here is a different question for this crowd. I believe that Pfizer now had us old Wyeth people eligible for the rule of 90. couple years ago that was not the case. anyone have insight on this?
ATTENTION: Legacy Wyeth 55+
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L-Wyeth employees who moved forward with Pfizer were under the Wyeth 70 rule until two years after the close of the acquisition of Wyeth, which would be end of 2011. Beginning in 2012, all L-Wyeth employees still with Pfizer were put under the Pfizer rule of 90. Also, 2012 was the year L-Wyeth people were placed in the $h_tty Pfizer pension and retiree insurance plans.
The pfizer rule of 90 ONLY applies to the pfizer component of your pension. The Wyeth component is NOT subject to the Rule of 90. People, educate yourselves on the nuances of this IMPORTANT benefit. CP should NOT be your source for this information.
CP is a bunch of clueless, lazy robots reading scripts, aka FAQ's.
Retired. According to Pfizer my pension was x but according to me it was y. Guess what, I was correct and receive an additional 79k in my lump sum.
Don't let Pfizer pfuck you. They will if you let them.
Pluses and minuses to everything. $5000/month pension may be good now... but 15-20 years maybe not. Plus what happens if they decide to underfund and the Fed takes it over....now its $2500/month. Have you ever met someone who's pension went belly up-it's not pretty. Of course you can trust Pfizer not to do that and screw the retirees. They treat their employees so well!! If you can get a good lump - which many veteran reps like in Vaccines (1.3 mil and up for 25-30 years of service), probably a better deal. Yea I know the market goes down also, but over the long haul invested conservatively you probably will average 4-6% at least.
This is total bullshit! 26.6 years and mine was not quite $400K. No company will pay out a lump sum of that amount! Proposterous!
What was the interest rate when you retired. I can tell you with no BS that today your 26.6 years is probably a million dollars or more based on the ridiculously low rates of today. That is of course if you retired from Pharma and make the kind of money that's made here. If you worked in another industry and made 40-50K a year....then no.
No bullshit at all! The Wyeth pension was based on an average of your highest salaries for 5 years. I was an AVP and had a very high base salary. Plus, Wyeth had one of the best pension plans in the industry. I could have gone to other pharma companies and had a higher salary but I stuck it out for the pension and retired when the interest rates were the lowest they will every be. If your lump was only $400K for 26.6 years of service you must have not been at Wyeth or if your were, you had an extremely low base salary and/or retired when the interest rates were high.
Not bullshit at all. I retire 5 years ago (2 yrs after PFE bought WYE) after 28 years. Mine was $700K after my ex took half in the divorce - so it would have been $1.4 million.. WYE pension and stock options were the best. Did they have some mental midgets to work for? Yes! Was it worth it? Yes!
Don't be jealous. Its all true wether you choose to believe it or not. Timing in life is everything and some people started at the right time, stayed with one company and got out/getting out with historic low interest rates. Now you won't even get a pension if you're starting with Pfizer. 30 years age pensions in this industry was the norm! Don't be a hater.
My pal, retired from Merck fifteen years ago and had about 30 yrs. and got a million back then. Pharma companies pay differently on pensions. Some do lump sum some only do monthly with no choice of lump. It is a gamble depending upon how long one lives. Monthly can work out very well for some.
You're a funny guy. I worked for Merck right out of college and retired from Pfizer after they bought Wyeth but never for GSK or ABBV. What this tells me is you folks don't have a life. You spend all your time trolling those 4 sites (MRK, GSK, ABBV and PFE) plus this one! 5 sites! I'm here and the Playground and Sports in college football season. Wow, be like me, get a life, Sparky.
#56 take your own advice; you are on it. I do it for entertainment.