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Anonymous

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As a soon-to-be retiree, I am finding numerous mistakes made by HRSource (aka Fidelity Net Benefits) with regard to pension amounts (discounted when they should not be), eligibility for retiree health benefits, etc. If you have information that would assist, please post for others to be fully informed. Fidelity advises that they are not permitted to provide documentation when requested -- probably illegal -- and seem to have little or noexpertise with regard to the legacy WL plans. For instance Fidelity/HRSource will tell you that you are not eligible for retiree health benefits, although legally if you may well be and the 15 years after age 40 may not apply to you.
 








L-Wyeth here. Pfizer HR screwed up the Wyeth benefit benefit packet this year and was forced to send out e-mail and mail letters to correct. This place is pfucked up!

Makes you wonder how many other mistakes happen you never hear about, like employee displacements. What the hell are they doing all year?
 




Does anyone understand that November 8th, 2011 Pension Plan Change Notice? The formula is reduced to 1.2% from 1.5% for a good portion of compensation, but the notice also says "in no case will the benefit be less than before the update". WHY is Pfizer updating the formula? What is "Covered Compensation" - (not defined in the notice, but is it the $250K under federal law?) and if, going forward, we are all under the PRAP plan, why does this matter? Ayco hasn't received the info, HR Source doesn't have the answer. However, the Notice also states that the update "can increase your accrued benefit."
 




Anonymous said:
Does anyone understand that November 8th, 2011 Pension Plan Change Notice? The formula is reduced to 1.2% from 1.5% for a good portion of compensation, but the notice also says "in no case will the benefit be less than before the update". WHY is Pfizer updating the formula? What is "Covered Compensation" - (not defined in the notice, but is it the $250K under federal law?) and if, going forward, we are all under the PRAP plan, why does this matter? Ayco hasn't received the info, HR Source doesn't have the answer. However, the Notice also states that the update "can increase your accrued benefit."
Click to expand...

You got screwed. That's what it means. Pfizer pension is $3.5 billion underfunded and now you are too.
 




Anonymous said:
Does anyone understand that November 8th, 2011 Pension Plan Change Notice? The formula is reduced to 1.2% from 1.5% for a good portion of compensation, but the notice also says "in no case will the benefit be less than before the update". WHY is Pfizer updating the formula? What is "Covered Compensation" - (not defined in the notice, but is it the $250K under federal law?) and if, going forward, we are all under the PRAP plan, why does this matter? Ayco hasn't received the info, HR Source doesn't have the answer. However, the Notice also states that the update "can increase your accrued benefit."
Click to expand...

The pension changes are so complicated that HR Source have no hope at all to correctly help anyone. The seasoned HR professionals at my site are not allowed to help anyone ("You have to call HR Source") but at the same time they have little confidence in HR Source. This is classic Pfizer!!!
 




wyeth L here,

Yes it is quite confusing. But if I understand it a little, the Wyeth pension is stopped at the end of 2011, and the Pfizer PRAP begins.

This means that wyeth legacy get 2 pensions technically when they take retirement, if you survive to 65 or 55 early retirement.

What bothered me about the PRAP is if you die before 55 or 65, then your spouse gets nothing. Under the Wyeth pension plan, your spouse does get money from your pension if you predecease the 55 or 65 age.

That PRAP pension looked pretty awful to me compared to Wyeth's. I did a few calculations and the projected amounts I'll get if I stay with Pfizer over the years are much less than if Wyeth's plan was in place.

I see very little incentive to stay with Pfizer now because of my pension. Usually it was the pension that kept me from moving laterally elsewhere, but now only a few hundred more dollars a month if I stay here for 20 more years when I turn 65 really isn't an enticement to keep my loyalty. Not like I expect to last 2 or 3 more years as it is anyway with all of the RIFs constantly on our necks.

At least I now know. If opportunity knocks, my decision will be so much easier.
 




Also learned that the only team that seems to actually understand the benefits changes -- AYCO -- will lose their contract at the end of the year. Time to see a lawyer on the pension stuff.
 
















Anonymous said:
As a soon-to-be retiree, I am finding numerous mistakes made by HRSource (aka Fidelity Net Benefits) with regard to pension amounts (discounted when they should not be), eligibility for retiree health benefits, etc. If you have information that would assist, please post for others to be fully informed. Fidelity advises that they are not permitted to provide documentation when requested -- probably illegal -- and seem to have little or noexpertise with regard to the legacy WL plans. For instance Fidelity/HRSource will tell you that you are not eligible for retiree health benefits, although legally if you may well be and the 15 years after age 40 may not apply to you.
Click to expand...

L Wyeth here. Fidelity has screwed up my pension amount so many times I can't count them. All I will say now is get a retirement co-ordinator, tell them you'd like a recalculation. They have such a team. I am finally retiring close to a year after I first tried to. Had it not been for the recalculation team, I'd have been screwed with a capital 'F'.
 




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