Can anyone provide some details about the Abbott pension retirement plan? When does a person vest? How is the combination of age and service used and compared against what? How is pension payout calculated? Are there medical benefits for retirees?
Much appreciated!
Thank you Anonymous #10. And thank you Anonymous #6. We at Solvay know that the provisions of a possible Solvay retirement are likely to be different than for Abbott. We are working with our HR, but the process is slow, and so far even the basics of what the Abbott provisions are is not forthcoming. We only have some “hints”.
So, here again is a request for basic info if some kind soul would tell us:
1. Is full retirement calculated on the basis of age + yrs of service = 72?
2. At full retirement, how is monthly pension then calculated? [We heard 60% of average of last 3 yrs of base salary. That seems high.]
3. At less than full retirement (for example, 70 vs 72 (or whatever)), how is monthly pension then calculated?
4. What about medical benefits for retirees? For example, “standard Abbott med/dental plan with COBRA payment of 50% up to age 65, and then you’re on your own.”
Thanks to anyone who would help us. If it would help I will get an anonymous external email address and even a fax number.
On another thread is this:
" Is the retirement formula at abbott labs, for full retirement benefits, still...your age + your years of service = 72? Do you still get 60% of your salary on the average of your last 3 years of service ..... "
Can anyone verify the "72" as qualifying for full benefits? Can anyone verify the "60% of the av of last 3 yrs"?
Thanks
You all are crazy and don't realize what you have here. Look at the matching in our 401k and the fact that the retirement savings plan offer a Roth. That is great!!! Also, look at our Pension. We can take a lump sum which is very rare with other companies. The fact that we have pension is incredible.
To Anonymous #13: thank you very much. Very interesting.
To #14: none of what we (Solvay people) wrote was to criticize the Abbott pension or 401k offerings. It is terrific to have a pension at all and 401k matching. Just trying to compare. For example: Solvay matches 100% of the first 7% of salary put into your 401K; that's 100% interest immediately - very generous.
Can't take a lump sum unless it's under $25K. Sorry to break your bubble.
To Anonymous #13: thank you very much. Very interesting.
To #14: none of what we (Solvay people) wrote was to criticize the Abbott pension or 401k offerings. It is terrific to have a pension at all and 401k matching. Just trying to compare. For example: Solvay matches 100% of the first 7% of salary put into your 401K; that's 100% interest immediately - very generous.
