Pension

[anonymous]

Is JNJ one of the few companies that have a pension? Have they got rid of it and increased the 401K match?

 

[anonymous]

Is JNJ one of the few companies that have a pension? Have they got rid of it and increased the 401K match?

The pension was eliminated as a benefit for anyone hired or rehired as of Jan 1, 2015. Legacy employees' pension is going to be frozen on Dec 31, 2025.

No increase to the 401k. The only change is a 15% cash contribution to a retirement savings account fully funded by J&J, which is their new fake pension.

 

[anonymous]

The pension was eliminated as a benefit for anyone hired or rehired as of Jan 1, 2015. Legacy employees' pension is going to be frozen on Dec 31, 2025.

No increase to the 401k. The only change is a 15% cash contribution to a retirement savings account fully funded by J&J, which is their new fake pension.

Is it a yearly contribution? How long does it take you to be vested?

 

[anonymous]

The pension was eliminated as a benefit for anyone hired or rehired as of Jan 1, 2015. Legacy employees' pension is going to be frozen on Dec 31, 2025.

No increase to the 401k. The only change is a 15% cash contribution to a retirement savings account fully funded by J&J, which is their new fake pension.

This is bad information. The pension formula was changed not eliminated. It is not as rewarding as the old pension.

 

[anonymous]

This is bad information. The pension formula was changed not eliminated. It is not as rewarding as the old pension.

It takes 5 years to vest the 15% cash contribution in the retirement savings account, or reach the age of 55, whichever comes first.

This is candid information, not bad information. Cash sitting in a retirement savings account is not a pension. J&J eliminated the pension in 2015 & decided to rename its replacement cash savings account as a "pension", even though it's not.

 

[anonymous]

This is bad information. The pension formula was changed not eliminated. It is not as rewarding as the old pension.

This is exactly a correct information. This is a slight boost to your social security payments, not a pension.
Imagine someone who is making on an average 200k a year towards his/her final years. After 35 years of service the old pension plan would be about 110k a year. The same person who begins now with a salary of 70-80k and after 35 years of service reaches 200k will get about 30k a year pension. From 110k to 30k. Laughable. And not retainable for a talent. J&J is underpaying. So do not stay for 15% "pension"

 

[anonymous]

Nobody stays at a company for 35 years anymore.

 

[anonymous]

My understanding is It’s also future value of money, ie, the $ does not grow. So if you make 100k this year, you will have 15k available when u retire, repeat for every year. It roughly makes it equivalent to 3% that grows over typical career span. Should just contribute more to 401k and stop the charade of calling this a pension.

 

[anonymous]

Nobody stays at a company for 35 years anymore.

Bullshit. Many people do.
I work with them (25 years of service and counting).
I am one of them. There are hundreds of them if not thousands in the company.

 

[anonymous]

My understanding is It’s also future value of money, ie, the $ does not grow. So if you make 100k this year, you will have 15k available when u retire, repeat for every year. It roughly makes it equivalent to 3% that grows over typical career span. Should just contribute more to 401k and stop the charade of calling this a pension.

J&J pension does not have COLA.
So if you have a new disgraceful "pension", just consider it a boost to a disgracegul american social security.
My recommendation, contribute half of your raise to 401k, namely, increase contributions by 2% each year until 20%

 

[anonymous]

Bullshit. Many people do.
I work with them (25 years of service and counting).
I am one of them. There are hundreds of them if not thousands in the company.

Yes the ones who know that they are worthless in the job market stay on and retained as furniture by the company. Any company this dead furniture is mostly responsible for toxic culture and stifling growth.

 

[anonymous]

Yes the ones who know that they are worthless in the job market stay on and retained as furniture by the company. Any company this dead furniture is mostly responsible for toxic culture and stifling growth.

yes yes, this "dead furniture" will retire with 100k pension and 4 mil in 401k and retiree insurance.

 

[anonymous]

yes yes, this "dead furniture" will retire with 100k pension and 4 mil in 401k and retiree insurance.

Your generation I’ll be out of the workforce soon. Younger generation is not interested in working for 1 company for 30 years

 

[anonymous]

JNJ stopped the pension years ago unless you were grandfathered in

 

[anonymous]

The pension was eliminated as a benefit for anyone hired or rehired as of Jan 1, 2015. Legacy employees' pension is going to be frozen on Dec 31, 2025.

No increase to the 401k. The only change is a 15% cash contribution to a retirement savings account fully funded by J&J, which is their new fake pension.

Is it 15% on your base salary or 15% of base plus bonus?