Merck Pension

where is poster #47, he really had the most useful information on this thread.

 

Here I am...have a question?

 

Just take the lump and say goodbye. The millions are grand!

 

I am enjoying my millions that I earned. We didn't delisling our way to West Point we earned our way to West Point and prospered.

 

One more lie following a long string of lies on this thread.
Reps looking at a colleague's lump sum check. B.S.
Reps getting $3 million lump sum payouts. Delusional.

No wonder MRK tanked a decade ago.
And how did those lump sum investments fare during the economic collapse, seeing as most of the prevaricators on this thread claim they've been getting double digit returns every year---no exceptions.

Bet you guys will be reaping even more millions when you collect your shares of the settlement from the latest MRK class action suit. But, then you probably didn't get that recent notice.

What a hoot.

 

HT ?

 

Merck pension plan is a big joke. Medical benefit for active employees and retirees is a slap in the face. Even the brand "free"drugs that were promised are no longer available. It is no better than Obamacare. Anyone who was unfortunate and got sick can tell you that. In addition to paying high premiums, you will pay high deductible. On the top of that you will receive phone call from Merck benefits advocate concerned about your use of that lousy benefits.
Wake up and get real. Save the money and don’t count on big payouts from Merck. Saying that you will receive millions lump sum from Merck is the same as saying that Seven Eleven around the corner promised to you that You will win millions if you purchase lottery ticket from them. All of you are just ridiculous or plain stupid. Merck is well below average when it comes to value their employees.

 

Ha... Hahahaha... You are enjoying a secret life of pity... Prospered

 

A couple of years ago, I left Merck after 17.5 years for another company. I am still at least 12 years from the minimum required age to receive the pension. However, I just received the annual pension funding notification from Merck and it "seems" solvent. The question I have is the funding document indicated you can receive your pension funds at any time (meaning prior to 55 years of age?)...Not that I plan to do this but thought the wording was interesting. Did I read this wrong? Those of you who are either close to retirement or already retired, please chime in...right now my lump sum is at roughly $425000.

 

I also read that statement and like you was as well surprised. I always believed that the lump sum could be executed after you reached 55 years of age. I took my lump sum after 55 years. Just give the enclosed number a call for clarification. keep in mind as well that the Lump sum payout will increase if a combination of the 3 tiers of interest rates followed by the plan falls. Inversely if rates increase they payout is reduced. The rates change every quarter. It was interesting to view the model payouts and the fluctuations in payouts. For example when modeling 2018 and future payouts the current year had a higher lump sum payment. It is important to understand the mechanism used in making these payouts. It has and can again recur that within one year a payout can rise, depending on your base payout, by 100,000. Make sure to read all the documents available and speak to the folks in the pension area to maximize your return. It will take you many phone calls and speaking to many individuals to get full clarity on the pension.

 

Just received the 2015 Pension Annual Funding Notice. It shows an increasing shortfall over the last 3 years. WTF?

 

Sorry, you can't receive your pension prior to age 55. I also think that $425,000 is at age 65. It will be much lower if you take it at 55. The numbers however don't add up. If you were 12 years from early retirement age, you were not bridged. Non bridged with only 17.5 years will not yield $425,000. You are reading your statement wrong.

 

Worked for 20 years in sales and received $700,000 in lump sum pension.

 

Your pension is based on a percentage of your salary up to 10% after you get past an allotted years of service. It is impossible to believe you got $700,000 lump unless you were very high in executive position and if that is the case you surely wouldn't be posting on this site.
As interest rates go up your lump sum will go down.
If everybody would get this amount after 20 years no one would leave and put up with the corporate BS, please we don't have stupid on our heads to believe you.

 

Actually 700k is not unreasonable for 20 years as a rep. In fact longer term reps can easily make 1 million in a lump sum. But the pensions will eventually go away and or be significantly diluted for the newbies. You are correct if interest rates increase the lump sum will decrease.

 

THIS IS EXACTLY WHY MERCK NEEDS TO HOLD MASS ONGOING COMPANYWIDE RETIREMENT SESSIONS instead of the daily useless tc's, fleet safety and policy bs. There is so much confusion and misinterpretation on this thread! While fellow Merckies are responding with good intentions on this site, they are not financial advisors. Age, years of service, rule of 85, legacy Merck vs. SP, band level, planned age of retirement,etc are just some factors. Put things in English Merck, stop burying the details in 2 type font.

 

Many of you are short changed, I walled away with 1.6 million after 39 great years plus a large bridge!

 

Why is it you think I was lying? I DID see the amount this person was to receive as we were friends. Another idiot jumping to conclusions that feels they know what myself and my friend were looking at, yet you were not there. From what I recall, the exact amount was 2.7 million and this person put 30 years in so was deserving of it. Jealousy is a bitch....

 

Maybe your friend lump sum was 270,000.00. Just less zeros on the end than you counted. That will be more realistic and in line with what most employees are receiving. People on this board just trying to get the facts straight. What the purpose to exchange info. with others and providing inflated numbers. You might want to move to different board to post. You will fit in in fanasy land board very well.

 

I believe you, some people may be surprised or lived in a pc rep world the last ten years. I will give you two examples-

I know five HSC's that left in 2014 because the division dismantled. All five were technically an ler 3 band. All were making 150k salary minimum and a target bonus of 36k but usually grabbed 40k. I also know a few former ler s3 sales reps with 20 years in, although with a salary of about the 135range. Now, those examples yielded them around 6-700k lump sum when they are 62. Meanwhile most of them are employed elsewhere until retirement age. My point being, these large payouts can be true for non management field employees. Now however, retirement salaries are capped at 126k for field sales. If you started Merck after 2013, you get a double whammy. Model changed and 126k is the cap, your retirement-savings account merely trickles up. Those who have been around at least 15 years get this.