VERP #2??

On the conference call with Fidelity they mentioned that if they didn't get the number they were looking for with respect to VERP then they might offer a subsequent, better offer to 55 plus 10 employees. Anybody got any good inside info. on that??

 

The initial offer was terrible. A reduced package, say two weeks per year and continued benefits would have attracted many more. As it was it was better to gamble on the lay-off and the enhanced package. Plenty of rtirement qualified people would have taken an enhanced option.

 

I don’t know anyone who took it

 

It did not help legacy reps much at all. I think it was aimed at management only.

 

why would it help managers and not reps equally?

 

People keep saying it was senior level employees. Well it would suck for them too. Why would anyone opt for this crappy package. It’s a disgrace how Pfizer treats its most loyal, senior employees!!

 

It’s the senior employee’s who make this shit come to fruition. Pfizer is just a good old boy network who couldn’t give 2 shits about any colleague who came from another company.

 

Precisely! Everyone should know that it's "survival of the fittest" culture.

 

Few took VERP and NONE were offered a "marketing" extension.

 

If few took it then what was the damn point of the offering? I have been in Pharma a VERY long time and I have NEVER heard of an early retirement package without a severance!! Rediculous.

 

It gave them all of their stock options they get in droves now and not need to wait years for them to vest. We reps rarely get these Long Term Investments. You have to be in the top 10%.
The money for them is quite substantial to have today, not 5 years from now.

 

Very interesting

 

I did gladly! It has to do with your financial situation. My spouse very diligently managed our investments for the last 35 years and now we are sitting on 2mill+ for my pensions ( not counting 401k)

 

BS. You would have already hit the Rule of 90. The VERP is not applicable to you and the only benefit would be your LTI vesting now. That and the 3 yrs of medical health insurance.

You should have already retired. It's not an early retirement for you.

 

Didn’t matter if you had hit the rule of 90. Everyone who was 55 plus 10 got the offer. You are right though that for him the only benefit was the three year benefit extension and immediate vesting. If he was 60 plus and wanted coverage to get to Medicare then it was a good move.