Alcon Retiree Medical Benefit

About a year ago, someone posted the following on the Alcon Retiree's Group on Linked In:

"If you click on the link below and do a plan name search on "Novartis Corporation Post Employment Welfare Benefit Plan", you can see on Page 38 that $233 million was transferred from the Alcon VEBA trust into the Novartis Plan during 2013. My understanding is most, if not all, of this money is walled off for the benefit of Alcon Retirees.

There appears to be $237 million as of 12/31/2013 (See page 37) ... $104 million in life insurance policies (TOLI policies) previously mentioned and $119.7 million in the 401(h) account.

For what it is worth, it appears that NVS isn't withdrawing money from the 401(h) account, at least they didn't in 2013. Read Page 47 Note 9.

https://www.efast.dol.gov/portal/app/disseminate?execution=e1s1

The money is there, it just appears to be in a different location."

If you go to the link and pull up the most recent form 5500, the info on pages 8-10 of the report attached the form may be of interest. It seems the money is still there for us, but still feeling concerned about it since I am nearing retirement. Looks like if you joined Alcon after Jan 1, 2015, you are totally at the mercy of Novartis.

 

whatever in the world makes you believe that this money is " walled off" for Alcon Retirees ? Did you just make that up? What is walled off - your level of denial? I would love to see the legal constraints you imply in writing my friend - otherwise It's just nonsense

 

No need to be ugly. If you actually read what I wrote, you would know I was just passing on what I saw on LinkedIn. The link they provided is real, and the person who posted it in the group was willing to sign their name. Go look for yourself and quit picking on people who are actually trying to be helpful.

 

Well said

 

look, you've been overpaid and underworked for so long, you've all lost touch with reality. you've been sucking from the nipple so long you actually believe someone owes you something. you were a worker bee. thats it. move along and get on with things.

 

Thank you. I am hoping the person who is talking about looking into things and hiring a lawyer will contact the person who posted on LinkedIn to see what they found out. Seems like they probably have more info than Mr Ugly, since he didn't even know about this a year ago and that person did.