Merck Pension

You read it incorrectly and need to re-read the MAP-21 rules again.
The pension is fully funded against MAP-21 rules.

 

Another idiot who knows what other people actually saw.

 

so that puts you at about 40 years old and you can't take the lump sum until age 55. Do you really think that lump sum of $425K will be there in 15 years? Merck will figure out some BS way to F you

 

Or, if you can't figure that out, contact the website and phone number listed.

 

If this is true, quarterly interest rate increases will crush this paltry lump sum by the time you are 55.

 

New hires after January 1, 2013 will not get a traditional pension. Cash balance only.

Eventually, all retirement entitlements will go away (including the promises made to retirees).

 

You Merck people should all be on top of the pension plan for a couple of reasons. First there will be great changes beginning in 2019. Secondly there is volatility with the employment picture at Merck you should all be ready to respond for your own benefit. In addition going forward since 2013 the cash balance pension will be a very poor cousin of the traditional plan. Just be very aware or you might get hurt financially when the storm comes.

 

That money will be long gone by the time you retire. Sorry. But thank you for your service to this wonderful organization. Our very wealthy CEOs and execs thank you for your blood, sweat and tears.

 

More misinformation. The pension changes in 2020, not 2019. It will however cut the pensions by about 50% if you are born after 1964. The company took the money out of your pocket when the pension changes were announced years ago. Too bad most did not read or understand the changes.

 

600k to 700k lump reasonable for a base of 130k and bonus of 35k @ 23-25 years.

If you take your lump out of Merck control and roll it over into your own retirement account....that 600k or 700k will be reduced 2 % for each year short of you being 62.

You can get a guaranteed increase from the Merck plan of 3% per year if you leave the lump with them until 62 or take the 2%/ yr penalty reduction and have someone invest it for you and probably make more at a slight risk.

 

Oh Mother Merck thank you for the 1.85 million dollar lump sum. I live the life of Reilly and indulge in everything I desire. Money, Money, Money all for the productivity with No delislinging!

 

Be very grateful for the lump sum. Many fortune 500 companies are now calling up reps after they are retired 7-8 years and trying to get out of their pension obligations. Those companies that do not offer a lump sum (but monthly for the rest of your life) are afraid so many are living so long. The same goes for long term care; their premiums are sky-rocketing due to longevity and not being so readily offered.

 

ALWAYS take the lum. Be your own master

 

Please be specific.
If you don't respond, you're probably FOS.

 

As stated previously, no Sales Rep gets a lump sum of $3 million---no matter how many years they "put in".

 

Nor should they or will they. Useless to themselves and Merck!

 

Already pulled my 401k funds out of Merck after being forcibly bridged to retirement in 2011. Just turned 55 and immediately started the paperwork to pull my pension out of Merck before they changed the rules any more. Ran the numbers with my financial planner and it would have grown by only ~1%/year if I left it with MRK (I think I can do better on my own - AND Mother won't have control of it either). Got the check yesterday in the mail: $350K after 20 years in MRL and MMD. I don't have to worry about Mother changing the rules any more. Do your own due diligence and good luck to all.

 

I got my check last year as well. It is kind of a trip when the lump sum checks come via regular mail. I asked the pension folks about sending my lump sum via fed ex with a request for signature delivery. That is not an option. They only send it via regular mail. Getting a check in the mail for hundreds of thousands of dollars is an experience for sure.

I agree with you about taking the lump instead of the annuity. You never know when the rules will change in the future. At least you have more control of your future than Merck does. Other corporate pensions have become worthless with terms changing post retirement. As many more people retire at an increasing rate that will put additional pressure on pensions in future years.

 

Sending through the mail allows the company to make money by utilizing the float time in transit. Also, I hope you received more in your lump sum then the previous posted.