it that retirees are happy. We've been retired for eight years and have seen no signs of benefits being reduced or taken away. He sends out a letter annually regarding that discuses the pension fund status, it's always over funded. If my memory serves me correctly, it's about at 125+% last reported. You're in good hands!!!
     
  20. anonymous

    anonymous Guest

    wow, Abbott stock is really stuck in the MUD......

    1st broke though 44.81 back in Nov 2014 & has gone sideways for 28 months