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Discussion in 'GlaxoSmithKline' started by Anonymous, Sep 11, 2013 at 12:25 PM.
Does GSK offer a pension? How about medical and dental for retired employees?
Pension plan is Powerball!
Gold watch and a swift kick in the arse?
The last two posts are made by the moron that posts 99% of the garbage on this board.
Yes, we have a pension and there are retirement healthcare benefits based on age and years of service.
In all due respect, this is not entirely accurate. GSK does NOT have a defined-benefit pension plan. The "cash balance" pension is really a defined-contribution benefit. Big difference.
In addition, it appears that GSK has, or is ready to announce to retirees that the company will drop the retiree medical plan. Retirees will be give a subsidy and then must purchase a plan on their own. Apparently, GSK will do what IBM and H-P have announced. Retirees will moved into health exchanges, newly created under "Obamacare".
Only retirees over the age of 65.
Wrong on both counts. Even if it is a cash balance plan, it is still a pension plan. Since most people do not spend their entire career at a company, it is actually a good thing that it is set up as a cash balance plan.
Secondly, GSK has NOT dropped the retirement healthcare plan. The retirement healthcare plan stays the same when you retire before 65. With the old plan, you still has to rely on Medicare after 65. The change is that you will now get money through the HRA to buy your supplemental insurance. If you do the math, it is not much of a change.
Those darn pesky facts just keep getting in your way, don't they.
Dropping dental and the GSK prescription drug with no copay is a big change in my opinion.
Dental was only preventative. It didn't cover the main costs. The company will now offer you the ability to get a group rate on comprehensive. The prescription drug benefit is there up until 65. At 65 you use Part D.
Did you even bother to look at the numbers they gave? Overall, you come out about the same or a bit better (depending on years of service).
I beg to differ. The GSK "Cash Balance" plan still pays out less than a traditional defined benefit plan. It is not a true "pension plan" as we would think in the context of traditional defined benefit plans. What you gain in portability, you lose in total lifetime benefits.
GSK is forcing those over 65 to shop for a supplemental plan in the new exchanges. That is a fact and it has been announced to current employees.
WRONG. With traditional plans, you have to be at a company for a very long time (in most cases over 25 years) to have a plan pay more than cash balance. Most people do not stay and work for 1 company.
As to the retirement plan, what did you not understand about the previous post. You must be a moron.
I still disagree and, I believe others would as well. The GSK Cash Balance plan is different from a traditional defined benefit plan. Over time, the beneficiary receives a significantly lower pay-out. Have you not the numerous articles on this subject in reputable publications such as The Wall Street journal? Unions have come out against defined contribution plans as well. I agree with your statement with regard to portability. That is a major advantage. However, the fact remains, that upon retirement, a defined benefit plan pays out more in lifetime benefits than does a defined contribution plan.
As far as your assertion that I am moron with regard to my statements about the retiree medical benefits; watch your mail. Employees have just been informed of the coming changes. Those over 65 will now be given an annual subsidy to purchase a supplemental plan through the open ACA exchanges. That is a fact.
Yes, you are a moron. Did you even bother to read what was posted before about the changes. Run the numbers, stupid. It has relatively little economic impact whatsoever.
As to the pensions, did you even care to read that as well. In traditional plans, you have to be a very long term employee for it to even pay off. If you are like most, where you spend less than 15 years at a company, a traditional plan will pay very little. You need to be a career employee for it to pay more than a cash balance plan.
It is no wonder we have problems with our sales team when we have morons like this working here.
Yo Duffus above, this Bud is for you! I am near retirement age myself and i can tell you, yes we have a pension plan, but it is a fricking pittance as to what i would have had had I worked for most other pharma companies. I see a lot of folks retiring who are my age and I can tell you what I will get is, as I said above, a frikin pittance compared to those retiring from most other company's, So shut your pie hole, as you talk because you have a tongue and not much else!
PS: by the way jackass, you will be hitting retirement age quicker than you think, and I hope you choke on your stupidity
Wow people were fired up on the benefits conference call today.
And yet another idiotic poster checking in. In case you haven't looked, most companies have dumped their pensions and GSK is one of the few that still offers one. So, why don't you tell us which companies you are talking about and give us the details of those plans.
We will all wait right here for your answer.
Oh really??? Well, let's just hear what the J&J employees have to say:
You said it was a pittance compared to most other companies. That must mean you have a long list. Looks like the J&J attempt was a fail......try again. We are still sitting here waiting.....get going....give us that long list....and also give us the details to tell us how you came to the conclusion that most others have a better program.
You guys are nuts, anyone who is hanging around for these incredible medical benefits are crazy, if you don't think affordable care act is going to change everything, you are missing the boat. Once enacted, all this work to get this protection will be lost, most companies are already making the change. Same shit they pull in the military and not a damn thing you can do about it. Get your head out of the sand. If you disagree, let's talk in 10 years. I might as well be Vegas and you the gambler.