Pension/retirement benefits cut....

"We do the right thing" should be the ironic mantra for all of us and not just the ones that AZ just screwed. I have lost count of the countless brand team strategies I have adapted or completely ignored to the betterment of the business. The number of useless, even destructive "leaders" who got rotated out of HQ that I have either helped better understand sales before they went "home" or helped expose as them as the cancers they were. The long hours doing projects and genuinely trying to help those around me develop. I did all this because that is who I am AND because I knew that by staying with AZ I was securing my family's future because of my pension. A promise made over 20 years ago. In the last few months I have told 3 recruiters that "no company could make up for my pension", now I will look for that best offfer and take my experience and work ethic some where else. Who cares what they say is still on the table - why would we believe anything these crooks say? I also think the posters saying severances are next may have a point ... something to think about for us all.

 

Socialism at its finest. Entitlement and victim mentality. What about self responsibility?

 

Was planning on working through 2018, retiring at full age of 66. Performing well, moving the needle.
Then a few months ago I get a call for a DM HR call. Where were you on? Why no sample activity after 3:30. All dates were covered, they didn't have a thing on me. To me it was a clear headhunting expedition, but my experience in this system made them fail. Shortly after I went out on STD, 6 months, and will retire the same time I originally planned. The company I have been loyal to and a top producer for 30 years, was trying to throw me away because of age with lame accusations.
This now I see was part of the master plan. But I pissed a little higher on the tree on the way out.
If you are old guard, they are coming for you.

 

Putting a $25K cap on your retiree health care is really not having insurance at all. When you reach that $25 K cap which also includes the full retail cost of your meds, they cut you off. Regardless of the time of year so you are left a holdover bills that occurred after you reached the max and scrambling to find Gap insurance.
That was the first sign that they were discarding their retirees. Now this cut in pension is the next step.
But the real crime is the age discrimination that has been going on steadily for almost a decade. I suspect a class action lawsuit is in AZ's future but you can bet they have their legal ducks in a row to deal with that too.

 

Its time to end the nonsense. Stupid projects, busy work for EBDs, CBDs and brand teams so they have "work" to show at meetings. Not one of these leaders would last a day in the field. The actions of late including the retiree healthcare pension contributions are more signs of how ruthless it is. That's corporate america. And I can be just as selfish by living the ALL DAY LIE! Keep screwing your employees and they will screw you in return in ways you don't even know.

 

Most offices do not want reps bugging the staff and the prescribers after 3p. They are trying to get finished and go home to their families. I welcome that call from HR and DSM. I will then go to the local paper with a long list of felony violations by my DSM and podmates. With written, recorded, and picture proof.

 

When someone signs up w/ a company for the long term w/ certain promises made, they overlook what could be better opportunities based on what was on the books at time of hire. Not about socialism but about the integrity and culture of the company.
And many are self responsible as I contributed 15-20% of my earnings into a 401K for many years. This is about a toxic company with worsening morale. Personally I didn’t think it could much worse but they found a way.

 

32 year Wilmington employee here and extremely disappointed in the company.

On the bright side, I can make up a lot of it with my plan to set up a booth selling rotten tomatoes outside the auditorium before today’s SET Town Hall.

Hey - they told me to “Be entrepreneurial”.

 

This, I feel, is right on. Nice interpretation

 

Totally disagree. AZ owes you nothing. This toxic entitlement mentality is the doom of the country. Typical liberal mindset.

 

Are you just ignorant or a real a-hole?

I am about as about politically conservative as they come. What AZ is doing has nothing to do w/ a liberal mentality. When you agree to be employed by a company at a certain time it comes with certain benefits, of those a defined pension plan and healthcare after retirement. When they change the rules of the game after you sign on (in this case for many after 20+ years of service), it is a reflection of "them", not me or anyone else. The "toxic" entitlement mentality was agreed to by both parties at time of hire. Do not confuse an entitlement vs. "free". Medicare, Social Security and these plans that were in place are entitlements. Welfare, Medicaid, Food stamps are not.

By your logic, AZ should stop matching your 401K and also stop supplementing your healthcare and not provide you w/ HSA's, lower cost life insurance, etc.. After all, AZ owes you nothing.

 

AZ doesn't care about us now so imagine what they think of us when we retire. I say take as much as you can while you can because once you are gone your opportunity to rape this company is also gone.

 

Starting tomorrow I am embracing the ALL DAY LIE! Thank you AZ!

 

Imagine the stock price drop with more and more embracing the all day lie. God, my DSM has it mastered. Been near the bottom for two or three years and still chugs along.

 

Especially if you are legacy AZ! what's the worst that could happen? you get PIP, forced out with mutual separation, collect the severance you want and cash in on your pensions. Your welcome.

 

Feel bad for you folks. Displaced last year after 35 years. I saw it coming and was holding out for the buyout which I did get. Took the lump and happy i did. It is a totally different culture from even a few years ago and the job is mind numbing. Good luck and get out if you can. I waited it out for the severance due to the fact i was over 55 and my pension was still growing.Those that can retire are being shown the door with the pension freeze. Question, is it a hard freeze or soft freeze? They are distinctly different . Also print out and know your benefit now. There was a discrepancy of 6 figures from what the site said and what the actuaries calculated in my favor. ANother thng-life insurance . They tell you life insurance can be carried over. What the fine print says it converts from a term policy to whole life. A an example my term was for around 800,000 at 250.00 per month. When i got quoted after being displaced it was $3600.00 per year for a $100,000 coverage. Thank god i am now self insured and don't need life insurance. Best of luck.

 

Proud of all of you for speaking up! If you believe that the leaders are “with you” think again! They have a comoletely different set of benefit than we do, including but not limited to severance and equity. Their retirement is found in their stock grants and options and their over-bloated bonus packages.

Thanks but no thanks Sean. Selling with emotion? Way to tote the brand team strategy in every area of your professional life.

 

This is absolutely true about the pension! They tried to short change me by tens of thousands of dollars. Only by threatening with legal action was I given the amount promised to me. Its unbelievable! If its happening often, I wonder if a class action law suit could be brought against AZ?

 

This company is a legal nightmare. Imagine if the DOJ opened up an investigation into their business practices. US Federal Tax evasion for starters. Not to mention the thousands of cases of payroll fraud.

 

Talked to a rep that is thinking of retiring. Asked what is difference between retiring and just quitting.
They said if you quit you get two weeks paid plus unused vacation. If you give notice that you are retiring you have to work till your final day and get just your unused vacation.
Get same health benefits whether you quit, retire, or get fired.