What retirement benefits does Novartis offer?

If someone in their 50's were to retire from Novartis, what type of retirement benefits could they be eligible to receive?

 

If you are a prospective employee, the retirement benefits are limited to the novartis match on your 401k, as well as their annual contribution based on your age - which are very generous. The pension plan was stopped a number of years ago (including retirement medical). If you are a current employee, first step would be to determine if you are eligible for pension plan.

 

I am new in the last year and can tell you there is both 401K match AND a pension, which is almost unheard of anymore. Fully vested after 3 years.

 

I am poster # 2 - I have been here 4 years and I have extensively researched the retirement options as I am near that age. There is no pension for new hires. The pension was stopped for new hires about a decade ago or so. The three years you are referring to is the vesting for your fidelity 401k account for the company contributions (match plus annual retirement contribution based on age). If you are in a position where you get restricted stock units (also has three year vesting), you can apply to get the invested shares when you leave after 10 years of service.

 

What pension? Where do i find info?

 

Try looking in 1992

 

Can you clarify? NVS used to have traditional pension plans that were like a life-time annuity. Fully funded by NVS. The they changed to a defined benefit pension plan. Still funded by NVS, but not guaranteed to last a lifetime. NVS even encouraged legacy employees to convert their conventional pension plans to the defined benefit plan. Are you saying NVS has dropped the defined benefit pension as well to new hires

 

We still have the defined contribution plan which is unheard of in this industry now. I have been with NVS for 5 years.

 

There is no pension plan to new NVS employees.

In addition to 401k match there is a Defined Contribution Retirement Program (DCRP). The DCRP is a variable % based on age and vests at 3 year mark with 401k:

DCRP
Under 35 = 3.00%
35-44= 5.25%
45-54= 7.25%
55 or Older = 10.0%

401K
Automatic 2%
Match up to 4%

 

I looked it up in the company brochure titled “your guide to retirement from novartis”. On page 4, they discuss the pension (called PEP - Pension equity plan). This plan ended on dec 31, 2009. Many long-term novartis employees get a pension because they qualified for the pension as of dec 31, 2009. The defined contribution plan started on Jan 1, 2010 and is well described in the message above. All new hires, as well as those employed in 2009 who did not have enough credits to participate in PEP, only get the DCRP. DCRP is a contribution to your 401k and is very generous, but it is not a pension.

 

Those who received pensions are receiving a check for $4-$6 dollars every month . Like a paycheck into retirement. It is not nearly as generous now, those in the huge downsizing of 2011 or so were the lucky ones

 

Meat to say $4000-$6000/month. My spouse got this benefit

 

I worked for Novartis 26 years was lucky when I was screwed over in 2000 that I qualified for a nice pension where they screw you is if you take retiree medical very expensive. Also if you choose to provide survivor benefits expect pension to be less. If you don’t need medical or don’t take survivor benefits it was a nice monthly annuity, that plus SS was well over 5000 per month which is easily doable in retirement

 

There is a pension which you are vested after 3 years. I was just hired in December and there is a contribution made separately from my 401k Novartis puts towards the pension.

 

If you read the previous posts and educated yourself a bit more on the benefits that Novartis offers you would realize THERE IS NO PENSION!

 

I believe the truth is only offensive when we're lying.

 

6.5k monthly, Thank you NVS.

 

What happens to defined contribution if you retire before end of year? Will you get it? Also if you retire at 65 with 5 years of service you are not considered "retired" and do not get your trimester payout unless you are still working the day of the payout...how many pharma companies so this?