ABBOTT PENSION RETIREMENT

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With only a couple of days left to work this year (lots vac saved up). Next year will be a bitter sweet year as I bid ado to Abbott, I mean AbbVie. One good thing upper management has done is not to alter benefits in 2013. This gives many of us old timers the chance to work a little longer before we say good bye. It will be interesting to see if management offers us old timers the chance to take a severance in order to keep the younger and more needy. I would be happy to give my job to someone with a young family, who needs the money, for the traditional severance given in the past. Were do I sign up. Are you listening HR? I know you are reading this board. Do the right thing and let me go so someone else can feed their family.
 




Anonymous said:
With only a couple of days left to work this year (lots vac saved up). Next year will be a bitter sweet year as I bid ado to Abbott, I mean AbbVie. One good thing upper management has done is not to alter benefits in 2013. This gives many of us old timers the chance to work a little longer before we say good bye. It will be interesting to see if management offers us old timers the chance to take a severance in order to keep the younger and more needy. I would be happy to give my job to someone with a young family, who needs the money, for the traditional severance given in the past. Were do I sign up. Are you listening HR? I know you are reading this board. Do the right thing and let me go so someone else can feed their family.
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HR here...OK OK! We hear you! What is your name? Once we know who you are then we will put you on the list for severance package? Thanks for your years of service and we look forward to helping you make a smooth transition to retirement!

Thanks from the entire We Are Not on Your Side Department!
 




Anonymous said:
I was at abbott for 8 yrs and made approx 115,000 a yr for 8 yrs.
When i turn 65 my spouse and i will get 700.00 a month from abbott
until we die. if i die 1st , then my spouse will contine to get the 700 per month until their death. Agan, this is the abbott pension portion, Not my 401k, that is a seperate plan.
The abbott pension portion is 100% funded by abbott.
This is just 1 example, obviously the more years you put in with abbott the
more you will get at retiremnt.
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Ok - I was hear 10 years - Im back again - I swear this is a great company! Anyway my payout is 1100 a month at retirement. I really cant beleive anyone would snub that - That was a gift for being here not why you came?
 




Anonymous said:
Ok - I was hear 10 years - Im back again - I swear this is a great company! Anyway my payout is 1100 a month at retirement. I really cant beleive anyone would snub that - That was a gift for being here not why you came?
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Nobody seems to even think about the pension until maybe their late 40's or early 50's. Even then, it's sort of a pipe dream..... yeah, maybe there is some money later on, but what about the next 5 years? Or 10 years? Will I be able to keep my job? Those seem to be a lot of the questions being asked, not so much about pension payouts.
Having said that, when I retired after 30 years with ABT, my pension was just about $9,000/month. (Still is, of course, because there is no adjustment for inflation, unlike just about every public employee pension program out there; not complaining, just sayin'). We signed on for the 100% survivor deal, so after I am gone, my wife (whose mother and grandmother and greatgrandmother all lived into their 90's) will have the same amount. If she lives to be 90, that means that Abbott and AbbVie will have paid out $3.2 million AFTER I quit working, whether I am alive or not. Jeez, I hope the accountants have that all figured out and factored into their plans..
Regardless of all of the crap on CP, this IS a great company to work for. The work is challenging, but the compensation and benefits are outstanding. God bless you all.
 




I like the above poster comments. When I read the $9000 a month pension, I said "no way" but then I calculated my pension. You're right. I have 30 in and probably 10 more to go. My pension today is about $120K. We do, or you did, work for a good company. The best thing is that the pension is fully funded, unlike these losers in Illinois government. This is what we have worked for, and I continue to work for. Whether I am gone tomorrow or go on my own, I have this, along with the retiement. I am happy with wat has been accomplished in the last 30 years. So many changes, but if you don't change, you die. Good for you. If I knew your name, I would probably know you since we both have worked for the same company so long.
Good Luck in your retirement. Well earned.
 








Anonymous said:
Nobody seems to even think about the pension until maybe their late 40's or early 50's. Even then, it's sort of a pipe dream..... yeah, maybe there is some money later on, but what about the next 5 years? Or 10 years? Will I be able to keep my job? Those seem to be a lot of the questions being asked, not so much about pension payouts.
Having said that, when I retired after 30 years with ABT, my pension was just about $9,000/month. (Still is, of course, because there is no adjustment for inflation, unlike just about every public employee pension program out there; not complaining, just sayin'). We signed on for the 100% survivor deal, so after I am gone, my wife (whose mother and grandmother and greatgrandmother all lived into their 90's) will have the same amount. If she lives to be 90, that means that Abbott and AbbVie will have paid out $3.2 million AFTER I quit working, whether I am alive or not. Jeez, I hope the accountants have that all figured out and factored into their plans..
Regardless of all of the crap on CP, this IS a great company to work for. The work is challenging, but the compensation and benefits are outstanding. God bless you all.
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And those public employee pensions won't continue as they were. With budgets being squeezed, especially at the state level, things are going to change.
 




Anonymous said:
I like the above poster comments. When I read the $9000 a month pension, I said "no way" but then I calculated my pension. You're right. I have 30 in and probably 10 more to go. My pension today is about $120K. We do, or you did, work for a good company. The best thing is that the pension is fully funded, unlike these losers in Illinois government. This is what we have worked for, and I continue to work for. Whether I am gone tomorrow or go on my own, I have this, along with the retiement. I am happy with wat has been accomplished in the last 30 years. So many changes, but if you don't change, you die. Good for you. If I knew your name, I would probably know you since we both have worked for the same company so long.
Good Luck in your retirement. Well earned.
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Why in the world are you staying here for another 10 years? 120K take it and run and go do something to enjoy life, start a small business, do online sales, something but really 10 more years, if you put in 30 already, plus 10 started at 26 lets say, youll be 65 and still with abbvie, however, there is no way this job last 10 more years, I say about 3 max, but really get the hell out and take the 10k a month gift...
 




Anonymous said:
Guys - I am planning to rollover my Abbott pension to a regular Fidelity Roth IRA. Does the AGI limit restrict me from rolling over rollover. My 2012 AGI is > 200K+. Please advise at your earliest. Thanks.
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You cannot roll over your pension. I just retired in June and was told NO!!!!!! I keep seeing this same thing come up. You can roll your 401k over into a new company or leave alone and start collecting on it at 59 1/2 but they won't let you touch your pension.
 




Anonymous said:
Nobody seems to even think about the pension until maybe their late 40's or early 50's. Even then, it's sort of a pipe dream..... yeah, maybe there is some money later on, but what about the next 5 years? Or 10 years? Will I be able to keep my job? Those seem to be a lot of the questions being asked, not so much about pension payouts.
Having said that, when I retired after 30 years with ABT, my pension was just about $9,000/month. (Still is, of course, because there is no adjustment for inflation, unlike just about every public employee pension program out there; not complaining, just sayin'). We signed on for the 100% survivor deal, so after I am gone, my wife (whose mother and grandmother and greatgrandmother all lived into their 90's) will have the same amount. If she lives to be 90, that means that Abbott and AbbVie will have paid out $3.2 million AFTER I quit working, whether I am alive or not. Jeez, I hope the accountants have that all figured out and factored into their plans..
Regardless of all of the crap on CP, this IS a great company to work for. The work is challenging, but the compensation and benefits are outstanding. God bless you all.
Click to expand...

Happy for you, and enjoy every minute of your retirement. Let's hope the Abbvie experience turns out well for those continuing the journey.
 








Anonymous said:
Why in the world are you staying here for another 10 years? 120K take it and run and go do something to enjoy life, start a small business, do online sales, something but really 10 more years, if you put in 30 already, plus 10 started at 26 lets say, youll be 65 and still with abbvie, however, there is no way this job last 10 more years, I say about 3 max, but really get the hell out and take the 10k a month gift...
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I call BS on both of you, unless you are making well over $250K a year, and have been for at least the last five years, which are the ones that count in the Abbott retirement algorithm. I make over $150K, with 29 years in, and my annuity retirement is not half of the number you're throwing around. Oh yeah, count the Social Security check and annuitize your 401K out till your 90 years old, if you've saved dilligently, and you get to your $120K a year retirement. BTW, Abbott annuity retirement caps at 35 years service.
 




Anonymous said:
I call BS on both of you, unless you are making well over $250K a year, and have been for at least the last five years, which are the ones that count in the Abbott retirement algorithm. I make over $150K, with 29 years in, and my annuity retirement is not half of the number you're throwing around. Oh yeah, count the Social Security check and annuitize your 401K out till your 90 years old, if you've saved dilligently, and you get to your $120K a year retirement. BTW, Abbott annuity retirement caps at 35 years service.
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Geez. It took you 29 years to get to that salary? I had a base of 98k after 9 1/2 years with Kos. Add 6 years at A-BOTT and I got up to 120k base plus usually hit 30k plus in commission. I did in 15 years what took you 29. Says something about this lousy company.
 




Anonymous said:
I call BS on both of you, unless you are making well over $250K a year, and have been for at least the last five years, which are the ones that count in the Abbott retirement algorithm. I make over $150K, with 29 years in, and my annuity retirement is not half of the number you're throwing around. Oh yeah, count the Social Security check and annuitize your 401K out till your 90 years old, if you've saved dilligently, and you get to your $120K a year retirement. BTW, Abbott annuity retirement caps at 35 years service.
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I'll second that. The poster who said he was getting $9k/mo is BS. When I retired, I was making almost that $140k/year at 30 years. My pension is 1/2 of that $9k he 'claims' he gets and I was maxing the amount one could save for retirement. If that's true, he'd have to have been in the 300K bracket to be pocketing the 9k per month.
 




Anonymous said:
I call BS on both of you, unless you are making well over $250K a year, and have been for at least the last five years, which are the ones that count in the Abbott retirement algorithm. I make over $150K, with 29 years in, and my annuity retirement is not half of the number you're throwing around. Oh yeah, count the Social Security check and annuitize your 401K out till your 90 years old, if you've saved dilligently, and you get to your $120K a year retirement. BTW, Abbott annuity retirement caps at 35 years service.
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Sorry. I guess you guys are not in on the stock options and now the RSGs (restricted stock grants) that your manager is getting. Even any DM that is half paying attention at the meetings can figure out that their pension is 2 or 3 times what their reps will ever get. Why do you think so many stick around? Because they like riding around in a dirty car, seeing offices that they were in two weeks ago with another rep?
 




Anonymous said:
Sorry. I guess you guys are not in on the stock options and now the RSGs (restricted stock grants) that your manager is getting. Even any DM that is half paying attention at the meetings can figure out that their pension is 2 or 3 times what their reps will ever get. Why do you think so many stick around? Because they like riding around in a dirty car, seeing offices that they were in two weeks ago with another rep?
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Most DMs will be laid off in early part of 2013. Hope they have invested and saved wisely.
Think about it. Is a new "lean" company going to keep the current inefficient management structure for much longer? No way in hell!!
Reps have better survival odds then mgrs and that ain't saying much.
 




Anonymous said:
Most DMs will be laid off in early part of 2013. Hope they have invested and saved wisely.
Think about it. Is a new "lean" company going to keep the current inefficient management structure for much longer? No way in hell!!
Reps have better survival odds then mgrs and that ain't saying much.
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I can't wait to see the big fish get canned. RM's and up are also very liable to be deeply cut. And so it goes as the massive machine of cards begins to fall.
 








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