So when does the defined benefit pension plan get cut or changed?

[anonymous]

These never happen in ones but they are broken up and phased in over time.

Next Steps:

1. cut bonus formulas
2. Cut insurance and keep raising our costs for it, regular and retiree
3. Reduce or eliminate 401-k match
4. Freeze merit raises
5. Eliminate FATE tuition reimbursement
6. Eliminate Inspire program
7. Eliminate company stores, physical and virtual

these will not be eliminated:

1. Starbucks at Corporate
2. Hair Salon at Corporate
3. Laundry service at Corporate gym



nothing to look at here anymore, no longer special to work here.

Agree completely

need to:

1. cut all consultants and contractors
2. Cut all travel after covid
3. Cut all outside meeting
4. Cut all food and drinks for meetings
5. Eliminate all marginal products and sites making them
6. Reduce VPs and Directors by 50%

 

[anonymous]

Yes those wasteful things would literally save hundreds of millions of dollars but they will cut more benefits first. Don’t want to impact their lavish lifestyle and influence.

 

[anonymous]

The JNJ pension has been used as a recruiting and retention tool for as long as I've been here. As they whittle away at it, for new hires and current employees, it's a signal that neither is that important any more.

JNJ has always wanted to be just above the mid point of their peer group in terms of comp. The Mercks and Pfizers and AZs and Glaxos ahve all cut these, so JNJ is following suit.

 

[anonymous]

The JNJ pension has been used as a recruiting and retention tool for as long as I've been here. As they whittle away at it, for new hires and current employees, it's a signal that neither is that important any more.

JNJ has always wanted to be just above the mid point of their peer group in terms of comp. The Mercks and Pfizers and AZs and Glaxos have all cut these, so JNJ is following suit.

First, I think you are correct. Not sure I'd say it's a signal. Its a clear action to save millions. As others have said, it's the beginning of a trend that will reduce benefits and pay to both employee and retiree alike.

What I really resent and you should also, how disrespectful and lacking absolute integrity by our mighty JNJ corporate executives and other major corporations have in how they communicate these major financial changes. These changes that greatly affect our life long financial planning. Something they, in rarified air do not have to worry one iota. They don't even have the INTERITY and MORALS to stand up and tell you face to face. FACE to FACE. They are "weasels"; "crocodiles", "snakes" and "pigs". They are not human beings any longer. They have morphed into animals that have one nasty human skill, a keen scent of a professional politician, ever working it. That is who we work for and with.

They treat us as if we are naïve. As if we are uneducated to manipulative logic. As if we can not see through the poorly applied logic used by leaders, lawyers and communication mules. They are in fact, present day human "Suidae" as they suffer nothing. Nothing. Ever.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Before we die, wouldn't you like to hear and see, a CEO like Alex Gorsky, a Corporate Executive member actually say something like,

"We are changing our Pension Plan here at Johnson & Johnson to save millions moving forward. We will put that money to use in better ways than you could during your lifetime. I have my future generations to think about, protect and help prosper. You, are simply expendable. If you don't like these conditions of employment. Go work for someone else you think is more ethical, moral and just than we are. I have an integrity to always do what is right for me and my concerns. But, I will tell you it's about customers. Patients. You. So, either enjoy my political maneuvers, my manipulative leadership style, my gamesmanship or leave. Now, would be preferred. Thank you, I have a pressing engagement to attend."

 

[anonymous]

The JNJ pension has been used as a recruiting and retention tool for as long as I've been here. As they whittle away at it, for new hires and current employees, it's a signal that neither is that important any more.

JNJ has always wanted to be just above the mid point of their peer group in terms of comp. The Mercks and Pfizers and AZs and Glaxos ahve all cut these, so JNJ is following suit.

 

[anonymous]

I think more than the old-timers, the associates with less than 5 years who have been toying with the idea of jumping ship to the competition will now consider it more seriously. Opportunities for advancement are limited and other companies have more turnover. They know that if they don’t meet certain milestones for promotions, they will be left behind and stuck at their current level at J&J. Perhaps this is a subtle way of encouraging us to leave, but without a package. MD cannot continue to carry their labor load with minimal business, that model does not work, so the next announcements (in Q2) will be more severe. The pension announcement now was to encourage a few to leave before having to pay severance packages to those about to be affected. Senior Management, again, will be unaffected, as usual. Wait for it...

 

[anonymous]

Yeah, the timing of the announcement regarding the pension change is definitely a clue.

 

[anonymous]

This decision is a major decision to save millions. Yes, other decisions will follow but that's how things change in good 'ol corporate America. What impact each has on "you" all depends on a number of variables.

Bottom line, they're creating a financial buffer, a larger moat to retain what they want to retain. Control. Power. Wealth. That isn't a signal or some clue, that's a modus operandi of massively greedy corporate executive teams in this ageless age. They benefit mightily from these major financial decisions, never you.

With total respect, you might think it's about you; it's not. Never was.

 

[anonymous]

This decision is a major decision to save millions. Yes, other decisions will follow but that's how things change in good 'ol corporate America. What impact each has on "you" all depends on a number of variables.

Bottom line, they're creating a financial buffer, a larger moat to retain what they want to retain. Control. Power. Wealth. That isn't a signal or some clue, that's a modus operandi of massively greedy corporate executive teams in this ageless age. They benefit mightily from these major financial decisions, never you.

With total respect, you might think it's about you; it's not. Never was.

It's like stock options, when they award them , they make themselves multimillionaires and they give you few hundred dollars and that is only because they have to.

 

[anonymous]

If you have worked the requisite years to earn the old pension, and are 62 (pension max out age), and can afford it — time to get the hell of there.

 

[anonymous]

If you have worked the requisite years to earn the old pension, and are 62 (pension max out age), and can afford it — time to get the hell of there.

Retired at 64 after 30+ years in pharma R&D. Had a really horrid boss during the last year. Due to serious health issues and inhuman workload, my performance was not up to par. On a Friday, the jerk ass hands me a performance improvement plan. Submitted my resignation first thing when I walked through the door on Monday.

IMHO, all of the “talent” brought in from outside companies is rapidly eroding what used to be a humane place to work. WW was a disaster CEO for J&J, and AG is a wolf in sheep clothing.

 

[anonymous]

Retired at 64 after 30+ years in pharma R&D. Had a really horrid boss during the last year. Due to serious health issues and inhuman workload, my performance was not up to par. On a Friday, the jerk ass hands me a performance improvement plan. Submitted my resignation first thing when I walked through the door on Monday.

IMHO, all of the “talent” brought in from outside companies is rapidly eroding what used to be a humane place to work. WW was a disaster CEO for J&J, and AG is a wolf in sheep clothing.

Same thing happened to me at a different Pharma company. It's not the way most people want to end their professional careers but unfortunately when you are targeted because your performance for one year out of 30 plus years isn't up to par, it now happens. I've never once seen or heard of a PIP actually helping a rep improve. PIPs are such BS. But weak managers luv to ambush reps with them. And most reps assume that it can never happen to them. Warning: It's the way of the future kids. It's a quiet way of reducing sales force.

 

[anonymous]

Retired at 64 after 30+ years in pharma R&D. Had a really horrid boss during the last year. Due to serious health issues and inhuman workload, my performance was not up to par. On a Friday, the jerk ass hands me a performance improvement plan. Submitted my resignation first thing when I walked through the door on Monday.

IMHO, all of the “talent” brought in from outside companies is rapidly eroding what used to be a humane place to work. WW was a disaster CEO for J&J, and AG is a wolf in sheep clothing.

That is so wrong on many levels. I wish you well to be free of this, happy, get healthy. We respect everyone as individuals the Credo says. A bad joke. A lie. We demonstrate dignity in how we treat fellow employees. Bad joke again. A lie. This is a heartless, soul-less entity for profit.

But if you're Alex Gorsky, etc., you really don't care about such. Not about you. Not about us. Or patients and customers. Its always, deep down about what you gain from working to the top. You are lavishly paid in total compensation. You've politically positioned a circle of "allies", the board and major stakeholders make certain you are rewarded at every turn. You only give in excess. How ignorant and sycophantic some of you act when you see someone like an Alex give. Or a Bill Gates. True philanthropic behavior is if you actually give something up. Actually "lose" something of value. Such as tangible net worth. Not a tax write off. Not a political tool. Not ego bolstering. Not a foundation that carries your name on high that runs on the excesses of your career. You're rewarded at every turn and it does not tangibly change your life and life style choice. That's not any loss whatsoever. That is gain, yet again. True, altruism is a rare act indeed in our culture of excess.

And then there's even transgenerational avarice. Your a pig always bent over at the trough. And, you only do particularly political things to serve your strategic advantage plan and ultimate gain. You do nothing that could lose you a thing, a cent for what is right and just. That's the truth of our leaders here. They yield for nothing. If your in their way, you will be crushed, set aside and burned like the human being above. Try pressing a corporate executive. Just try it as I have and you'll quickly find out they are not in the morality and high integrity business. They are in the business of dominance, control, and massive wealth gain. They did not sacrifice all they "sacrificed" to not cash in. Ask yourself why anyone is driven to rise to the very top? For greater good? Not at all. Not the human condition.

More than ever in our short American history, we have more than ever, business "leaders" who are massive hypocrites. And, they lack real social justice. Its simply politics to them. We are moving ever more to oligarchic states that actually control our "worlds" of purchase and perceived need. And these companies, through many facets, influence of our "professional politicians", the subsequent legislation and what you think you "need" to be happy and "believe" you've got liberty.

This is no conspiracy, this is what is happening right now. The downside of extreme influence of major corporations like ours, far larger than countries, is bad for freedom, choice and pursuing happiness in most U.S. towns and cities. And the corruption has never been bigger. J&J can go to hell as our leadership and what we bring to others is a façade. The Credo holds empty words less the part about profit and 'major' shareholders.

 

[anonymous rusty nail]

The old pension plan is valid until January 1, 2026.
In my opinion those, who are now aged 53-58 will be leaving massively during 2021-2025. We will see a massive exodus of old timers and with them a knowledge amassed through the last 3 decades.
In 2026 I will be 22 years with the company. I guess I am lucky in a way that I will have 22 years under the old formula. The company is becoming very toxic place to work and even before pandemic it was widely felt that human relationships and human touch and kindness were slowly disappearing. People became overly politically correct, fake, insincere , suspicious. When I get to to age 62 , I will happily leave without looking back.
What a shame. Used to be a small home away from home.

 

[anonymous]

The old pension plan is valid until January 1, 2026.
In my opinion those, who are now aged 53-58 will be leaving massively during 2021-2025. We will see a massive exodus of old timers and with them a knowledge amassed through the last 3 decades.
In 2026 I will be 22 years with the company. I guess I am lucky in a way that I will have 22 years under the old formula. The company is becoming very toxic place to work and even before pandemic it was widely felt that human relationships and human touch and kindness were slowly disappearing. People became overly politically correct, fake, insincere , suspicious. When I get to to age 62 , I will happily leave without looking back.
What a shame. Used to be a small home away from home.

This is another “dose of discouragement” for all employees that considered the pension to be an attractive part of our company.

 

[anonymous]

This is another “dose of discouragement” for all employees that considered the pension to be an attractive part of our company.

Yeah, just like our crappy Leadership Teams. All they can do is harass the little people. Never challenge each other or their own direct reports. Call the CREDO hotline on these nasty people. Then call EEOC. That will pop their little elite bubble.

 

[anonymous]

Yeah, just like our crappy Leadership Teams. All they can do is harass the little people. Never challenge each other or their own direct reports. Call the CREDO hotline on these nasty people. Then call EEOC. That will pop their little elite bubble.

There is nothing you can do to pop their bubble.

 

[anonymous]

Yeah, just like our crappy Leadership Teams. All they can do is harass the little people. Never challenge each other or their own direct reports. Call the CREDO hotline on these nasty people. Then call EEOC. That will pop their little elite bubble.

yeah, correct. I think J&J wants to shed people in 2021 without an official layoff or severance so management was asked to target certain people in their departments. The targeting of those people has already begun. Targeted people = whites, males, people over age 50. Just wait, these people will magically disappear to either not be backfilled, or to be replaced with the “desirable demographics”

 

[anonymous]

Yup, and just to be clear, white females are not 100% in the clear

 

[anonymous]

The old pension plan is valid until January 1, 2026.
In my opinion those, who are now aged 53-58 will be leaving massively during 2021-2025. We will see a massive exodus of old timers and with them a knowledge amassed through the last 3 decades.
In 2026 I will be 22 years with the company. I guess I am lucky in a way that I will have 22 years under the old formula. The company is becoming very toxic place to work and even before pandemic it was widely felt that human relationships and human touch and kindness were slowly disappearing. People became overly politically correct, fake, insincere , suspicious. When I get to to age 62 , I will happily leave without looking back.
What a shame. Used to be a small home away from home.

I hope you can make it 62. You may already have a target on your back due to t3nure and age.