Economics and the pension

[Anonymous]

Hey, thanks for the apology. I appreciate your candid comments about IBM--sorry to hear that much of what I've read about IBM is PR spin. Guess I shouldn't be surprised. What really scares me most (since I work at Pfizer as a rep) is that everything I learn about our ELT suggests that they are posers (at least most of them) and likely don't have a clue about how to restore Pfizer to a growth company, and probably don't care, since they'll cash out in the next year or two.

Thanks. Sam Palimisano is recently gone from IBM, the new Chaiman is Virginia "Ginny" Rometty. Sam left with his golden parachute fully intact, he did what the BOD wanted, which was keep the shareholders happy at the direct expense of IBM's employee's. He (not to mention "Three Fingered" Lou Gerstner) was never very popular with the vast major of IBM's employees.

In 1999, IBM conducted "The Great Pension Heist" whre they basically stole the employees pensions. They took away healthcare for life in retirement, and replaced it with a ridiculous joke of a healthcare plan for all employees that retired after 1999. It has a finite amount of money in it, and when it's gone, it's on YOU to buy your own health insurance in retirement. I could go on and on with other examples of the things they've done to the employees, but I'm sure you dont want to be bored by reading it.

The fact is, that like so many other companies, Pfizer included, the guys and gals at the top of IBM are greedy bastards that are in it for all they can get, and if that means screwing the employees, so be it. It's all short term though. Eventually their actions will come home to roost, and a heavy price will be paid. But will the ELT care? Hell no! They'll be gone and have so much money it wont matter to them if gas is 4 dollars a gallon or 40 dollars a gallon.

No, life these days as an IBM employee isnt good. It's a very toxic work environment in there, most (but not all) employees are very unhappy. And most U.S. employees know their days are numbered now that Roadkill to 2015 has been anounced. Of course the guys and gals in Brazil or India are very happy, the quality of their work is pure shit, but management doesnt care about that.

 

[Anonymous]

Never trust in these leaders, no one has your best interest in mind except you, they will lead you right off a cliff. Think for yourself and find ways to create your own "pension". There is only one person you can count on and that is yourself.

I'm posting this with firsthand experience from another "big pharma" company which I dedicated a significant number of years to. In the end, they turned on me and I got bent over big time. Fool me once..........that was enough. Now I've taken control and in the process, I realized how many idiots I've had to work with and follow in this dirty, criminal industry.

 

[Anonymous]

It use to be that companies revered their employees and unless you messed up, you could pretty much count on retirement with a decent benefit package, which was part of the compensation package for dedication and hard work.

Those days went out the door because CEO's and Executive Teams got excessively greedy in order to keep up Rock Star/Hollywood, type life styles. It's not going away and most likely will continue to worsen until people and situations really start to get the attention of decent politicians. (if there is such a thing)

I think Capitalism is wonderful, because it gives everyone a chance to succeed and a peice of the pie. But Capitalism, without moral compass, checks and balances is NOT a good thing and ends up hurting many, many people.

When you see Pharma Companies arranging $35,000.00 a plate dinners and making trips with big checks to the White House in return for helping make government policies that will hurt a lot of people, you can pretty much be assured that's is rouge capitalism at it's greatest.

Before you state, I am naive and this happens in other sectors, let me remind you of your OWN Policies and that TAXPAYERs are the ones who end up paying the Pharma companies for a large majority of drugs (Medicare, Tricare, Medicaid, etc.)
Also be reminded that many of these leaders know their terms with Pfizer are short and alledgedly used PAC money and Taxpayers money from profits, in order to gain favoritism for a White House or Ambassador Career, ON Top of Huge Severance Agreements post Pfizer.

Then you have a new chief, who dismantles loyal employees benefits and shaves off funding throughout while he gets a 40 percent RAISE?? Are you kidding me?

Yes, capitalism is good, but NOT this kind of capitalism.

 

[Anonymous]

It use to be that companies revered their employees and unless you messed up, you could pretty much count on retirement with a decent benefit package, which was part of the compensation package for dedication and hard work.

Those days went out the door because CEO's and Executive Teams got excessively greedy in order to keep up Rock Star/Hollywood, type life styles. It's not going away and most likely will continue to worsen until people and situations really start to get the attention of decent politicians. (if there is such a thing)

I think Capitalism is wonderful, because it gives everyone a chance to succeed and a peice of the pie. But Capitalism, without moral compass, checks and balances is NOT a good thing and ends up hurting many, many people.

When you see Pharma Companies arranging $35,000.00 a plate dinners and making trips with big checks to the White House in return for helping make government policies that will hurt a lot of people, you can pretty much be assured that's is rouge capitalism at it's greatest.

Before you state, I am naive and this happens in other sectors, let me remind you of your OWN Policies and that TAXPAYERs are the ones who end up paying the Pharma companies for a large majority of drugs (Medicare, Tricare, Medicaid, etc.)
Also be reminded that many of these leaders know their terms with Pfizer are short and alledgedly used PAC money and Taxpayers money from profits, in order to gain favoritism for a White House or Ambassador Career, ON Top of Huge Severance Agreements post Pfizer.

Then you have a new chief, who dismantles loyal employees benefits and shaves off funding throughout while he gets a 40 percent RAISE?? Are you kidding me?

Yes, capitalism is good, but NOT this kind of capitalism.

DAS KAPITALISM better for you?

 

[Anonymous]

You mean "exploitation of labor"? Yes.

 

[Anonymous]

It use to be that companies revered their employees and unless you messed up, you could pretty much count on retirement with a decent benefit package, which was part of the compensation package for dedication and hard work.

Those days went out the door because CEO's and Executive Teams got excessively greedy in order to keep up Rock Star/Hollywood, type life styles. It's not going away and most likely will continue to worsen until people and situations really start to get the attention of decent politicians. (if there is such a thing)

I think Capitalism is wonderful, because it gives everyone a chance to succeed and a peice of the pie. But Capitalism, without moral compass, checks and balances is NOT a good thing and ends up hurting many, many people.

When you see Pharma Companies arranging $35,000.00 a plate dinners and making trips with big checks to the White House in return for helping make government policies that will hurt a lot of people, you can pretty much be assured that's is rouge capitalism at it's greatest.

Before you state, I am naive and this happens in other sectors, let me remind you of your OWN Policies and that TAXPAYERs are the ones who end up paying the Pharma companies for a large majority of drugs (Medicare, Tricare, Medicaid, etc.)
Also be reminded that many of these leaders know their terms with Pfizer are short and alledgedly used PAC money and Taxpayers money from profits, in order to gain favoritism for a White House or Ambassador Career, ON Top of Huge Severance Agreements post Pfizer.

Then you have a new chief, who dismantles loyal employees benefits and shaves off funding throughout while he gets a 40 percent RAISE?? Are you kidding me?

Yes, capitalism is good, but NOT this kind of capitalism.

It's not "capitalism" or "free markets" at all. It's statism in bed with the oligoply and created an oligopsony.

Capitalism has been long gone in America. Our "leaders" have been corrupted for a very long time and the newest replacements, i.e. Obama's army of alinskyites and the pussy "R"epublicans who enable them, are turning out to be the worst ever in US history.

Do any of you actually believe our ELT are conservative, "r"epublican, honest, moral, ethical individuals? I bet not.

Until they are in charge again, the company and country are done. Just as planned by your dear leaders, btw.

 

[Anonymous]

Does Ian or any of the big whigs at corporate have daughters? I think it might be easier to find someone or someone who's family has a lot of cash than actually working hard. Does working hard really matter. It is who you know,what zip code you're born into,luck?

 

[Anonymous]

Does Ian or any of the big whigs at corporate have daughters? I think it might be easier to find someone or someone who's family has a lot of cash than actually working hard. Does working hard really matter. It is who you know,what zip code you're born into,luck?

A lot of it is luck. A "who you cross paths with" kind of thing. Here's a story that happened to my child who recently completed their freshman year of college.

Last Fall, my kid met someone who is the heir to a large fortune, but my kid did not know that when they first met. One day, while in the campus book store, the heir showed my kid a of stick under-arm deoderant. The kid who is the heir to the fortune pointed to a name which was on the can, and said "My grandfather invented this. See? That's my last name."

For privacy reasons, I'm going to reveal the last name of that heir, but trust me, you've heard it many times. It's very likely you've bought the product, it's in every drug store or supermarket chain in the country.

Maybe marrying money is the way to go. It's been done many times. Maybe it'll last and maybe it wont.

 

[Anonymous]

A lot of it is luck. A "who you cross paths with" kind of thing. Here's a story that happened to my child who recently completed their freshman year of college.

Last Fall, my kid met someone who is the heir to a large fortune, but my kid did not know that when they first met. One day, while in the campus book store, the heir showed my kid a of stick under-arm deoderant. The kid who is the heir to the fortune pointed to a name which was on the can, and said "My grandfather invented this. See? That's my last name."

For privacy reasons, I'm going to reveal the last name of that heir, but trust me, you've heard it many times. It's very likely you've bought the product, it's in every drug store or supermarket chain in the country.

Maybe marrying money is the way to go. It's been done many times. Maybe it'll last and maybe it wont.

Your kid buddied up to Amy Rightgaurd?

 

[Anonymous]

BLAH, BLAH, BLAH! 99.9% won't read a damn thing your just threw up.

Perhaps, the vocabulary is simply too sophisticated for your pea-sized brain to comprehend. Not all human beings are as stupid as you are.

 

[Anonymous]

Your kid buddied up to Amy Rightgaurd?

Close...... but no cigar!!

My kid tells me that the heir has been cautioned by his/her parents to very careful about who and what they tell people about his/her grandfather's enormous wealth. Seems they've been glommed onto in the past. Gee, I wonder why.

 

[Anonymous]

Close...... but no cigar!!

My kid tells me that the heir has been cautioned by his/her parents to very careful about who and what they tell people about his/her grandfather's enormous wealth. Seems they've been glommed onto in the past. Gee, I wonder why.

I saw the same thing play out in college with athletes. I went to a major football/basketball powerhouse and worked part time for the athletic department. The golddiggers were chasing the kids from the day of their first recruiting visit, hoping to latch on to the next Peyton Manning or Michael Jordan. Of course if the young man blew out a knee or flunked out, the prospective baby mamas moved on to the next prospect.

 

[Anonymous]

Most of this entire website is a platform for ex employees, competition logging in on other sites saying negative things, employees on performance plans, or disgruntle people.

Bottom line, regardless what company you work for there is good and bad (my brother works for Apple and they even have things they are not happy with) Every company has pro and cons.

If you dont like were you work, leave and get a job with someone else.
Most companies in the US do not offer pension plans, and many that offer 401K dont hardly match if any. Those that have an enhanced plan, if you compare Abbott/BMS/Amgen/Genetech/ect, they are not as good as Pfizer offers. They match 5% and contribute an extra 3-5% addition. Pfizer's plan offers up to 9% additional to the orginal 6% match. While not as good as a Pension over a 30 yr career, it is far better than others. Also a 401K is your MONEY IMMEDIATELY! Pension are owned by the company until retirement-- the employee does not own the pension. Any BOD vote, reorganization, BK, the pension can be eliminated or reduced in value or lost! Just ask American Airlines, old Northwest Airlines, Enron, ect-- PENSIONS GONE! companies can not touch 401k because its the employees ownership immediately.

 

[Anonymous]

Defined Pensions are pretty much a benefit of the past in many major corporations.

The major issue at stake, is that CEO's and Executives packages seem to improve while the employees benefits shrink.

And no, this site is not just for ex employees or employees on a plan. Obviously.

 

[Anonymous]

Most of this entire website is a platform for ex employees, competition logging in on other sites saying negative things, employees on performance plans, or disgruntle people.Bottom line, regardless what company you work for there is good and bad (my brother works for Apple and they even have things they are not happy with) Every company has pro and cons.If you dont like were you work, leave and get a job with someone else. Most companies in the US do not offer pension plans, and many that offer 401K dont hardly match if any. Those that have an enhanced plan, if you compare Abbott/BMS/Amgen/Genetech/ect, they are not as good as Pfizer offers. They match 5% and contribute an extra 3-5% addition. Pfizer's plan offers up to 9% additional to the orginal 6% match. While not as good as a Pension over a 30 yr career, it is far better than others. Also a 401K is your MONEY IMMEDIATELY! Pension are owned by the company until retirement-- the employee does not own the pension. Any BOD vote, reorganization, BK, the pension can be eliminated or reduced in value or lost! Just ask American Airlines, old Northwest Airlines, Enron, ect-- PENSIONS GONE! companies can not touch 401k because its the employees ownership immediately.

Thanks for stopping by Chuck...

"If you don't like it, leave..." after the company used the pension to sell employees on staying with Pfizer and spurning other offers back when other companies were actually hiring. And as others have stated, this sacrifice is being forced on employees as they watch senior executives reap obscene paydays during "tough times foe the company". Whatever...

Ian has us by the balls and he knows it. He can loot this company until it's a dried up shell of its former self and then ride off to Scotland and spend our pension dollars... while the BOD nods approvingly.

 

[Anonymous]

Most of this entire website is a platform for ex employees, competition logging in on other sites saying negative things, employees on performance plans, or disgruntle people.

Bottom line, regardless what company you work for there is good and bad (my brother works for Apple and they even have things they are not happy with) Every company has pro and cons.

If you dont like were you work, leave and get a job with someone else.
Most companies in the US do not offer pension plans, and many that offer 401K dont hardly match if any. Those that have an enhanced plan, if you compare Abbott/BMS/Amgen/Genetech/ect, they are not as good as Pfizer offers. They match 5% and contribute an extra 3-5% addition. Pfizer's plan offers up to 9% additional to the orginal 6% match. While not as good as a Pension over a 30 yr career, it is far better than others. Also a 401K is your MONEY IMMEDIATELY! Pension are owned by the company until retirement-- the employee does not own the pension. Any BOD vote, reorganization, BK, the pension can be eliminated or reduced in value or lost! Just ask American Airlines, old Northwest Airlines, Enron, ect-- PENSIONS GONE! companies can not touch 401k because its the employees ownership immediately.

Pensions can't be lost you moron. They are guaranteed by the Gov't pension fund program if a company fails to properly abide by the law or mismanages the pension fund.

 

[Anonymous]

Not entirely true. Yes the fed backs up the plans but at a greatly discounted rate, i.e. you won't get the full benefit. Plus you are relying on a government that can't balance its own checkbook to guarantee the pension. All in all a bad plan.

 

[Anonymous]

hmmmm, Government? Big Pharma Company? Not sure which to trust....

 

[Anonymous]

To post #57, your pension is fully insured by PBGC up to a monthly maximum. Visit the PBGC website to understand the implications.

 

[Anonymous]

Pensions can't be lost you moron. They are guaranteed by the Gov't pension fund program if a company fails to properly abide by the law or mismanages the pension fund.

The Federal govt's PBGC (Pension Benefit Guarantee Corp) does in fact guarantee pensions.

Just ask the employees of United Airlines what happened when United declared bankruptcy and they lost their pensions. Let's see, as I recall they got 10 cents on the dollar from The PBGC. So if you were supposed to get $2,000/month from your pension, instead the PBGC gave you $200.

BTW, the then CEO of United, Glenn Tilton, didn't lose HIS pension. No, his was guaranteed in his contract. It was in the millions. The BOD hired him because during interviews, he told them he'd be willing to take United through bankruptcy to fix their financial woes. Most BOD members knew what that meant for the employee's pensions, and obviously Glenn did too, because he made the BOD agree not to touch his prior to taking the job. Nice guy, huh?