Join the Class Action Age Discrimination Retirement Age increase.

Because age discrimination falls under the EEOC joining lawsuit challenging the increase in retirement age from 55 to 60 does not violate the bonus document we have to sign to be part of Bonus Plan. Clearly Novo has show discrimination against tenured employees in their late 40's to 50's .Do the math and for every employee they can now weed out between 55-60 they save $250,000 for every employee hired around 2003-2005. Employees who were displaced and then had any break in service before being rehired already lost their lump sum healthcare account .12 Billion in the bank and yet Novo had to squeeze a couple of million more from a specific aged employee population. Shameful

 

What's shameful is no one at the mothership gets treated like this. Oh no! They have guaranteed pensions, fully funded healthcare, and other benes for life.

Meanwhile back in 'murica, the engine that drives half the company, they continue to penny pinch, arbitrarily move goal posts, and tell us we should all be grateful.

They should have grandfathered in current employees. That was the fair and decent thing to do.

 

Novo isn’t doing anything wrong. You old farts are just coasting by day by day doing the bare minimum, checking the box and collecting a FAT paycheck. You contribute absolutely nothing to drive business, you bitch about change, and are always resistant to trying something new.
=DEAD WEIGHT

 

Not hardly. You’re telling me age 49 is “old fart” age? You really are ignorant.

 

tell the DCA , they will take 14 years to get my base at 10 % every year . Young whipper snappers knowing it all .. now go make 8 calls a day grasshopper .. when r u gonna learn it’s all about PBM coverage . You think a doctor cares about your data or your perky b@“$&Ts you big dumbie

 

Consulted a couple of large class action lawsuit attorneys and they all thought there could be a viable age discrimination lawsuit. Clearly this was a cost cutting move that only impacts older workers is what one lawyer said. Stay tuned

 

very interested. Please keep us posted.

 

Let us know I’ll join ..

 

How exactly is that? Isn't the retirement age 60 for everyone?

 

Doug, that was a BS answer on the retirement age increase. The average age of retirement is 62. That means that half of our employees retire before that. By raising the age to 62, you shift a larger percentage of employees to that average which will greatly increase the average age of retirement.

You gave a 1 year grace period which essentially protects only those who are 59.

What you should have done was grandfather existing employees in. People take years to plan for their retirement and you may have just screwed over hundreds of families who were planning for an earlier retirement.

 

If you want your eyes opened to Novo’s smoke screen check into your 401H account. If you leave NNI before 55/10 (this year) or 60/10 (in 2019) you forfeit the money that is in your Schwab account and NNI keeps the money. The vast majority of NNI employees will never see the money listed as theirs in their Schwab accounts.

In addition, the Notional Account that was in existence before the 401H was implemented is to be used for NNI health insurance upon retirement. When you do the research you will find that if you were 60 and needed NNI health insurance for 2 it would cost $40K (year one) up to $48K (year five) out of Notional and 401H monies. By the the way the average cost of insurance for two based on “My Rewards Summary” is around $23K a year. The out of pocket cash cost for this retirement benefit is $4K year one to $5K year five. Private insurance (not as good) would cost $8K a year. Many NNI employees who are aged 55-59 in 2018 are thinking that they have to leave the company this year so they can get medical coverage and what they don’t realize is that the Notional Account and 401H is inflated fake money. It will last about half of the time they think it will.

Novo doesn’t care about older employees. It is a shame. Millennials in Novo Nordisk, Military in Novo Nordisk, Women in Novo Nordisk etc. No Seniors in Novo Nordisk.

 

Unless you're a Dane.

 

is this true?

 

Absolutely true. Do the research. Very well kept secret at NNI

 

It's really not your employer's responsibility to make sure you can afford health insurance after you retire. The benefit that NNI provides is head and shoulders above what most employers do. If you can't afford to retire at 60, which includes the need for insurance, then work until you're 65 and get Medicare like the rest of the US does. Whether you're buying a house, groceries, or insurance, you need to be able to afford to retire - NNI doesn't bear the burden of ensuring you can do that at your leisure. Some people are more financially secure than others and they retire early. That's good for them, but not your employer's responsibility to make sure everyone gets to do it. Quit finding one more thing to bitch and moan about. Work until you can afford to retire. That's what people do.

 

You are correct in that Novo shouldn't have to bare the burden of your costs but when you move the goal line as people are getting ready to cross it or if you've planned on xyz based on what Novo promised 2 yrs ago, 5 yrs ago or 10 yrs ago, that's shitty. Novo has an obligation to fulfill its promises

 

Exactly. Part of sound retirement planning is estimating what your costs may be. By constantly moving the goal posts, NNI has made it harder for folks to adequately prepare for retirement. Indeed, Novo's benefit may have been a reason an employee joined the company in the first place. Imagine if they retroactively took away your company match in 401k. It's not exactly the same, but it's similar.

 

I agree wholeheartedly with that statement. I was responding to the person who chuffed at the value of the medical account that NNI pays into for each employee. I think it's crappy that Novo changed the retirement age, and it screws a small group of individuals in the company who were close to retirement and now put the Medical money at risk for 5 more years. To make the blanket statement that "Novo doesn't care about old people" is a slap in the face to the company that donates to the 401(k) and 401(h) at levels well above what most employers do. To say that you can'y pay for Medical costs because Novo hasn't given you enough money is simply stupid.

 

No they don't. This happens all the time. Policies are always subject to change. Deal with it.

 

There's a difference between doing what is legal and doing what is right.

Next time you hear NNI spout some crap about how they put the patient at the center of everything they do or that it's employees are it's most valuable asset, just realize they will cut whatever they need and jack prices up at a moment's notice in order to appease the almighty shareholder.