Retirement/Pension Info

Has anyone heard anything about our retirement or pension benefits?

I remember reading that "we'll call you......" but can't remember when I should expect the info to come.

 

Be proactive for crying out loud. You absolutely did not read anything of the sort. Call the pension folks (866-201-2825) 90 days before you plan to retire and request a "benefits commencement package".

Then read, pay attention, make your decisions about how you want your payment to be made, fill out the paperwork carefully, keep careful records, copies and notes, and send it back. You might be wise to get some help in making the decision about how you want your payment to be made - life annuity etc. especially because you asked this particularly careless question.

Not trying to be hard on you but they are not to be trusted and you better turn up your radar quite a bit.

 

Hey, calm down, would you?

I was one of the lucky ones "deselected" in January.

I am not ready to retire, but believe I would be eligible for a small pension after my years of service with this company.

I am proceeding thoughtfully, rationally and patiently through this period.
Recieved the severance, spoke to the accountant about how to handle the lump sum pay-out, tax consequences,etc.

Worked hard to get a great deal on a slightly used car with great gas mileage.

Followed all the instructions when the COBRA info came, including applying for and receiving Papa Obama's kicker to reduce the monthly outlay.

Reassessed all my monthly obligations, cut back where I could.

Currently looking for a job, (NOT in pharma). Not easy for a white male over 50. But I'm staying positive.

And because I am being proactive, I am doing some forward planning about what retirement will look like for me and my wife - hence the question about retirement.
For a former SP employee in my situation we were told our future retirement benefits would be outlined and sent to us within "X" amount of months post our being severed. Just trying to fill in the blank -when should I expect that info to be forwarded to me??

Then armed with all that info, current savings etc, I will revisit the accountant.
And hopefully have some kind of job that is satisfying and makes me feel productive again.
The last years at SP were anything but that!

Jeeez! Get a grip!

 

you should receive "something" from the retirement benefit center "3 to 6 months after receipt of your severance"

 

thank you kind sir - or madam.

 

You're right - I was too harsh. I just don't want Mama to run over yet again one more innocent ex employee. Sorry.

Really, don't wait for them to send you something - Dog them, call them, make them give you what you need. They are famous for losing it, forgetting it, changing it, scamming it - you get the idea.

Best to you and glad you're out of the pharma toilet bowl.

 

Also one of those not ready to retire but believe that I would be entitled to something from SP down the road.

As people hear for the Retirement Benefits Center over the next 2-3 months could they post on here.

Thanks! My calculations put me very close to 5 years - fingers crossed and hoping to hear something positive!

 

Anyone get any info yet?

 

has anyone rec'd any info yet on what they would be receiving upon retirement?

when I left BMS years ago the info came soon after my departure, still have heard nothing from SP about what my pension would be when I do finally retire.

Anyone get anything yet??

 

anyone?

 

anyone hear/receive anything yet?

 

the silence says it all.

 

FYI, I called HR in April, they said we will get something in the mail one month before the severance runs out. Then we need to get in touch with HR to let them know about what kind of insurance & pension (different types of annuity we may choose from) we would like to get. Hope this helps. Best of luck to all.

 

LOL! Just got my first edition of the SP Retiree News.

Don't know why, as I didn't retire - I was laid off and to my knowledge did not "serve" long enough for a pension,etc.

Looking through the rather long list of "new retirees", I see a lot of other reps' names, who like myself were let go, we did not retire.

What made me laugh was the next to last name on the alphabetically ordered list -
"Charles Ziakas"!!

And by the way, whoever was responsible for putting this together: "Retirement Center on the web" web address did not take me to SP retirement info.

 

has anyone received any info yet?

 

Just an FYI the "retirement Center" is another SGP outsource center so any chance of getting the most corret and knowledgable information will have to be filtered. I had 15 years in at SGP and I have been jumping hoops with these people to just give me a formula that I could fiqure out myself. Not certain when the SGP pension will be merged into the MRK pension if at all.

 

Schering's Retirement Assoc. is managed by former employees. They are not an independent outsourced company. Its through the hard -work of x-employees that care.

In terms of retirement information. You can call 1-888-MerckHD and get into the HR prompts that'll give you the retirement center # to call OR if you have your severence booklet the number was listed in there.

I called just to see . . . and after 35+ yearss, my retirement amount is pretty good even though I put it off -- choosing to defer until I get to 60. But you will have a decision to make:
1) do you want a high amount that will cease when you stop breathing
2) do you want an amount that is a little lower and will continue to your spouse when you stop breathing.
or
3) do you want an even lower amount that will pass over to your children after you and your spouse stop breathing.

I hope this helps you. God Bless Us All.

 

Organon retiree here. Man you gotta make sure you get the Organon benefits, not the SP.

Organon retirement is one year's salary for life insurance. Only 5k for SP.

You gotta demand it.

 

I'm not sure what everyone's situation is, but I don't agree with the above.

As a severed SP employee, who has also retired; I have one year's salary for life insurance. It's part of the enhanced severance package that's been published/offered to everyone who fell under the Merk "merger".

 

How much is that costing you??