Serious Abbott Employee Questions

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Anonymous

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I am an Abbott pharma sales rep who, as you have heard, is about to be spun off into the new pharma company that they are formimg. We all have heard several horror stories, and have obviously seen the news, regarding Hospira's apparent screw job when you all went through something similiar. Frankly, it is unclear, at least to me, EXACTLY what the actions that were taken by Abbott/Hospira towards those affected folks that have raised such concerns. I have vaguely heard things like dropping medical benefits for upcoming retirees, freezing pension benefits and therefore not allowing someone close to Abbott retirement from every making it, etc.

Can anyone please ellaborate as to SPECIFICALLY what was done/changed to those rolled over from Abbott? Am trying to anticipate what they will probably do again so as to be prepared. Specifcially, what impact is there to someone who currently qualifies for early retirement with Abbott (55 yrs old and 22 years of service)? Is the pension cut back from what has already been identified on the HR estimator? Or is that not an issue? Am assuming that the retiree medical is completely wiped out, correct?
The obvious screwing comes to those who were close to either 50 or 55 years old and will never see the full retiremement pension. But it is unclear how those who already have made it would fare.

Lastly, any info regarding layoff severence AFTER moving over to Hospira would be appreciated. Did Abbott service years get counted toward severence, etc?

Thanks in advance. We are all very leery over here and appreciate your input.
 






When long-time employees that started at Abbott were let go during the course of Project Fuel were let go Abbott years of service counted towards severance payments.
 












Be suspicious of everything you are told. Save all communication given to you. Nothing matters if it's not in writing. Even then it may not be. Don't turn your back on anyone in management or think of them as "pals".

Most importantly, don't drink any kool-aid offered as promise for eternal bliss. Also realize in refusing, you will be shot.

Better to die with dignity and bravery than a coward and fool.
 


















Do not sign your severance agreement when you recieve it - hit HR back with a counter.

If and when you get a job keep your mounth shut until the end of your severence payouts so that they don't claw some of it back.
 






Like the OP, I'm of retirement age but would ideally like to continue working for a couple of more years, or at least until the well runs dry and they let us all go. I'm not that concerned about severance as about the risk to retirement benefits. So far no one has answered that question. Also, I'm not so much concerned about health care benefits (I'm just assuming those will go away) as I am the monthly defined benefit pension amount.
Anyone with experience here? The question of course is whether to be rolled over to Newco and work there until the inevitable layoff occurs, or, if this course would jeopardize my future retirement benefits, simply retire before the split. My impression from other posts is that Hospira employees who were of retirement age at the time of the spin-off didn't accrue any additional pension benefits after the split, but when they retired from Hospira did receive the full amount they had accrued at Abbott up to the time of the spin-off. Is this correct? (And to the trolls, yes, I do realize that the situation with Newco could well be different, and no, I'm not going to base my decision wholly on information I get from CP, so don't bother telling me I'm an idiot--I would like to know just how it went down with Hospira, though).
 












Anonymous said:
Like the OP, I'm of retirement age but would ideally like to continue working for a couple of more years, or at least until the well runs dry and they let us all go. I'm not that concerned about severance as about the risk to retirement benefits. So far no one has answered that question. Also, I'm not so much concerned about health care benefits (I'm just assuming those will go away) as I am the monthly defined benefit pension amount.
Anyone with experience here? The question of course is whether to be rolled over to Newco and work there until the inevitable layoff occurs, or, if this course would jeopardize my future retirement benefits, simply retire before the split. My impression from other posts is that Hospira employees who were of retirement age at the time of the spin-off didn't accrue any additional pension benefits after the split, but when they retired from Hospira did receive the full amount they had accrued at Abbott up to the time of the spin-off. Is this correct? (And to the trolls, yes, I do realize that the situation with Newco could well be different, and no, I'm not going to base my decision wholly on information I get from CP, so don't bother telling me I'm an idiot--I would like to know just how it went down with Hospira, though).
Click to expand...

ok i wont tell you that you are an idiot you aussies and limeys posting here crack me up lucky for u.s.a. you dont work here
 






Anonymous said:
I am an Abbott pharma sales rep who, as you have heard, is about to be spun off into the new pharma company that they are formimg. We all have heard several horror stories, and have obviously seen the news, regarding Hospira's apparent screw job when you all went through something similiar. Frankly, it is unclear, at least to me, EXACTLY what the actions that were taken by Abbott/Hospira towards those affected folks that have raised such concerns. I have vaguely heard things like dropping medical benefits for upcoming retirees, freezing pension benefits and therefore not allowing someone close to Abbott retirement from every making it, etc.

Can anyone please ellaborate as to SPECIFICALLY what was done/changed to those rolled over from Abbott? Am trying to anticipate what they will probably do again so as to be prepared. Specifcially, what impact is there to someone who currently qualifies for early retirement with Abbott (55 yrs old and 22 years of service)? Is the pension cut back from what has already been identified on the HR estimator? Or is that not an issue? Am assuming that the retiree medical is completely wiped out, correct?
The obvious screwing comes to those who were close to either 50 or 55 years old and will never see the full retiremement pension. But it is unclear how those who already have made it would fare.

Lastly, any info regarding layoff severence AFTER moving over to Hospira would be appreciated. Did Abbott service years get counted toward severence, etc?

Thanks in advance. We are all very leery over here and appreciate your input.
Click to expand...

go back to the abt board loser, this is the abt "light" board
 






Anonymous said:
I am an Abbott pharma sales rep who, as you have heard, is about to be spun off into the new pharma company that they are formimg. We all have heard several horror stories, and have obviously seen the news, regarding Hospira's apparent screw job when you all went through something similiar. Frankly, it is unclear, at least to me, EXACTLY what the actions that were taken by Abbott/Hospira towards those affected folks that have raised such concerns. I have vaguely heard things like dropping medical benefits for upcoming retirees, freezing pension benefits and therefore not allowing someone close to Abbott retirement from every making it, etc.

Can anyone please ellaborate as to SPECIFICALLY what was done/changed to those rolled over from Abbott? Am trying to anticipate what they will probably do again so as to be prepared. Specifcially, what impact is there to someone who currently qualifies for early retirement with Abbott (55 yrs old and 22 years of service)? Is the pension cut back from what has already been identified on the HR estimator? Or is that not an issue? Am assuming that the retiree medical is completely wiped out, correct?
The obvious screwing comes to those who were close to either 50 or 55 years old and will never see the full retiremement pension. But it is unclear how those who already have made it would fare.

Lastly, any info regarding layoff severence AFTER moving over to Hospira would be appreciated. Did Abbott service years get counted toward severence, etc?

Thanks in advance. We are all very leery over here and appreciate your input.
Click to expand...

Your welcome
 






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