ATTENTION: Legacy Wyeth 55+

The legacy Wyeth cohort within pfizer ( 55+ with 25+ years of service ) will see a significant reduction in their lump-sum distribution calculation at the end of this month. I estimate that the reduction will be in the neighborhood of ~10 to 12%.

Action: 1. Immediately, run an estimate with a last day of work February 28. Print the estimate.
2. On January 31, rerun the estimate with last day of work February 28. This is when you will see the staggering reduction.

Evaluate the differential. Does it make sense for me to stay, or should I go.......?

If you are close to pulling the trigger, you must not work beyond February 28 to enjoy the benefit of the number derived from Action step 1.

If you work past February 28, the number derived in Action step 1 will be forever gone....

Good Luck. Run the Numbers. Make an Informed Decision.

 

And that decrease will continue to happen moving forward. Interest rates are rising, Be grateful you are in the position to get out. If you stay you will probably be working for close to nothing. (decreased lump sum + salary= zero (or close to it))..... do the math.

 

What's the reason for this reduction??

 

I think an unemployment lawyer should be contacted and initiate a strong letter of questions. Do not forget you have healthcare while working and a company car (sales) and those are both very expensive to replace.

 

Unemployment lawyers do not influence interest rates..... If only they could!! ;-)

 

Be careful which lawyer you choose. Remember... 99% of all attorneys give the rest a bad name.

 

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Additional Information:

Fidelity requests a minimum of 30 days to process your pension and health package. With this in mind, you may wish to "file and suspend." Call Fidelity tomorrow and state last work day February 28. This will get the process rolling. On January 31, if the numbers are agreeable to you, simply call Fidelity and tell them to stop the process because of a change in circumstance. If the SHOCK of the differential motivates you to leave, you will already have started the process.

Good Luck. Run the Numbers. Make an Informed Decision.

 

And let us know what you decide and do and the specifics. And if we do not like or agree with that answer yes, we will contact an informed unemployment attorney who specializes in pharmaceutical litigation. Just for fair balance and a second opinion.

 

I just tried to use the pension estimator with the two scenarios suggested above and for the first time in my experience, it will not calculate without initiating a retirement package.

 

Perhaps a glitch. Hopefully.... I would immediately call Fidelity and ask them to run the calculation while you are on the phone. It is IMPERATIVE for you to have the two above suggested calculations in order to make an INFORMED decision. Knowing the two values is critical.

 

Retired AZ rep here who took the lump sum. Without going into a lot of detail, as interest rates rise, the lump sum payout goes down. Always contest the amount they tell you in their final calculation. It's always wrong. They will then likely adjust it. Unfortunately, all of this will likely have to take place AFTER you have agreed to their payout. Contest it immediately after receiving it!

 

Retired from another big pharma company but they only give the monthly check instead of the lump. It worked out very well so far and I am quite pleased.

 

Ignorant advice.

 

It's the old Pfizer Pfuck routine. HR and Fidelity will try to screw you. Remember who signs their paychecks.

 

It's the old Pfizer Pfuck the reps routine. HR and Fidelity will try to screw you. Remember who signs their paychecks.

 

Be very careful; the company is out for themselves. You must protect yourself. Do this today.

 

The ones who will get hurt the most are those legacy Wyeth reps between 50-55. Not yet at the magic number of 55 to get out, and watching nervously as interest rates rise 2-3 times a year and their payout goes down by 100's of thousands of dollars per year. Before you know it- you just worked the last few years of your career for nothing. Damn that hurts!! BTW, The Legacy Wyeth people know this-no lawyer is going to help you. Lump sums are determined by the interest rates.... plain and simple. The lucky ones are the ones who got out in time.

 

PBGC rates published today. I would run an estimate daily with the previous suggestions. Put on your seatbelt.....

Good Luck. Run the Numbers. Make an Informed Decision.

 

I retired at 62 and it worked out. I had a company care and healthcare and saved a bundle. At 50-55 you will only be a contract rep so if staying works out well financially do that. Some can possible stay past 62 but that is becoming more rare. You can always do a part-time gig after retirement. I know it is a lot of stress but if you can hold out, it is financially beneficial.

 

The new numbers are now posted. Was the prediction in post one correct?