Pension Plan Changes Announced

Well, the pension plan changes have been announced. New employees hired after Jan. 1, 2010 will get no pension. Clock stops on your years of service on Dec. 31, 2009. Keeping the lump sum option.

The savings plan will be better - match first 6% dollar for dollar - including your bonus - if you have enough service and age, the company will give you a bonus at the end of the year.

Basically looks to me that if you are within 5 years or so of retiring, you will lose a lot of money in this deal. More than that and the 401K increases will maybe offset it. I would imagine a lot of people retiring after this year, because additional years of service won't count.

 

Yep, it already happened to the people involved in the split of Mead Johnson from Bristol. A lot of us got out but the ones left that only had a few months or couple of years to go to 55 got burned. It's not morally right what they are doing to the people who have put in years to the company. Oh but what's done that's moral anymore.

 

Yeah, I think you are right, because in my case, the pension lump sum was to go up by about $300000 in the next 5 or 6 years. I don't see any way that can be offset in the 401k.

 

2% COLA for 2008, now changes that will definitely impact your retirement, but Cornelius knows he has people by the balls, where you gonna go that has a defined benefit plan anyway?

The fascinating part to me is how many employees of BMS keep drinking the koolaid and really believe the company has loyalty to any person. This is a good example of loyalty, if you believe that BMS loves you, don't complain about the changes. If it were not for Federal Pension Law, Cornelius and the BOD would strip you of everything - but legally they can't.

Then we get to Jimmy boy, he only gets a 2% COLA in his pay too, so what? He was compensated over $25 million for 2008 and my bet is will get even more for 2009, but only a 2% COLA for in his base pay. The guy is a multi-millionaire many times over from his Guidant sale, but will he work to "save" BMS (as he said he was doing by the way) for a minimal pay? Hell no - get all you can for YOU, Jimmy, cut pensions for the employees, its no sweat off your back.

Loyalty? Yea right.

 

The bod and jimmy are just like madoff. No maybe not criminal but absolutely wrong on so many levels. BMS does not care about anything except profits for them. Employees are just numbers.

 

I called that AYCO toll free number to speak with a pension expert to get osme questions answered. When I started to ask my first question, they stopped me and said "You're screwed", can I answer anything else?

 

OK, please explain this to me, I have been here two years. Are you saying there is no more pension for me? I will be vested at 5 yrs, but only receive a benefit for two years? So, essentially, there is no pension for me?

 

You will have to stay around 5 years, then you are vested for the pension, but the only thing that will be in their for you is 2 years of service. So when you are 65 years old you will draw a couple of pennies a month.
This is a way for them to get people to leave prior to the massive layoffs that will be coming from CV/MET in 2011. Even w/ Onglyza, Primary Care is screwed! No way to replace the Plavix sales, or even Avapro. Onglyza sales will only be a drop in the bucket.
Look for a 75% reduction in the PC sales force.
If you are there, this is your wake up call!
Take your pension and run!!

 

I am not sure your answer is correct. The website says I will still accrue monies in the pension. Anyone else care to explain?

 

Yes, it will account for your 2% raise/yr. So your 2 yrs of service in your pension will be based on your highest salary over the next 5 years. So if you consider that increasing, well then yes, it will still increase, but it will be based off from 2 yrs of service. After 1/1/10, no more $$ will be going into the pension. Welcome to Bio-Pharma!

 

So, essentially, there is no more pension?

 

Hello, McFly....... Anyone home?

 

Holy shit man, you are so dumb you will probably kill yourself accidentally with a power tool or sticking a fork in a toaster long before you get to 65 so stop worrying about your pension

 

I just hope this makes us more attractive for someone to buy us!
Sure wish Sanofi-Aventis would have, or still would buy us.
They have a kick ass benefits plan, including pension, great vacation....
I guess we are all better off to work for a foreign company now that the good ol' US companies are shitting on their employees.
SA or BI both treat their people great!
No point in sticking around the BMS ship anymore.
Bio-Pharma rules!

 

anyone know of any pharma companies still w/ a pension?
I'm looking for a new employer.
Mass exit to the right>>>>>>

 

Was with Mead Johnson until recently, heard the MJ "enhanced" pension plan has the retirement age as 65 now, not 60 as was with BMS defined pension plan, so guess MJ can get another cut of retirement cash if people leave/are pushed out and try to collect before age 65. Did BMS change to 65 also?

 

its not genetech I know that much as I have had a couple of my team go there

I will keep looking if you guys do too - gotta be something out there

Got a call from a Boston Biotech yesterday (yes, a real, biopharma) - sounds promising, I will let you know

Short term advice - ditch plavix and go with AZ. Prasugrel is a distraction. No one is telling you the truth - all money is gonna be pulled out of Plavix by year end 2010 and AZD 6140 is gonna be huge in 2010

 

Good job Jimmy DoWhacker, your arithmetic is awesome!!!!!! Hope what follows makes your rug curl!!!!

 

The extra 25 cents up to 6% on the 401 K is and insult. It's like the company robbed the bank and then left a gift basket at the banks door as a consolation. If you're in your mid to late 40's with 10-20 years with the company, you got absolutely fucked. These changes will cost you hundreds of thousands........it's a lot of people........thanks BMS

 

The people 5 to ten years from age 55 with many years of service really got screwed here. They will have an opportunity cost in the hundreds of thousands from this move.......but i guess the whole thing was to cut costs and drive people out. Ya I'll be up bright an early Monday morning to get a signature before 9:00 AM......I'm so driven now!......like a white Obama ( only I'm native to this country )