and a tv set when your done.It’s not really a pension per se, they just put aside 15% of your total pay every year. When you reach retirement age you can either take it as a lump sum or an annuity. If you’re currently employed I’d suggest reading through the pension document located on the benefits website. It’s not too dense and legalese.
The old pension ends for folks grandfathered in soon and everyone will be on the new ‘pension’. If you’re asking about this benefit you’re likely not on the old pension. I’m not either, but I’ve heard it called a golden parachute so I’m assuming it was good. I guess in this modern age at least we get 15%?
15% of total pay or base pay? And I believe the 15% reflects the nominal dollars you receive at retirement age—so it’s worth much less than 15% if you’re 30 years from retirement age.It’s not really a pension per se, they just put aside 15% of your total pay every year. When you reach retirement age you can either take it as a lump sum or an annuity. If you’re currently employed I’d suggest reading through the pension document located on the benefits website. It’s not too dense and legalese.
The old pension ends for folks grandfathered in soon and everyone will be on the new ‘pension’. If you’re asking about this benefit you’re likely not on the old pension. I’m not either, but I’ve heard it called a golden parachute so I’m assuming it was good. I guess in this modern age at least we get 15%?
15% total pay. Five year vesting, no sliding payout if you leave before five years. There is a penalty if you retire early not sure of the number it's 3%-4%?. If you have 30 years left in your career I would count on any benefits being there down the road. Companies change the game all the time. I had a medical benefit taken away shortly before I qualified at a different company.15% of total pay or base pay? And I believe the 15% reflects the nominal dollars you receive at retirement age—so it’s worth much less than 15% if you’re 30 years from retirement age.
If I remember the pension document properly... I think it's a several percent per year penalty. So if you retire 1 year before full retirement age it's 3-4% but if it's 5 years it's that 3-4% times 5.15% total pay. Five year vesting, no sliding payout if you leave before five years. There is a penalty if you retire early not sure of the number it's 3%-4%?. If you have 30 years left in your career I would count on any benefits being there down the road. Companies change the game all the time. I had a medical benefit taken away shortly before I qualified at a different company.
It was hard enough to retire from J&J with the old pension plan. After 2025, does anyone expect emloyees to retire from J&J with 20 yrs? 30 yrs? of service? The new and worse pension plan is not enough to entice employees to stay long. LTI benefits decreasing, a less than average stock, no innovation on the horizon (robitics is not innovation until it starts producing significant revenue, which it won't)...you're not going to need shades to see into the future. It's not looking good.If I remember the pension document properly... I think it's a several percent per year penalty. So if you retire 1 year before full retirement age it's 3-4% but if it's 5 years it's that 3-4% times 5.
FACTS!It was hard enough to retire from J&J with the old pension plan. After 2025, does anyone expect emloyees to retire from J&J with 20 yrs? 30 yrs? of service? The new and worse pension plan is not enough to entice employees to stay long. LTI benefits decreasing, a less than average stock, no innovation on the horizon (robitics is not innovation until it starts producing significant revenue, which it won't)...you're not going to need shades to see into the future. It's not looking good.
100% correct about the nominal dollars at retirement even if you are much closer to retirement than 30 years. Since 2020 Americans have lost 24% of their purchasing power! You have to upgrade your job every three to four years just to break even with your salary. I'd rather take the salary now than have dollars in the future.15% of total pay or base pay? And I believe the 15% reflects the nominal dollars you receive at retirement age—so it’s worth much less than 15% if you’re 30 years from retirement age.
who is fat?So true, wit one disagreement, they aren’t waiting for exodus in middle of 2025, they want to cut now and u will see 15,000 + reduction across the globe. Let’s face it J&J is too top heavy and very bloated …even after Consumer divesture, J&J has 135,000 employee which is not a sign of healthy company… the bloated size with bad leadership over last 7-8 years have resulted in J&J missing goals in every segments and now far behind Other competitors either in robotics, CART, orthopedics, consumer health care and vision care… it started with Weldon, got worse with Alex and now JD is trying to clean the mess but is having very tough time to do it.. as he wants to show a employee friendly image while trying to change the course of a bloated company … did clean up of Methai, Najat, Medtech chairman but needs a surgery to cut fat
Get rid of Directors, way too many. Earning $250-$400k base plus up to $150k bonus plus LTI. For what? Not value-added. CUT THE FAT.So true, wit one disagreement, they aren’t waiting for exodus in middle of 2025, they want to cut now and u will see 15,000 + reduction across the globe. Let’s face it J&J is too top heavy and very bloated …even after Consumer divesture, J&J has 135,000 employee which is not a sign of healthy company… the bloated size with bad leadership over last 7-8 years have resulted in J&J missing goals in every segments and now far behind Other competitors either in robotics, CART, orthopedics, consumer health care and vision care… it started with Weldon, got worse with Alex and now JD is trying to clean the mess but is having very tough time to do it.. as he wants to show a employee friendly image while trying to change the course of a bloated company … did clean up of Methai, Najat, Medtech chairman but needs a surgery to cut fat
Get rid of Directors, way too many. Earning $250-$400k base plus up to $150k bonus plus LTI. For what? Not value-added. CUT THE FAT.
