Bayer employees lump sum option

I am married, both 64 and on LTD/SSDI, I rec'd their offer for retirement cash out and must make up my mind by Nov 2, 2012. I posted about the annuity calculators above. I figure that the numbers would add up to about 14 years worth of joint retirement. If I take the cash offer I can't buy an annuity that would pay as much as their retirement plans. That would mean I'd have to try to hang on to it, invest it and get a little interest from secure type funds and slowly bleed off what principle we'd need to live. If I didn't need the retirement I'd take the cash but if I screwed up investing it we'd be eating Alpo on our date nights. Thinking the guaranteed retirement is the way for me to go and live to be 100.

 

Inadequate and misleading servicing by the Bayer Lump Sum Pension call center

Has anyone else tried to work through the call center to obtain their annuity kit and been me with nothing but delays and misinformation? We have been trying since Oct 15 to have them send us our kit and have spoken with no fewer than 6 call center reps, getting a different excuse each time as to why it hasn't been sent.

 

Can this God-forsaken company DO ANYTHING RIGHT????

 

I followed the simple and eighth grade easy to read instructions,made my elections and sent in my kit (from NJ.....sat post drop off)just before Sandy blew in....called the following Wed just to make sure they got it to find they had already recvd it processed and approved it...they will only take the 20% tax out,the 10% additional penalty is yours to take care of at tax time.

They were nothing but professional and courteous to me on the phone,they are not Bayer employees (contractors like so many others Bayer has replaced) so try talking to them like they are people and not the manager or HR rep who stuck it in your ass hen u got outsourced.

WHINERS.........WHAAAAAAA.......WHAAAAAAAA

 

CALL THE NUMBER IT STARTS OFF WITH A RECORDING THAT THE DEADLINE WAS EXTENDED DUE TO HURRICANE SANDY...TO TODAY.....IF YOU WAITED TOO LONG.....TOO BAD

 

Had 5 years in and pay out offer of $18K. Left in 96. Opted to take lump sum even though much less than if I started getting $216 at age 65, but I looked at it this way.....I do not have a spouse so if I should kick the bucket early and not live to 80s, then they get to keep all the money (grown children cannot get your pension if you die, only spouses).

The call center very disorganized.....first time I called guy I spoke to said that I would have to roll over payout into a mandatory Vanguard account with them and then do a roll over into my current 401K. Thought about that a few days and then called back and second guy said no that is not correct, that they will issue me a check for the total amount without any taxes, check will be made payable to my name as rollover, and then I will send that check in to my current 401K account as a rollover. They definitely do not have their act together there.

Hope this helps. So little bit of money for the 5 worst years of my life, after making them so much revenue. Oh, pension plans do go belly up you know....happens all the time and do you think they would care? I know, I know, they are supposed to have money in the plans to take care of pensioners, it happens all the time.

 

Despite growth, sales increasing and market leadership, Lifescan is looking for a few reps. All of their district management jobs are posted because of their visit with ZS associates (you have to hand it to those guys don't you?). Check out jnj.com/careers. Goals are realistic, payouts are uncapped and company cars are Audi. There are open positions across the country. You may have to deal with your noncompete. They need some new blood over there. I for one am going to check it out. jnj.com/careers

 

My pension was funded by Berlex - Bayer froze all pensions when it bought out Schering AG - so my situation may not be the same as yours. The 100% (no spousal protection) annual annuity is an 8% return on the lump sum payout so that is what I took. The plan for the annuity to continue upon my death had a stiff penalty in terms of monthly payout. If you are concerned your spouse may not be covered financially DO TAKE THE SPOUSAL PROTECTION OPTION. Instead take the full annuity payout and buy a Term Life Insurance Policy for what your spouse would need - it makes a lot more financial sense.
Of course, if you are in poor health or have a family history of not living to a "ripe old age" it would behoove you to consider the Lump Sum payout. Be honest with yourself and get help from a good financial adviser.

 

So has anyone gotten their lump sum payment yet? They were supposed to mail them the first month of December.

 

So has anyone gotten the lump sum check yet? They said they were going out in the first month of December.

 

Yeah right,they will screw us and send the payouts so u get it by the 30th,cant enjoy the cash for christmas they get us off their books and you will have to claim it as income for 2012 and then probably blame it on Sandy to boot.... my packet took 2 days to get there (1st class mail) and was turned in 1 week after arrival to me....so where is my FRICKIN check....so much for German Efficiency...one of em is still collating the list....they are big on LISTS.

 

I called Vanguard, they said the Call Center was scheduled to be shut down 12/14 and that's when checks would be cut (?) - standing by the mailbox, hopefully not to no avail...

 

Whatever happened to "early December"

 

I called Vanguard and was told that checks will be issued on 12/14 and mailed the next business day - 12/17. I will not hold my breath!

 

The initial letter said if you elect to take a lump sum dispersement you will receive a check in early December. The last letter said you elected to receive a lump sum dispersement and will receive a check by 12-31-12. Still finding ways to screw us.

 

Relax, you will get your payment soon enough. They had to move the payment date because they extended the deadline (Yes, Remember Hurricane Sandy? This was why the deadline was extended). Aren't we already receiving our pensions years and years in advance? I think we can all handle a later payment date, get over it.

 

Bull. They are holding on to the money to make additional interest. People have plans, like paying for a kids college with a 12/15 deadline, like Christmas shopping, like investments before the year is over, lots of stuff. They committed to early December, which is why I made the decision, and then they ignored their own commitment. Don't forget that they are offering this to us in order to save administrative costs that they have to pay.

They have no right to decide that I don't get money that is mine, and that I'm anticipating, because they want to give other people extra time, regardless of the reason. My paperwork was in, and it wouldn't have been difficult to accommodate the people that didn't wait until the last second.

If they we're truly delayed because of Sandy, they would have communicated a new time line to us. I've called 6 times, and each time I call I get a different story. They're crooked, and if I was planning for this pension to be a major part of my retirement, I'd be really worried.

 

I thought of it this way - the pension dollars are a fixed amount. No more, no less(unless you take it out early) What would that dollar amount be worth (buying power) when you retire? or turn 80. Hopefully by rolling it over, I can increase the dollar amount in my fund. Choose a stock/bond fund that reinvests back into the fund. Even if the market tanks again, the bond interest buys share's at a lower price until the market comes back. And as for the pension itself - be thankful you had one. We never paid a nickel into it. And no one, I repeat no one offers pensions anymore.

 

pen·sion fund
Noun
A fund from which pensions are paid, accumulated from contributions from employers, employees, or both. (found on google)

Hmmm, that definition mentions nothing about Christmas/Holiday gift giving. If you're relying on this $$$ to give your family gifts, you clearly cannot afford that stuff in the first place. Don't forget, it's going to be part of your 2012 tax year.

 

I thought I earned those contributions with my labor. Some pharma companies still offer pensions.