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1996 Warner Lambert Employee - pension information

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anonymous

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I am a previous Warner Lambert Employee from Nova Scotia, our facility was closed in Jan 1996. Can someone provide me the contact information to inquire about pensions? I am now ready to retire and have not been sent any information. If you want to contact me directly please email me at cindycraig111@outlook.com
I would appreciate any help I can get with this.
 
























anonymous said:
I am a previous Warner Lambert Employee from Nova Scotia, our facility was closed in Jan 1996. Can someone provide me the contact information to inquire about pensions? I am now ready to retire and have not been sent any information. If you want to contact me directly please email me at cindycraig111@outlook.com
I would appreciate any help I can get with this.
Click to expand...

1996? And you’re asking now? Good luck with Pfizer....
 




Legacy Wyeth. Left PFE last year (my choice) and was offered lump pension. Discussed with financial advisors and chose lump sum since I’m in my early 50’s and have time, hopefully, for it to grow by re-investing it outside of Fidelity.

A heads up: if you choose to cash out, stay on top of Fidelity and document your interactions. I did everything by the book in terms of paperwork and deadlines and they dropped the ball. Sent me a check for my PFE PRAP, but did NOT send me the (much larger) Wyeth Pension lump sum. Called Fidelity last week and they admitted they made a mistake, but apparently the person who’s able to correct the problem is out of the office. To be continued....
 




Wyeth Legacy here. They front end loaded the lump sum pension for early retirement. They are inducing us to retire early. Smart move taking the lump sum now.
Fidelity screws up often. I feel it's run by mainly millenials just like Pfizer's HR department.
 




anonymous said:
Wyeth Legacy here. They front end loaded the lump sum pension for early retirement. They are inducing us to retire early. Smart move taking the lump sum now.
Fidelity screws up often. I feel it's run by mainly millenials just like Pfizer's HR department.
Click to expand...

It is. Retired 6 mos age and they
“ miscalculated” my payout by $42000.
Fidelity gave me a crock of shit that their number was correct, but the govt pension
agency told them differently. Pfuckers sent me all kinds of bullshit apologies.
Should have sued the turds, but I got my money and couldn’t get away from Pfizer fast enough.
 




anonymous said:
Wyeth Legacy here. They front end loaded the lump sum pension for early retirement. They are inducing us to retire early. Smart move taking the lump sum now.
Fidelity screws up often. I feel it's run by mainly millenials just like Pfizer's HR department.
Click to expand...

No, they didn’t screw up; they were trying to screw you out of what is yours! The Pfizer way all the way. I transferred my 401 k to Vanguard. Fidelity....at least Fidelity/ Pfizer, SUCKS!
 












I’ve watched 60,000 employees from acquired company’s get let go and never in my twenty five years has my position been in jeopardy. Old and smart folks win every time!
 












anonymous said:
It is. Retired 6 mos age and they
“ miscalculated” my payout by $42000.
Fidelity gave me a crock of shit that their number was correct, but the govt pension
agency told them differently. Pfuckers sent me all kinds of bullshit apologies.
Should have sued the turds, but I got my money and couldn’t get away from Pfizer fast enough.
Click to expand...

How did you realize the $42k shortfall? Was it a pre 65 lump sum or did you wait till 65 to take it?
 








anonymous said:
How did you realize the $42k shortfall? Was it a pre 65 lump sum or did you wait till 65 to take it?
Click to expand...

66 and 35 years. I contemplated leaving at 62, but that left too much on the table. Every year
I ran the numbers with at least three calculators....one was Fidelity’s, one was a government one, and the other was Vanguard’s. All were basically the same, including F’s, but when it came time to collect, Pfizer/Fidelity’s calculation for payout was 42k short of the number I had calculated. I then ran it by a CPA, and CFP, who agreed with my number.
When I requested my check, the Pfizerbots.....stupid kids....were 42k short....and also wrong on my healthcare premium by about 250/ mo. Fidelity did acknowledge the error, but only after trying to bullshit their way out of it three times. A letter from my lawyer to Pfizer and Fidelity got them to cough it up.
 




Great response. Thanks.

I'm interested in how you ran the numbers? Was it based on the annuity payout and its net present value? If so what exact interest rate did you use and how did you find it? Is it published, easy to find and is it constantly changing?

I was told by Fidelity that Wyeth's lump pension was calculated using simple interest not compound interest, thus front loaded to entice early retirement. Was your calculation different since you took it at 65?
 




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