Savings and security plan being phased out

word is our 6-8% additional monies that replaced our pensions going to be phased out. Thanks AZ.

 

you don't have a real defined pension and besides, unless you are over 55 you are not going to retire from AZ anyway. And who the fuck would want to stay that long in this mind numbing, abusive management, hell hole?

 

Whatever. They're not gonna go from not paying our Internet to changing the Zeneca lucrative plan employees to the standard plan (post 2000)... to nothing. So so many seasoned reps would leave AZ in droves.
However, if, if, it does happen....hmmm, maybe that would be all by design. To anger people to the point of leaving

 

That is the plan Zippo. You catch on pretty fast. Look around you. How many people over 55 are left?

 

30% in my district

 

While I cannot rule this out as a possibility, didn't we just go through the exercise last year of deciding whether or not to move to the new LTI plan being offered to new hires or stay with what we have (i.e. the 6-8% additional being added to your 401K).

Therefore I would ask the OP to cite how they came upon this information. Thanks.

 

I wouldn’t be surprised to see this happen. AZ has been cutting benefits for some time. I guess the company getting back to growth means we can’t afford it anymore. What a turd of a company.

 

They can’t afford it because they need to spend the money on sponsoring the Symbicort car at NASCAR races. Guess they will be getting a new one as it crashed at the Daytona 500.

 

Read the OP again. Said the 6-8% that replaced the pension. Looks like not enough people chose the 2018 plan where you get stock options (which sucks for new employees as a pension tool).

I cannot imagine them not continuing the 401K match that many seem to be assuming in this thread. That would be suicide. So many would leave & when trying to recruit new employees, many wouldn't take the job unless they were truly in need. Then they would begin looking to get out once hired. I know I would.

 

Right?!!!! what a joke that was!! cant afford to give us the resources we need to drive business but can afford to spend millions sponsoring some stupid car and sending the corporate cronies to all the races!

 

Exactly. And what message are they sending to the sales force with such actions?

 

And the general public

 

Nothing screams “patient centric” and “we put patients first” more than a Symbicort nascar sponsorship, when we don’t even have enough Symbicort samples to meet prescriber’s needs!

 

Then you either have or will be getting a new DSM because retaining people over many years is frowned on at AZ. A new DSM will come in to clean house.

 

Listen there are reps over 55 now realizing each year they stick around they lost money in the pension from Zeneca. They will begin to leave. Does the company over the next five years want to continue to provide an extra 6-8% on top of a 401k match when no other company offers such an incentive. It’s a matter of time.

Bottom 10% gone each year. The idea is to thin the heard by and bring in on the cheap.

 

What retraining? They are always leading the region.

 

AZ’s match is in line with the industry not more and not less.

 

Not talking about the 401k match. It’s the 6-8% the company provides as a benefit that was meshed with the 401k plan that used to be the AZ retirement plan in a separate account.

 

14% match is nice. Most reps should be putting back $40K per year when you combine this 14% and max out 401k at $19K.

 

I retired with the Zeneca Defined Benefit Pension Plan. I took a lump sum (in 2012) because I didn’t trust the bastards for the next 25+ years or more, if I lived, providing me an annuity. Sounds like they are once again trying to screw you guys. They can do pretty much whatever they want. I can’t believe how bad things have gotten at AZ. Pascal was a veterinarian, who screwed many people along the way to the top. When Bob Black ran the U.S. , things were great! Meetings were unbelievably fun. What the hell happened ? Was it Pascal?

I am so sad things have turned out this way for you guys. So very sad.