Question for Hospira Reps who went through spinoff from Abbott

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Anonymous

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When you guys split off, I heard pension was frozen and health insurance for life for those who had earned it was taken away. Is this accurate? Also, was your vacation time rolled over or did you have to start from scratch building up vacation time?
 






When we got spun if you weren't early retirement eligible you can't participate in the Abbott retirement health benes. But it would cost $650 per month if someone were to retire today (total rip off) for a health plan which is no better than HSP. Vacations were grandfathered in and for those 50 and 10 they keep the Abbott vacation schedule.Which means at 30 yrs you get 6 weeks vacation. I am not sure about the younger ABT employees who were spun. The most a hsp post spin employee can get is 5 weeks. interesting that since our lawsuit whenever Abbott has dumped a division they always get to early retire from abbott, the hospira employees did not.
 






Anonymous said:
When we got spun if you weren't early retirement eligible you can't participate in the Abbott retirement health benes. But it would cost $650 per month if someone were to retire today (total rip off) for a health plan which is no better than HSP. Vacations were grandfathered in and for those 50 and 10 they keep the Abbott vacation schedule.Which means at 30 yrs you get 6 weeks vacation. I am not sure about the younger ABT employees who were spun. The most a hsp post spin employee can get is 5 weeks. interesting that since our lawsuit whenever Abbott has dumped a division they always get to early retire from abbott, the hospira employees did not.
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I'm hoping they will sweeten the pot to get people who are eligible to retire. I will be first in line.
 






Anonymous said:
When we got spun if you weren't early retirement eligible you can't participate in the Abbott retirement health benes. But it would cost $650 per month if someone were to retire today (total rip off) for a health plan which is no better than HSP. Vacations were grandfathered in and for those 50 and 10 they keep the Abbott vacation schedule.Which means at 30 yrs you get 6 weeks vacation. I am not sure about the younger ABT employees who were spun. The most a hsp post spin employee can get is 5 weeks. interesting that since our lawsuit whenever Abbott has dumped a division they always get to early retire from abbott, the hospira employees did not.
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Abbott here. So torn as to what to do. Some old timers are now retiring to keep the healthcare benefits. Need to weigh things out. It just seems like we will be screwed because they end every e-mail re the split with "Subject to Change." I'm 56 and wanted to work another 5 years.
 












There was a class-action lawsuit that was settled in April 2010. However, that lawsuit was filed in 2004 (after the Hospira "spin off" via Abbott). The lawsuit was filed because several individuals were very, very close to reaching their "25" years at Abbott. When they went to Hospira (due to the Hospira spin-off) many felt that this was very unfair. One female individual is still working at Hospira (she was involved in the class action lawsuit), which was settled for an "undisclosed amount" in April of 2010. The other individuals all left after they cashed out. The current lawsuit will take years and years and years before it gets "settled." The top-guys always take care of themselves. Yes, Begley will receive all of the $$$$$ that he is owed (I am sure he has already collected several millions). It is the little people who end up getting screwed over and over and over again by the top-level executives.
 












This is the class action lawsuit that I was referring to regarding the class-action lawsuit filed against both Abbott and Hospira: THE FACT SPEAK FOR THEMSELVES:

Verdict for Hospira in ERISA Class-Action Lawsuit
U.S. District Court for the Northern District of Illinois
April 23, 2010

On April 23, 2010, the United States District Court for the Northern District of Illinois found in favor of our client Hospira, Inc. and Abbott Laboratories on all counts of an ERISA class-action lawsuit filed against both companies in 2004. In the lawsuit, representatives of an 8,000-employee class claimed that Hospira and Abbott intended to interfere with their retirement benefits through Abbott's spin-off of its Hospital Products Division, which established Hospira as an independent company, and the implementation of a two-year reciprocal no-hire policy. The suit, in which the plaintiff class sought over $300 million in lost employee benefits, was tried over a period of three weeks in 2009.

In a 97-page opinion, the Court found that neither Hospira nor Abbott violated ERISA in connection with the spin off or the no-hire policy. Of critical importance to the Court's decision was the testimony of the defendants' witnesses, including Hospira's CEO and COO, which the Court found was "highly credible, internally consistent, and amply corroborated by the unquestionably authentic documentary evidence." In ruling in favor of the defendants, the Court also vindicated Abbott's and Hospira's strategic decisionmaking and human resource policies relating to the spin off. The Court explained that "Hospira has been a successful, profitable enterprise in the years since the spin, no doubt in large part because it retained the talent it had at the time it became independent of Abbott."
 
























Anonymous said:
This is the class action lawsuit that I was referring to regarding the class-action lawsuit filed against both Abbott and Hospira: THE FACT SPEAK FOR THEMSELVES:

Verdict for Hospira in ERISA Class-Action Lawsuit
U.S. District Court for the Northern District of Illinois
April 23, 2010

On April 23, 2010, the United States District Court for the Northern District of Illinois found in favor of our client Hospira, Inc. and Abbott Laboratories on all counts of an ERISA class-action lawsuit filed against both companies in 2004. In the lawsuit, representatives of an 8,000-employee class claimed that Hospira and Abbott intended to interfere with their retirement benefits through Abbott's spin-off of its Hospital Products Division, which established Hospira as an independent company, and the implementation of a two-year reciprocal no-hire policy. The suit, in which the plaintiff class sought over $300 million in lost employee benefits, was tried over a period of three weeks in 2009.

In a 97-page opinion, the Court found that neither Hospira nor Abbott violated ERISA in connection with the spin off or the no-hire policy. Of critical importance to the Court's decision was the testimony of the defendants' witnesses, including Hospira's CEO and COO, which the Court found was "highly credible, internally consistent, and amply corroborated by the unquestionably authentic documentary evidence." In ruling in favor of the defendants, the Court also vindicated Abbott's and Hospira's strategic decisionmaking and human resource policies relating to the spin off. The Court explained that "Hospira has been a successful, profitable enterprise in the years since the spin, no doubt in large part because it retained the talent it had at the time it became independent of Abbott."
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Read it again Chicken Shit Per your post on abt board Money Talks ! (and buys judges)

HR GUY
 






Anonymous said:
This is the class action lawsuit that I was referring to regarding the class-action lawsuit filed against both Abbott and Hospira: THE FACT SPEAK FOR THEMSELVES:

Verdict for Hospira in ERISA Class-Action Lawsuit
U.S. District Court for the Northern District of Illinois
April 23, 2010
<deleted>
" In ruling in favor of the defendants, the Court also vindicated Abbott's and Hospira's strategic decisionmaking and human resource policies relating to the spin off. The Court explained that "Hospira has been a successful, profitable enterprise in the years since the spin, no doubt in large part because it retained the talent it had at the time it became independent of Abbott."
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It was bad timing for the plaintiffs. The recalls, plant shutdowns, sales holds, remediations, etc. came after April 2010, the time of the decision. Had the ruling been made about a half year or year later, there probably would have been a different outcome if the judge did used the last sentence as his rationale. Things take time to go bad.
 






Anonymous said:
It was bad timing for the plaintiffs. The recalls, plant shutdowns, sales holds, remediations, etc. came after April 2010, the time of the decision. Had the ruling been made about a half year or year later, there probably would have been a different outcome if the judge did used the last sentence as his rationale. Things take time to go bad.
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Great point. Mr. Begley's reputation is no longer stellar.
 


















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