What % of Merck reps in their mid to late '40s will make it to 55 here?

[Anonymous]

Without the slash and burn mentality of Merck Management, I wonder how many people can actually make it to the retirement age of 55 and qualify for some benefits...??

Will this dopey "job" even be around that much longer? And with an endless supply of naive college kids (fresh meat) Merck can easily jettison their experienced reps in favor of the Barbies and Kens...

All in all, it is a pretty bleak scenario to stake one's future on...Maybe bailing out and going back to school or re-training for something else makes more sense??

I don't think the younger people get it...that churn, burn and turn is built in to the Merck
system...It has become institutionalized that you don't make it to 55.

 

[Anonymous]

I'm 56 but don't count on Merck for anything. We are at will employees. NONE of our benefits are guaranteed and may be discontinued at any time according to the SPD's of every Merck benefit. Just because you reach age 55 or retirement eligibility does it mean you're guaranteed anything from Merck. With the way this company has changed over the years, I wouldn't be counting on anything as a "sure thing" and only rely on what I can provide for myself. The Merck benefits are very nice and helpful and I hope the company can maintain them, but I don't count on it. That way I'm not going to be in for a devastating surprise had I banked on Merck and the bank vault turns up empty someday.

 

[Anonymous]

I'm 56 but don't count on Merck for anything. We are at will employees. NONE of our benefits are guaranteed and may be discontinued at any time according to the SPD's of every Merck benefit. Just because you reach age 55 or retirement eligibility does it mean you're guaranteed anything from Merck. With the way this company has changed over the years, I wouldn't be counting on anything as a "sure thing" and only rely on what I can provide for myself. The Merck benefits are very nice and helpful and I hope the company can maintain them, but I don't count on it. That way I'm not going to be in for a devastating surprise had I banked on Merck and the bank vault turns up empty someday.

good, smart attitude to have...i am curious if you are in sales, and if so (no disrespect intended) what does it feel like to be a 56 year old drug rep these days? I ask because I wonder if I can do this job another week, let alone several more years... (

 

[Anonymous]

Without the slash and burn mentality of Merck Management, I wonder how many people can actually make it to the retirement age of 55 and qualify for some benefits...??

Will this dopey "job" even be around that much longer? And with an endless supply of naive college kids (fresh meat) Merck can easily jettison their experienced reps in favor of the Barbies and Kens...

All in all, it is a pretty bleak scenario to stake one's future on...Maybe bailing out and going back to school or re-training for something else makes more sense??

I don't think the younger people get it...that churn, burn and turn is built in to the Merck
system...It has become institutionalized that you don't make it to 55.

The answer is: 0%, unless you have pictures of Ken Frazier with animals. That's how P.O.S. companies like Merck operate these days.

 

[Anonymous]

I'm 56 but don't count on Merck for anything. We are at will employees. NONE of our benefits are guaranteed and may be discontinued at any time according to the SPD's of every Merck benefit. Just because you reach age 55 or retirement eligibility does it mean you're guaranteed anything from Merck. With the way this company has changed over the years, I wouldn't be counting on anything as a "sure thing" and only rely on what I can provide for myself. The Merck benefits are very nice and helpful and I hope the company can maintain them, but I don't count on it. That way I'm not going to be in for a devastating surprise had I banked on Merck and the bank vault turns up empty someday.

By law, Merck cannot take away what you've "earned" (pension-wise) without appropriate compensation for it's current "market value"...

 

[Anonymous]

good, smart attitude to have...i am curious if you are in sales, and if so (no disrespect intended) what does it feel like to be a 56 year old drug rep these days? I ask because I wonder if I can do this job another week, let alone several more years... (

Great, since I can walk whenever I reach the point that I can't stomach one more MVX or email or teleconference or cert. or you get the idea. I have the luxury of not needing to take anything about the job too seriously anymore. Strategic money management, diversification, and planning put me in this position, although I know ultimately it was God.

 

[Anonymous]

By law, Merck cannot take away what you've "earned" (pension-wise) without appropriate compensation for it's current "market value"...

speak to someone at AT&T or Lucent about that. They can cut a pension as long as they show financial distress. As far as health benefits, they can also cut that. It's actually easy to do it.

 

[Anonymous]

speak to someone at AT&T or Lucent about that. They can cut a pension as long as they show financial distress. As far as health benefits, they can also cut that. It's actually easy to do it.

Delphi did the same. But at this point Merck is not in financial distress and so has to fulfill the obligations.

 

[Anonymous]

Delphi did the same. But at this point Merck is not in financial distress and so has to fulfill the obligations.

There are a whole load of lawyers that specialize in that kind of law. Financial distress does not mean going into bankruptcy. It can be as simple as if we keep paying out XXX money to pensions we will have such a high burn rate we cannot do XXX in the future.

 

[Anonymous]

good, smart attitude to have...i am curious if you are in sales, and if so (no disrespect intended) what does it feel like to be a 56 year old drug rep these days? I ask because I wonder if I can do this job another week, let alone several more years... (

New poster here...almost age 53....can't wait to be 55, so that I can walk with pension and medical...that's if they keep me until then. Hoping to be "bridged" if they let me go sooner. Understand, however, as previous poster said, that pension and medical benefits are not gauranteed to last. If I was under 50 I wouldn't be at Merck. Can understand, however, why the "under 50" crowd is hanging in there until the very end, with the economy being what it is (i.e., the unemployment rate will likely get worse before it improves). It's a scary situation now...when the government can default for the first time in history, you know things are bad.

 

[Anonymous]

New poster here...almost age 53....can't wait to be 55, so that I can walk with pension and medical...that's if they keep me until then. Hoping to be "bridged" if they let me go sooner. Understand, however, as previous poster said, that pension and medical benefits are not gauranteed to last. If I was under 50 I wouldn't be at Merck. Can understand, however, why the "under 50" crowd is hanging in there until the very end, with the economy being what it is (i.e., the unemployment rate will likely get worse before it improves). It's a scary situation now...when the government can default for the first time in history, you know things are bad.

50 and over I would stay until they hired security to kick you out the door. I am pretty sure if you have 10-15 years and between the age 35-45 here at Merck you will be released soon. It's a age where they could replace you pretty easily at 70% of your pay and it will reset the pension meter. 10-15 years will get you 300-700 dollars a month with no health benefits.

 

[Anonymous]

FYI - retiree health benefits are not as good as they sound - was recently quoted just under $800/mo for myself and 2 dependents for an Aetna plan.

And as a previous poster said - it clearly states that they can discontinue them at any time - even after you have enrolled.

Just a word of caution.

 

[Anonymous]

The pension you have earned IS guarenteed to be paid out - there is government insurance for that. However, Mrk has no obligation to continue the pension plan and can discontinue at any time.

 

[Anonymous]

good, smart attitude to have...i am curious if you are in sales, and if so (no disrespect intended) what does it feel like to be a 56 year old drug rep these days? I ask because I wonder if I can do this job another week, let alone several more years... (

Used to be a fun and rewarding job when we had prople at the top that knew the business and worked their way up the ladder! Now the people at the top are lawyers and bean counters who don't have a clue! Last ten years seem like fifty, with these DOPES at the helm!! Good luck to you! Hope you can last a while longer!

 

[Anonymous]

New poster here...almost age 53....can't wait to be 55, so that I can walk with pension and medical...that's if they keep me until then. Hoping to be "bridged" if they let me go sooner. Understand, however, as previous poster said, that pension and medical benefits are not gauranteed to last. If I was under 50 I wouldn't be at Merck. Can understand, however, why the "under 50" crowd is hanging in there until the very end, with the economy being what it is (i.e., the unemployment rate will likely get worse before it improves). It's a scary situation now...when the government can default for the first time in history, you know things are bad.

Half the country is on the dole and pays no taxes that is scary. Thanks to those who make medicaid a way of living....add unemployed and we are headed for disaster.

 

[Anonymous]

By law, Merck cannot take away what you've "earned" (pension-wise) without appropriate compensation for it's current "market value"...

Wrong. There is no guaranteed benefit.

 

[Anonymous]

FYI - retiree health benefits are not as good as they sound - was recently quoted just under $800/mo for myself and 2 dependents for an Aetna plan.

And as a previous poster said - it clearly states that they can discontinue them at any time - even after you have enrolled.

Just a word of caution.

Bingo. Ask any recent retiree how he feels about Merck's retiree health plan.

 

[Anonymous]

The pension you have earned IS guarenteed to be paid out - there is government insurance for that. However, Mrk has no obligation to continue the pension plan and can discontinue at any time.

Did you say "government" insurance? Oh, you must be referring to the Pension Benefit
Guaranty Corporation (PBGC), a U.S. Government Agency, right? That is definitely reassuring knowing my government has my back. I'll be able to sleep well again, thanks. Our government may be bankrupt and Obama may threaten SS benefit recipients and government payments to soldiers and military, but my pension will most certainly always be guaranteed by Uncle Sam. What a sad joke. You better know if Merck's pension plan goes under, any PBGC insurance will at most pay some significantly reduced portion of your "entitled" Merck pension benefit.....at most.

 

[Anonymous]

FYI - retiree health benefits are not as good as they sound - was recently quoted just under $800/mo for myself and 2 dependents for an Aetna plan.

And as a previous poster said - it clearly states that they can discontinue them at any time - even after you have enrolled.

Just a word of caution.

Yes they can discontinue it at any time. I am paying $400 a month for myself and three dependents, BCBS for medical and Metlife for dental through Merck. The coverage are 99% identical to my pre-retirement coverage. I was a rep for three decades prior to my retirement.

 

[Anonymous]

Yes they can discontinue it at any time. I am paying $400 a month for myself and three dependents, BCBS for medical and Metlife for dental through Merck. The coverage are 99% identical to my pre-retirement coverage. I was a rep for three decades prior to my retirement.

Sorry to go against the grain, but I think this is "reasonable" compared to what folks on their own would be paying for this kind of coverage...and of course, if you don't like it, there's always "Obamacare"