This is a must video if you ever want to retire under a defined pension plan or 401K.

[Anonymous]

Understanding the design of your benefits, view this video link which was sponsored by in part by the Pension rights center:
http://newamerica.net/events/2011/retirement_heist

 

[Anonymous]

Re: This is a must video if you ever want to retire under a defined pension plan or 4

Take the money and run!!

 

[Anonymous]

Re: This is a must video if you ever want to retire under a defined pension plan or 4

Our sleazy CEO, DB, increased his own pension payout by over 50% over a 2 year period. 50%!!! I bet you anything that AZ is looking at some way to rob the Zeneca Legacy Defined Benefit Pension Plan. That's when it would be time to consult the DOJ, and an attorney familiar with such cases.

 

[Anonymous]

Re: This is a must video if you ever want to retire under a defined pension plan or 4

Actually, it's my understanding that the salary, benefits, and pension for each of the executive directors is determined by the Remuneration Committee on behalf of the Board of Directors. Their salaries are established in sterling and not in dollars.

 

[Anonymous]

Re: This is a must video if you ever want to retire under a defined pension plan or 4

Actually, it's my understanding that the salary, benefits, and pension for each of the executive directors is determined by the Remuneration Committee on behalf of the Board of Directors. Their salaries are established in sterling and not in dollars.

Every financial planner worth their salt will tell you to take the lump sum payout not the annuity. There are multiple reasons for this not the least that AZ could squander the money and leave you holding a worthless promise. Just take the money if you are fortunate enough to make it to retirement age and run away and don't look back.

 

[Anonymous]

Re: This is a must video if you ever want to retire under a defined pension plan or 4

Already happening. Jan 1,2011 AZ took away the "free AZ prescription drug" from the retirees who were not taking the retirement medical (which is NOT the same medical plan offered to current employees ) and the retirees have to buy the medical. The free AZ meds upon retirement was something that had been promised to employees from their "Sign Up Day". What a nasty thing to do to older former workers who have no voice. TAKE THE LUMP SUM!!!!

 

[Anonymous]

Re: This is a must video if you ever want to retire under a defined pension plan or 4

I "retired"and have the medical. So far it looks like the other one I had.

I also did take the lump sum. The sooner I disconnected from this shit hole the better

 

[Anonymous]

Re: This is a must video if you ever want to retire under a defined pension plan or 4

What does the retiree medical look like and how much is it?

 

[Anonymous]

Re: This is a must video if you ever want to retire under a defined pension plan or 4

An employer reserves the right to change/stop offering medical benefit at any time. If there is a lifetime cap in place as part of a current employee’s medical benefit, that all changes in 2014 when lifetime caps are removed under HCR in the U.S. This is a financial issue/liability for employers, and a litigation risk an employer may find acceptable when terminating individuals close to retirement. However, terminating individuals within two years of the lifetime cap going into effect…. may raise interests in Washington. It certainly would raise the interest of attorneys in any potential class action suits.

 

[Anonymous]

Re: This is a must video if you ever want to retire under a defined pension plan or 4

One of the keynote speakers, Phyllis Borzi, the Assistant Secretary of Labor, Employee Benefits Security Administration, summed up the problem. Years ago CEO's/management appreciated employees and retired employees. That no longer exists, for the most part, as she pointed out. Unfortunately, under present law, companies are free to screw their employees when it come to pensions and retiree benefits. Changes to benefit formulas are made to the detriment of workers, and benefit the company. Charging severance benefits to the pension plan is legal, but is plain wrong. Also, companies (AZ) can do away with retiree health care plans whenever they want to. David Brennan doubled his pension payout over a 2 year period, something we cannot begin to even think about. AZ has eliminated AZ retirees from getting AZ drugs free, a practice that existed for years. Is AZ really so desperate for money that they just had to do this?? Look at our Lump Sum benefit for the Legacy Zeneca DBP. Is it a ripoff for the worker and a huge benefit for the company? Is it the actuarial equivalent of the age 65 annuity?

These questions need to be answered, but good luck getting any answers from AZ.

 

[Anonymous]

Re: This is a must video if you ever want to retire under a defined pension plan or 4

One of the keynote speakers, Phyllis Borzi, the Assistant Secretary of Labor, Employee Benefits Security Administration, summed up the problem. Years ago CEO's/management appreciated employees and retired employees. That no longer exists, for the most part, as she pointed out. Unfortunately, under present law, companies are free to screw their employees when it come to pensions and retiree benefits. Changes to benefit formulas are made to the detriment of workers, and benefit the company. Charging severance benefits to the pension plan is legal, but is plain wrong. Also, companies (AZ) can do away with retiree health care plans whenever they want to. David Brennan doubled his pension payout over a 2 year period, something we cannot begin to even think about. AZ has eliminated AZ retirees from getting AZ drugs free, a practice that existed for years. Is AZ really so desperate for money that they just had to do this?? Look at our Lump Sum benefit for the Legacy Zeneca DBP. Is it a ripoff for the worker and a huge benefit for the company? Is it the actuarial equivalent of the age 65 annuity?

These questions need to be answered, but good luck getting any answers from AZ.

Give them time, and they will destroy the Zeneca Defined Benefit Pension Plan. They will become desperate for money and will attack it with ferocity. They have no morals or conscience. They look at us as shit under their boots.

 

[Anonymous]

Re: This is a must video if you ever want to retire under a defined pension plan or 4

Wow, this was very enlightening, it took a while to watch it ...but well worth the time. From the other comments on this post, it looks like medical benefits continue to decline as well.

 

[Anonymous]

Re: This is a must video if you ever want to retire under a defined pension plan or 4

One of the more informative post I read lately.