Still confused about the "bridge to retirement"

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Anonymous

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Read what is on the company site and I still don't understand what they do for "bridgeable employees"

Can someone explain in simple terms

Know they upped the age from 49 1/2 to 53 but are the people who were 49 1/2 prior to this change still included?

what specifically do you receive as bridged employee?
 




The age is that which you re the day you are notified. So if you are notified Monday and Tuesday is your 53rd birthday - no bridge.

Getting the bridge makes it as though you put in your retirement papers. You qualify for medical coverage for life (until they change the plan).
 








No bridging for legacy Schering.

Legacy Merck:

Atleast 10 years service and age 50 any time in the year of your Getting canned. You get ripped off alittle less than those not bridged. 51 next year and 52 in 2015. This is right off the summary plan description for "legacy Merck bridge eligible".
 




from what I understand, there are two bridges to retirement. One for the medical benefits, which I still do not understand nor do I think that will mean anything in the long run for any of us.

For the bridge to retirement for the pension money, if you are eligible, it means that when a person turns 55, he/she will have access to their accumulated pension with no additional penalty because you want to take it out at age 55. This is taking the lump sum. The full benefit is at age 62, I think. So, at age 55, if you are bridged, you would get 79% of the value if you waited until age 62. If you do wait till age 62, you get that full value then.

If someone leaves the company voluntarily and does not get bridged to retirement, AND they want the lump sum at age 55, then they would get dinged another large amount - like another 30% or something like that. So, it's not the 79%, it would be much much less.

Bottom line is, no one gets access to the money before age 55. And if anyone waits until age 62, they get all that was accumulated while they were working whether a bridge was granted or not. We are all most likely going to outlive our money so just wait if you dont get bridged.
 




Seems to me anyone hitting 60 or more should get the jackpot treatment. A little respect for the age and the greys....

Full retirement equal to at least 20 years no matter if you hit 10 or not...and medical too.

If that can't happen then they need to be kept in the barn for further use.
 




Anonymous said:
Seems to me anyone hitting 60 or more should get the jackpot treatment. A little respect for the age and the greys....

Full retirement equal to at least 20 years no matter if you hit 10 or not...and medical too.

If that can't happen then they need to be kept in the barn for further use.
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Hey Baby PoP....u down like a circus clown for that Funky Cold MeDiNa?? ice Cold!!!!
 




Anonymous said:
from what I understand, there are two bridges to retirement. One for the medical benefits, which I still do not understand nor do I think that will mean anything in the long run for any of us.

For the bridge to retirement for the pension money, if you are eligible, it means that when a person turns 55, he/she will have access to their accumulated pension with no additional penalty because you want to take it out at age 55. This is taking the lump sum. The full benefit is at age 62, I think. So, at age 55, if you are bridged, you would get 79% of the value if you waited until age 62. If you do wait till age 62, you get that full value then.

If someone leaves the company voluntarily and does not get bridged to retirement, AND they want the lump sum at age 55, then they would get dinged another large amount - like another 30% or something like that. So, it's not the 79%, it would be much much less.

Bottom line is, no one gets access to the money before age 55. And if anyone waits until age 62, they get all that was accumulated while they were working whether a bridge was granted or not. We are all most likely going to outlive our money so just wait if you dont get bridged.
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Good description. Call HR pension number on the company website and they can give you an estimate with bridging assumption.
Bridge for medical means you get access to the company health care plan when you hit 55. The premiums are high and not subsidized as is done for active employees.
 




Just read the summary plan descriptions on hr.merck.com. It explains bridging for pension and medical. The magic formula for this year is 50 and ten years service. It goes up next year so it is pretty much the same group of people. If you were born after 1963, you pretty much have to make 55. No bridging mentioned for legacy Schering.
 




adding this re" retiree Medical" for life - This is not what it appears to be - and certainly not what it once was.
Yes...it is expensive, there is a high deductible, there are co-pays as with any other plan you'll look at, correct that it is not subsidized, and the coverage, premium, etc will "adjust" every year. Once you hit 65 it becomes a secondary or supplement to Medicare, so your premium will decrease at 65, but you then also start paying for Medicare.
 




Anonymous said:
adding this re" retiree Medical" for life - This is not what it appears to be - and certainly not what it once was.
Yes...it is expensive, there is a high deductible, there are co-pays as with any other plan you'll look at, correct that it is not subsidized, and the coverage, premium, etc will "adjust" every year. Once you hit 65 it becomes a secondary or supplement to Medicare, so your premium will decrease at 65, but you then also start paying for Medicare.
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....from what I hear it is one step closer to socialized Obamacare medicine for all. Same in most companies facing cuts. Better not get sick.
 








Anonymous said:
The bridge is more of a plank. And Merck is gonna have older reps walk it soon.
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So I got bridged at 49.5 with the SP merger. Who wouldn't want access to group medical/dental? Give the Obamacare ranting a rest. True the bridged retirement is expensive but at least it is an option. Truth is, anyone with an open mind can probably get insurance on the exchanges set up via the ACA and spend less. But if you are that uninformed that you would rather pay more for your insurance go for it.

You get to keep your stock options. Not that mine are worth anything.

The life insurance phases out.

Some people will complain about anything but I'll take my full pension. I won't need the $ at 55 but at least its there. The bridge makes the kick in the ass a little more bearable.
 




Anonymous said:
50 for bridge with ten years service

51 next year

52 in 2015
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You are describing the bridge for legacy merck ONLY the Medical benefit.
If you are 50, when displaced, your PENSION is bridged to 55. The age of 50 does not change each year.
In essence, each component has its own bridging criteria.
Read the document.
 




Don't stay just for the pension or life medical. Look what happened to the dental for retirees. My understanding is that they are on their own now. I expect the same to occur with the medical. As for the pension, don't bank on it. This company is circling the drain. Anything we get is a bonus, and it might just be pennies on the dollar. If you are not saving elsewhere you are liable to get screwed.
 




Funny and pathetic to watch all you Merck folks go through the same crap I went through a while ago. If in doubt, call your pathetic HR/Benefits hotline now in this time of crisis and see how you get through. Bridge to retirement age meant as long as you hit that age prior to the set date of the start of the severance==== you were good to go. For example== you are let go NOW=== given the rest of the year off=== severance does not kick in until January 2014==== BUT you turned old enough prior to the date severance kicked in, you should be bridged. Either way=== if you are "fired", which is a very nice way to say this, your severance package in the mail will be obvious with a "Congratulations on Your Retirement" opening.

Wish I could pick the people that had to go through this. Good luck. There are slim to no jobs out there to cover all the folks getting the ax not just at Merck but everywhere else.

Sure hope you all saved your bonus.
 




Anonymous said:
So I got bridged at 49.5 with the SP merger. Who wouldn't want access to group medical/dental? Give the Obamacare ranting a rest. True the bridged retirement is expensive but at least it is an option. Truth is, anyone with an open mind can probably get insurance on the exchanges set up via the ACA and spend less. But if you are that uninformed that you would rather pay more for your insurance go for it.

You get to keep your stock options. Not that mine are worth anything.

The life insurance phases out.

Some people will complain about anything but I'll take my full pension. I won't need the $ at 55 but at least its there. The bridge makes the kick in the ass a little more bearable.
Click to expand...


Spoken like a true liberal. The person merely said it was more like walking a plank than a bridge to retirement and you take it as an opportunity to defend POTUS. Are you feeling he is to blame for all this turbulence?
 




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