Don't give away our pension!

Discussion in 'Eli Lilly' started by anonymous, May 11, 2018 at 1:34 AM.

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  1. anonymous

    anonymous Guest

    Do the people that got cut in the last big layoff still have the retirement point system?
     

  2. anonymous

    anonymous Guest

    If they got cut and are no longer with the company, how can they have ANY system?
     
  3. anonymous

    anonymous Guest

    Those who were cut were switched to the Skid Row System. I hope this answers your question. As always, Lilly HR is here to help.
     
  4. anonymous

    anonymous Guest

    Retired HR Exec here with a serious answer to the question on point system retirement. The previous / prior retirement system was based on age and years of service. An employee becomes vested in the pension benefit after completing 5 years service. The employee continued to accumulate a pension by working more years. Full retirement was considered to be 90 points, early retirement was considered to be 80 points. From 80 points on, if an employee left the company he/she would receive a monthly pension and retiree medical benefits. The amount of pension is based on the earning history. Typically the benefit was based on the highest 5 of past 10 years salary. If the employee left the company prior to 80 points, he/she still had earned a deferred pension to be paid at a future date, but would not receive retiree medical benefits.

    The company grandfathered employees into the prior system if the employee had 50 points when the new program was changed (roughly 12 to 14 years ago). Employees that were grandfathered could still retire at 80 or 90 points, but the pension formula was tweaked to pay out less on new earnings from that point forward. Anyone not grandfathered no longer can retire at 80 or 90 points. Rather, the standard retirement age was changed to be age 65. Employees can retire before age 65, but the pension amount is reduced each year, until age 60. It is feasible that employees can retire before age 60, but each year prior to age 60 has a much reduced pension amount.

    Lots of long time employees that began their career out of college and worked their entire career at Lilly could retire at age 52 (80 points) or age 57 (90 points). Keep in mind that the "defined benefit" pension is available in addition to a very generous 401k benefit. When the new pension was changed, the company guaranteed dollar for dollar match on savings. Prior to that only fifty percent match was guaranteed, although the practice was usually 80 cents on the dollar.

    With regards to job cuts / reallocations, Lilly does not consider whether an employee is retirement eligible in deciding which jobs will be eliminated. In the case of voluntary reductions in force, the company offers the exit incentive to a group of employees. If a subset are retirement eligible, they can volunteer and he/she would receive the severance incentive and then receive a monthly pension and retiree medical benefits. There are many cases in which an employee was already deciding to retire and the exit program was implemented when the employee had reached 90 points. In that case the employee receives the full severance package and full pension benefit.

    Once the employee leaves the company, the retirement benefit is locked in.

    Hope this helps.
     
  5. anonymous

    anonymous Guest

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  6. anonymous

    anonymous Guest

    It does. Would an employee have been able to accumulate 50-80 points in 15 or 16 years of employment?
     
  7. anonymous

    anonymous Guest

    Former HR Executive. Please your opinion. Was "voluntarily "forced to early retirement when on medical leave 5 months due to cancer and undergoing chemo therapy.. They knew i was returning in 3 more months. Was told they already hired my replacement when actually had not. HR told me to take early retirement or risk let go 12 weeks later with possible layoffs. Lots of lies ++ $890/ month lilly retiree medical insurance.Now unemployed and looking. No pension for 10 years , too young. Is it really legal to lie to get someone to take early retirement or else?
     
  8. anonymous

    anonymous Guest

     
  9. anonymous

    anonymous Guest

    All points added and finalized for benefits when leave or retire. Cannot add to points after that+ but medical insurance, pension all calculated on those final numbers.
     
  10. anonymous

    anonymous Guest

    Yikes!! We lie Lilly.
     
  11. anonymous

    anonymous Guest

    Lilly HR Exec comments - not knowing all the facts, I can say that an individual may be retirement eligible, but never forced to retire. That is an individual decision. Forcing someone to retire may result in a claim of age discrimination, since employees age 40 and above are "age protected" with regards to discrimination. Also, if an individual accepts severance upon leaving the company, the employee is required to sign a severance agreement and commits to not taking any future legal action against the company. If you were forced to retire while on medical leave and did not receive any severance (and did not sign a severance agreement), you may be able to pursue a legal claim - either age discrimination, or more likely American's with Disabilities Act, or Family Medical Leave Act. If you did sign an agreement, there's really nothing you can do. Good luck.
     
  12. anonymous

    anonymous Guest

     
  13. anonymous

    anonymous Guest

    Thank you HR Exec.
     
  14. anonymous

    anonymous Guest

    HR Exec....Does the new plan also have a 5 year vesting period or do you only get the pension if you have enough points to actually retire? My understanding was that the new plan didn’t vest you just needed to qualify.
     
  15. anonymous

    anonymous Guest

    Left
     
  16. anonymous

    anonymous Guest

    Does the new plan will apply to Puerto Rico employees?
     
  17. anonymous

    anonymous Guest

    This Fall you will find out that the pension will be eliminated for new hires and greatly reduced going forward (a new transition group).
     
  18. anonymous

    anonymous Guest

    Not a problem. I've learned to live humbly on my $12M a year salary.

    Ricky.
     
  19. anonymous

    anonymous Guest

    What about a pension buyout?
     
  20. anonymous

    anonymous Guest

    We're all animals...there's no god.