pension plan letter

[Anonymous]

All the AZ pension plan is, is an annuity with your money. Its conservative to ensure they can pay out.

Take the lump some and let an advisor manage you money for you. Liveoff your package for a year while you adjust, let your lump some grow. Then draw on it like an annuity.

If you've managed it well, add the 401 k to it and be comfortable.

Hopefully if they can pry Obama out, the economy will return and pad you even more.

That guy who claims to be a retired DSM, talking about how much money he made, then asking you to vote communist, can kiss my grits. Unions work for themselves. Not for the country.

 

[Anonymous]

How long would you have had to work for AZ to be eligible for a pension?

 

[Anonymous]

All the AZ pension plan is, is an annuity with your money. Its conservative to ensure they can pay out.

Take the lump some and let an advisor manage you money for you. Liveoff your package for a year while you adjust, let your lump some grow. Then draw on it like an annuity.

If you've managed it well, add the 401 k to it and be comfortable.

Hopefully if they can pry Obama out, the economy will return and pad you even more.

That guy who claims to be a retired DSM, talking about how much money he made, then asking you to vote communist, can kiss my grits. Unions work for themselves. Not for the country.

Unions have their issues, but they aren't the real problem anymore. Unions are a non factor in today's economy anyway. The kleptocracy in upper management is what is wrong with the country today, not unions. Give it up. Your boy Robme is a prime example of where this country went awry. He made billions ruining others livelihoods and he has no shame about it either.

 

[Anonymous]

All the AZ pension plan is, is an annuity with your money. Its conservative to ensure they can pay out.

Take the lump some and let an advisor manage you money for you. Liveoff your package for a year while you adjust, let your lump some grow. Then draw on it like an annuity.

If you've managed it well, add the 401 k to it and be comfortable.

Hopefully if they can pry Obama out, the economy will return and pad you even more.

That guy who claims to be a retired DSM, talking about how much money he made, then asking you to vote communist, can kiss my grits. Unions work for themselves. Not for the country.

Ha! At least people in unions have some self-respect; they're not bending over and taking it like AZ reps. And exactly what are you contributing to the country--oh wait, you're contributing to the economy with all the cheap suits and hair gel you consume? You've gotta be joking!

 

[Anonymous]

Am also a past Astra Zeneca employee that received the notification. My package came in the mail yesterday. The offer is around 40% of what my original lump sum would have been or a monthly payout of around 33% of what it would have been.

Am currently 53 years old and would not have been able to take the pension until I turned 65 years of age. The window of time to decide is only a few weeks. Will consult with a financial adviser before deciding what to do.

 

[Anonymous]

Retired AZ DSM here. Retired ten years ago (at age 63). Lump sum was not available at that time, but I was eager to leave the s--t house that AZ had become....and still is.
As of this date, I have collected over $600,000 in pension benefits, and when combined with my (well over) $1.5 million dollar rollover IRA, social security, my wife's executive lump sum payout from her top 50 corporation - rolled over with her IRA, and her social security, we're doing pretty good. The system worked for us.
However, I got out at the right time, as did my wife (she retired five years ago). Since then a lot has changed. Big business has become the master, the employess the victims. The middle class ....yes, you are the middle class is being snuffed out....not to the slave level, but certainly to the inconsequential. As long as the middle classes allow management to crap all over them, nothing good will happen, and America will be all the worst for it.
Only when the middle classes have a say in their business destinies will America thrive.

The union movement in America has been curtailed, and management is in total control of the economy, and that is one of the biggest problems we face. Yes, I'm quite aware that big pharma never had unions or major labor problems.... but the threat of unionization and the reliance of a labor force accustomed to elite treatment was omni-present. No more, all of that is gone, and all of you are in big trouble as long as management rules without regard to labor's needs.
I'm not complaining for myself. I'm set for life, but I do care about you and your fellow workers. Beware of big business, remember who you are, not who you want to be. When you go to the polls next month, vote with your brains, not with your expectations. Understand who truly represents you, and not who represents the forces that now use you and abuse you as they wish. Don't vote for the people that gave you David Brennan and his trusty band of crooks, and probably will continue to do the same as long as they are able.

Allow me to point out that you have your pensions and 401k's because you invested money or money was invested for you in the very businesses which you claim victimize the middle class.

Yet you are the poster child for the success of the capitalist system.

Or would you prefer to rely on the success of government programs? Then donate your pensions and 401k's to charity and live on your Social Security payments.

 

[Anonymous]

Am also a past Astra Zeneca employee that received the notification. My package came in the mail yesterday. The offer is around 40% of what my original lump sum would have been or a monthly payout of around 33% of what it would have been.

Am currently 53 years old and would not have been able to take the pension until I turned 65 years of age. The window of time to decide is only a few weeks. Will consult with a financial adviser before deciding what to do.

You would be a complete fool to take the lump sum. They are really trying to screw you guys ! Only AZ would be this blatant about it.

 

[Anonymous]

Retired AZ DSM here. Retired ten years ago (at age 63). Lump sum was not available at that time, but I was eager to leave the s--t house that AZ had become....and still is.
As of this date, I have collected over $600,000 in pension benefits, and when combined with my (well over) $1.5 million dollar rollover IRA, social security, my wife's executive lump sum payout from her top 50 corporation - rolled over with her IRA, and her social security, we're doing pretty good. The system worked for us.
However, I got out at the right time, as did my wife (she retired five years ago). Since then a lot has changed. Big business has become the master, the employess the victims. The middle class ....yes, you are the middle class is being snuffed out....not to the slave level, but certainly to the inconsequential. As long as the middle classes allow management to crap all over them, nothing good will happen, and America will be all the worst for it.
Only when the middle classes have a say in their business destinies will America thrive.

The union movement in America has been curtailed, and management is in total control of the economy, and that is one of the biggest problems we face. Yes, I'm quite aware that big pharma never had unions or major labor problems.... but the threat of unionization and the reliance of a labor force accustomed to elite treatment was omni-present. No more, all of that is gone, and all of you are in big trouble as long as management rules without regard to labor's needs.
I'm not complaining for myself. I'm set for life, but I do care about you and your fellow workers. Beware of big business, remember who you are, not who you want to be. When you go to the polls next month, vote with your brains, not with your expectations. Understand who truly represents you, and not who represents the forces that now use you and abuse you as they wish. Don't vote for the people that gave you David Brennan and his trusty band of crooks, and probably will continue to do the same as long as they are able.

Thank you Carl Marx. Boo Hoo!! I'm a victim, take care of me!!! Union leaders are the scum that exploit the working class. Their main goal is to suck up dues to pay for their plan to destroy the free market and freedom. You got yours Carl now get your old add out of the way so we have the freedom to get ours.

 

[evanspop]

You would be a complete fool to take the lump sum. They are really trying to screw you guys ! Only AZ would be this blatant about it.

They are not the only ones. I just received my lump sum buyout offer from Solvay. I had 15 years service and they are only offering $90,900. I currently have 10 years at Chevron Phillips and if I left today I would get $189,000. That is 50% more for 5 years less service!
They said the Lump of Coal (I mean Sum) would be equal to my monthly benefit over my life expectancy which by my calculations is $188900.
They are trying to keep from having to dole out lots of cash to have their pension plan fully funded by January. I want to tell them to shove it but I am goimg to consult a Financial Advisor.

 

[Anonymous]

Unions have their issues, but they aren't the real problem anymore. Unions are a non factor in today's economy anyway. The kleptocracy in upper management is what is wrong with the country today, not unions. Give it up. Your boy Robme is a prime example of where this country went awry. He made billions ruining others livelihoods and he has no shame about it either.

You're jealous. You'd rather see everyone lose than someone else win.


The country is 16T in debt and can fall. If it does, you'll be begging for things to be like they used to be. If you vote for Obama this time, I have no sympathy for you. I am prepared. Go to hell.

 

[Anonymous]

The lump sum AZ is offering in this proposal is, w/o a doubt, the worst I have ever heard of. It would be interesting to see how and what formula they used to calculate it. I retired a year ago, and I had a friend that had 11 years with AZ and had the good sense to leave. His lump sum payout was in the 50's after 11 years!

I cannot imaging any financial advisor telling anyone in this situation to take a lump sum for this amount. Good luck.

 

[Anonymous]

They are not the only ones. I just received my lump sum buyout offer from Solvay. I had 15 years service and they are only offering $90,900. I currently have 10 years at Chevron Phillips and if I left today I would get $189,000. That is 50% more for 5 years less service!
They said the Lump of Coal (I mean Sum) would be equal to my monthly benefit over my life expectancy which by my calculations is $188900.
They are trying to keep from having to dole out lots of cash to have their pension plan fully funded by January. I want to tell them to shove it but I am goimg to consult a Financial Advisor.

mmmm. think you meant it is +100% more (or 50% less depending on how you look at it).

 

[Anonymous]

Anyone receive a letter from AZ claiming they had overpaid a monthly
pension sum? Apparently, this letter has shown up asking for payback in full or they will reduce pension til it is repaid. Not a large amount but just curious??

 

[Anonymous]

Retiree here. Self identified last December. Took the monthly pension rather than the lump sum. Have NOT recently received any letter from AZ offering one time lump sum if I trade in monthly pension.

Back in February it was a difficult decision: monthly pension check or lump sum? Everyone's situation is different. In my case, the monthly pension was more than what I felt could be generated by investing the lump sum on my own. I have not yet touched 401-k nor IRA, and I will not need to for the forseeable future. Living off AZ pension and Social Security.

My suggestion for those working: sock away as much as you can in 401-k and Roth IRA, and of course pay down debt. Live within your means. A financially secure retirement is true Liberty.

And no, I did not consult with any CFA nor other advisor.
And yes, being free from AZ is also true Liberty.

BE AWARE that if you choose monthly pension and are married,amount is lower.Just an F.Y.I!

 

[Anonymous]

Retiree here. Reading through this thread I see some folks made some serious financial errors. My advice is to seek professional help through a financial advisor. Make sure the financial advisor is one that will not just sell you an annuity or life insurance or stocks. You will pay for this service but it is money well spent. You wouldn't do root canal yourself so why do financial planning yourself?

Oh and life without AZ in it is wonderful.

 

[Anonymous]

Anyone receive a letter from AZ claiming they had overpaid a monthly
pension sum? Apparently, this letter has shown up asking for payback in full or they will reduce pension til it is repaid. Not a large amount but just curious??

This happens quite often. That's why you take a lump sum. I know 2 people that this has happened to. Just another AZ screwing.

 

[Anonymous]

Lump sum of 70K now or $400/month now or $800/month in 10 years. No lump sun offered in 10 years. I think I'm gonna take the 70K now and reinvest it with my current employer 401K. Or maybe my financial advisor has a good place for it. I already have an annuity when I turn 65 in 10 years through a separate investment I made. Taking the annuity does not leave survivors anything, it also does not account for inflation. Also, AZ has the right to terminate the annuity at any time. I know theres state insurance companies to the rescue, but they don't neccessarily pay in full. I'm thinking Lump me Out NOW! What about everyone else? Are you taking the Lump sum as well or waiting till your 65 to take the monthly check?

 

[Anonymous]

Lump sum of 70K now or $400/month now or $800/month in 10 years. No lump sun offered in 10 years. I think I'm gonna take the 70K now and reinvest it with my current employer 401K. Or maybe my financial advisor has a good place for it. I already have an annuity when I turn 65 in 10 years through a separate investment I made. Taking the annuity does not leave survivors anything, it also does not account for inflation. Also, AZ has the right to terminate the annuity at any time. I know theres state insurance companies to the rescue, but they don't neccessarily pay in full. I'm thinking Lump me Out NOW! What about everyone else? Are you taking the Lump sum as well or waiting till your 65 to take the monthly check?

Roll it into an IRA. More flexibility. Can buy stocks, etf's, mutual funds vs. just mutual funds. In my mind, etf's are replacing mutual funds. Cost less and can trade like a stock. Find some high yielding stocks/ etf's and reinvest the dividends until you need to take distributions.

Look at stuff like NLY (annual yield +14%) or RAA. This one pays a dividend monthly ($.09 a share). 10,000 shares and you are creating $900 dividend income the first month. Price will flucuate but if you are just sitting on it, your worst case scenario is you will buy more shares at a lower price. If you don't need it for several years, the compounding can create some nice monthly income when you need it. Just a thought.....

Disclaimer: Not a financial advisor nor do I play one on TV.

 

[Anonymous]

This happens quite often. That's why you take a lump sum. I know 2 people that this has happened to. Just another AZ screwing.

Think about it and take the lump sum. Do you want to rely on the integrity of the same people who royally fucked up this company to do the right thing by you and your future. Trust me, they don't give two shits about you. Do not trust anyone else. Take the lump sum and control your own financial future.

 

[Anonymous]

BE AWARE that if you choose monthly pension and are married,amount is lower.Just an F.Y.I!

Not true! You have the option of taking your pension at the full amount monthly, or you can elect to take a few options leaving set percentages to your surviving mate, all less than the original full amount. I retired a number of years ago at 62 years old. I chose to take the 100% pension, knowing that I was in good health (as was my wife, and who was 3 years younger than me, and had an executive job and a good pension and a 401K of her own). We are both now retired with over $200,000 a year coming in on pensions and rollover IRA's.
With the stock market on the up, both of our rollovers are well over 1 million.

All I'm saying is that you have to evaluate your existing situation for yourself. Get some professional advice, but do not even think about an annuity (they profit the agents and their companies much more than you), and if you take a managed account from a financial institution (usually at 1% yearly)....use that for a year or so as a learning tool only, and then go on your own....It's not that difficult and you will do easily as good as your advisory company, who cares more about themselves than you. Good luck.