OBS employees moving to Merck 401k

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Anonymous

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Ex-OBS employees still at Merck received notice we will switch to the Merck 401K. Both are Fidelity plans. However, OBS had about 50 choices and you could do real well if you just planned.

The Merck plan looks like shit, just a bunch of target date funds. WTF, are they serious? Almost everyone has moved away from these dogs. Is this really the best "mother" can do for us? On top of that, most ex-OBS employees do not have a pension plan to fall back on, all we can invest in is mutuals in our 401K.

Will we get the Merck pension now?
 






True, I could invest in Brazil and Canada before this crap - now some pathetic 2045 fund. The only outside US fund is the Euro zone; lovely. No emerging markets, no South America fund, just crap.

So I have no pension and now a shit pile Walmart 401K.

After my SS gets cut in half, then my retirement looks to be 87.
 
























Here are some other things to be aware of -

Of 22 "funds", most are the Lifestyle funds which have no prospectus or even fund summary. Plan docs state they are not "legally required". Of the "core" funds only 4 - 5 if you count the money market - have tickers and can be tracked for performance on Morninstar. So - you have to "trust" the Merck investments. Ha.

Of the three funds most comprable to my current choices, none has close to the performance record I now have. Then again, our plan admin told us today it's essentially all about Merck keeping costs down (which benefits them).

Merck will not currently permit in-service withdrawls, though it is permissible by law. I HIGHLY RECOMMEND we all lobby and band together to request/demand this. Not that Merck will do a thing - but if we just sit around like sheep, we're potentially looking at eating cat food in retirement. Please contact HR or the plan administrator and request this in writing!

Also - did you see where they claim no liability for non-performance? DOCUMENT your 401K balance prior to this disaster - and hold them liable if it bombs from there. They are mandating this to us - I expect them to be accountable.
 






One of my colleagues said he called HR and was able to receive an in service withdrawal because he was near 60. I have no way to verify other than what he told me. Anyone know if there is an age restriction on in service withdrawals?
 






Anonymous said:
One of my colleagues said he called HR and was able to receive an in service withdrawal because he was near 60. I have no way to verify other than what he told me. Anyone know if there is an age restriction on in service withdrawals?
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Not sure what was that in-service withdrawal. You can always take money out with a 10% penalty. Or borrow against it if you have a need for cash. There are pros and cons for both scenarios.
 






OBS employees lived in a sheltered little world at Organon and the reality is they have trouble taking any kind of feedback and expect big raises and promotions every year.
 


















I was employed at Merck for 10 years. After 10 years, my 401(k) account managed to deliver a whopping 0% return. Granted, it was a flat 10 years in the stock market, but the plan still sucks.

After being "encouraged" to resign, I rolled my 401(k) over into a self-managed IRA. I earned $20,000 trading options in the first two weeks. I've earned about 10% more since then. Had it remained in the Merck account, I'd have gained about $3000.

As it turns out, my first month outside of Merck delivered more compensation than any month that I was ever employed by that crappy company. I think I'll manage enough return on my IRA to replace my Merck income completely---without having to deal with those lying back-stabbers!

Milk that gravy train for every dollar you can and then screw them as best you can leading up to your resignation. I took the high road and they shafted me thoroughly by not giving me any of my 2010 bonus. The last laugh was on them, however. Bye bye!
 






























The truth about OBS (Organon) was that it was a great company to work for, with people with whom you could speak candidly and get a straight answer. The bonus plan was good as were the yearly pay increases. Additionally, the pipeline for such a small company was very good. As a result, Schering took them when they were 2 days from becoming a privately owned company. They would have performed well as such until some larger company probably bought them out eventually. Such is the way of big Pharma. They were not complainers, but were hard workers who were well compensated for performance. I predict that within 10 years, there will be about 5 big Pharma players through mergers and acquisitions, and a plethera of layoffs because of "right sizing" dictated by profitability.
 






Anonymous said:
The truth about OBS (Organon) was that it was a great company to work for, with people with whom you could speak candidly and get a straight answer. The bonus plan was good as were the yearly pay increases. Additionally, the pipeline for such a small company was very good. As a result, Schering took them when they were 2 days from becoming a privately owned company. They would have performed well as such until some larger company probably bought them out eventually. Such is the way of big Pharma. They were not complainers, but were hard workers who were well compensated for performance. I predict that within 10 years, there will be about 5 big Pharma players through mergers and acquisitions, and a plethera of layoffs because of "right sizing" dictated by profitability.
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Yes. Former Organon here and although we had complaints about the company while we were there, as everyone does about their own companies in pharma, I can tell you that once we were purchased by big pharma, I realized how much better it was (in every way!) at Organon. Big pharma reps (who know no better) seem to think they are superior, and I find that highly amusing, because they have no idea that they are simply sheep. WE never had to play the big pharma games; were able to actually sell and make decisions on our own, were treated like adults (and humans), didn't hire ex-cheerleaders and frat boys as a rule, had fun, made very good money and bonuses (I was there for quite a while), and didn't work in stupid pods.
For those who never worked in "smaller" pharma, you have no idea how ridiculous your job really is. Yes, it is ALL becoming big pharma now, and that's a shame.
Just had to share some real-life FYI about Organon because it was truly far superior there than what I experienced in "big pharma". ha. You people are robots.
I went from an adult to a kindergardner, and then got out of the industry. And thank God.
 






Were you there after Remeron? Not good times.

I agree smaller is better and there are several things I miss about Organon. If you were in Fertility or Hospital it was all good, for PC I'd rather work for Merck.
 






Anonymous said:
Were you there after Remeron? Not good times.

I agree smaller is better and there are several things I miss about Organon. If you were in Fertility or Hospital it was all good, for PC I'd rather work for Merck.
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Yes, but long before as well. Did hospital for about 8 years, but never did PC --Organon or otherwise. I actually did well with Remeron, but agree it was harder after that.
Yeah- smaller is definitely better!!
 






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