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ABBOTT PENSION RETIREMENT

Discussion in 'Abbott' started by Anonymous, Oct 12, 2009 at 11:43 AM.

  1. Anonymous

    Anonymous Guest

    Can anyone provide some details about the Abbott pension retirement plan? When does a person vest? How is the combination of age and service used and compared against what? How is pension payout calculated? Are there medical benefits for retirees?
    Much appreciated!
     
  2. Anonymous

    Anonymous Guest

  3. Anonymous

    Anonymous Guest

    troll
     
  4. Anonymous

    Anonymous Guest

    Thank you, Anonymous (2 above). So, if I am a Solvay employee, possibly to become an Abbott employee, how can I find out about the pension retirement plan? I can't log onto the Hewitt site. Thanks.
     
  5. Anonymous

    Anonymous Guest

    And all that's asked for is simple stuff: how are years of service and age factored in? If a person is fully eligible, how is the monthly pension calculated? Are there medical benefits for retirees? Basic answers. Thanks.
     
  6. Anonymous

    Anonymous Guest

    Your pension provisions may be different than current Abbott employees when you transfer over. It depends on the contract agreement between Sovay and Abbott on this topic..ie, what Abbott signed off on. Check with the Solvay side first.
     
  7. Anonymous

    Anonymous Guest

    10 years service and 50 years old. The coin is nothing to get excited about. The benefits are really a joke. I think to cover you and spouse or significant other. It runs around 800.00 a month. No deal here.
     
  8. Anonymous

    Anonymous Guest

    On another thread is this:

    " Is the retirement formula at abbott labs, for full retirement benefits, still...your age + your years of service = 72? Do you still get 60% of your salary on the average of your last 3 years of service ..... "

    Can anyone verify the "72" as qualifying for full benefits? Can anyone verify the "60% of the av of last 3 yrs"?
    Thanks
     
  9. Anonymous

    Anonymous Guest

    The pension you will get is just enough for taxi fare to the local welfare department.
     
  10. Anonymous

    Anonymous Guest

    In response to post #9... I have a friend who retired 6 years ago and he is doing very well on the Abbott pension...so much for the comment on enough for taxi fares.
     
  11. Anonymous

    Anonymous Guest

    Thank you Anonymous #10. And thank you Anonymous #6. We at Solvay know that the provisions of a possible Solvay retirement are likely to be different than for Abbott. We are working with our HR, but the process is slow, and so far even the basics of what the Abbott provisions are is not forthcoming. We only have some “hints”.

    So, here again is a request for basic info if some kind soul would tell us:
    1. Is full retirement calculated on the basis of age + yrs of service = 72?
    2. At full retirement, how is monthly pension then calculated? [We heard 60% of average of last 3 yrs of base salary. That seems high.]
    3. At less than full retirement (for example, 70 vs 72 (or whatever)), how is monthly pension then calculated?
    4. What about medical benefits for retirees? For example, “standard Abbott med/dental plan with COBRA payment of 50% up to age 65, and then you’re on your own.”
    Thanks to anyone who would help us. If it would help I will get an anonymous external email address and even a fax number.
     
  12. Anonymous

    Anonymous Guest

    Call one of the Abbott reps in your area and have them pull out the latest benefits package which will outline Abbott's benefits. Don't be surprised if they change the rules for the Solvay group. I no longer work for the company, but I know that the benefits changed in 2004 and 2006. After that, not sure. Get the package and then you will have leverage when they try to cheat you because I know Miles White and he will positively cheat you!
     
  13. Anonymous

    Anonymous Guest

    All of this is correct. Go to www.mmmglaw.com and read the transcript of the trial against Abbott and Hospira regarding retiree benefits. The benefits consultant from Hewitt testified about the details of the Abbott benefit plans. You can also read the transcript at abbottlabscase.com
     
  14. Anonymous

    Anonymous Guest

    You all are crazy and don't realize what you have here. Look at the matching in our 401k and the fact that the retirement savings plan offer a Roth. That is great!!! Also, look at our Pension. We can take a lump sum which is very rare with other companies. The fact that we have pension is incredible.
     
  15. Anonymous

    Anonymous Guest

    Can't take a lump sum unless it's under $25K. Sorry to break your bubble.
     
  16. Anonymous

    Anonymous Guest

    To Anonymous #13: thank you very much. Very interesting.
    To #14: none of what we (Solvay people) wrote was to criticize the Abbott pension or 401k offerings. It is terrific to have a pension at all and 401k matching. Just trying to compare. For example: Solvay matches 100% of the first 7% of salary put into your 401K; that's 100% interest immediately - very generous.
     
  17. Anonymous

    Anonymous Guest

    Right! And look what happened to YOUR company....it's gone.
     
  18. Anonymous

    Anonymous Guest

    Partially correct. Lump sum only if under $25K AND your spouse agrees in writing.

    My husband didn't want to do that at the last company I worked for, but then he accidently fell down the stairs and reconsidered his position.
     
  19. Anonymous

    Anonymous Guest

    pension + 401K + medical insurance for retirees + annual profit sharing = best deal going. granted, there's always something to complain about, but the benefit plan is certainly not one of them.
     
  20. Anonymous

    Anonymous Guest

    Is that a real "for example"? Just asking because it's wrong.
     

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