Would You Stay with Merck for the Pension?

[Anonymous]

BS

Re: the "1million pension lumpsum" post.

Not BS at all ... it was not that uncommon a few seemingly short years ago for low-7-figure lumps to be paid out to long-term employees (fact).

If it makes you feel better in the less-valued-employee world in which you now live, then please continue to discount posts such as these by replying "BS".

BS to you ... I got $1.17 mil lump after 32 years (not an exec.)

The old pension system was much nicer than what you have now.

Best of luck in the "new Merck".

Havin fun in "easy-land".

 

[Anonymous]

Thx for the reponse on the rule of 85. How do we find out for sure if it still exists at Mrk? HR wont give a clear answer!

 

[Anonymous]

Re: the "1million pension lumpsum" post.

Not BS at all ... it was not that uncommon a few seemingly short years ago for low-7-figure lumps to be paid out to long-term employees (fact).

If it makes you feel better in the less-valued-employee world in which you now live, then please continue to discount posts such as these by replying "BS".

BS to you ... I got $1.17 mil lump after 32 years (not an exec.)

The old pension system was much nicer than what you have now.

Best of luck in the "new Merck".

Havin fun in "easy-land".

I retired with 27 years and so I got less as a lump sum plus the 401K of course. But enough never have to work again. Now you younger reps understand why Merck is displacing all the tenured reps not on competency, but on dollars and cents. But without this one with 32 years I won't be able to collect mine. Without all the older reps to establish the foundation Merck may already be part of Pfizer. We hate to see how quickly a well established company can get ruined so quickly though. Another reason for a lump sum distribution versus "life-time" monthly pension checks.

 

[Anonymous]

I retired with 27 years and so I got less as a lump sum plus the 401K of course. But enough never have to work again. Now you younger reps understand why Merck is displacing all the tenured reps not on competency, but on dollars and cents. But without this one with 32 years I won't be able to collect mine. Without all the older reps to establish the foundation Merck may already be part of Pfizer. We hate to see how quickly a well established company can get ruined so quickly though. Another reason for a lump sum distribution versus "life-time" monthly pension checks.

You nailed it.

 

[Anonymous]

and if you take the pension as a lump sum before age 65 then they deduct 3% for every year.
Example: Age 55
Plus 10 Years x 3% = 30% deducted.

 

[Anonymous]

I don't think you'll be given a choice.

 

[Anonymous]

legacy schering cannot take lump sum, only monthly payouts.

only upside is that you will never run out of money.

with lump sum, you may outlive the amount alloted to you.

 

[Anonymous]

Pensions are getting frozen at the end of 2019.

 

[Anonymous]

Only if you cash it out and run with it before age 65. If you roll it over it will be intact and fine. That 3% rule is confusing but true.

 

[Anonymous]

The Rule of 85 no longer applies. It was phased out in stages a few years. Folks who were
at least 40 years of age with 10 years of service were grandfathered at the time. Most of those who qualified have retired but there may still be some folks in their 60s who haven't
yet retired.

If you started before about 1994 you are under the rule of 85, after that the pension became less sweet. As far as the person that got the million lump sum, completely believable.
Start at 25 & work for 30 years and I am sure that is a million dollar lump in the old days. Plenty of reps,CTLs, AEs I know will hit the 30 year plus mark by 2019 & take a really nice check. I will have 24 years in & get close to $800K. That's under the less sweet pension of 1995.

 

[Anonymous]

So when you say frozen do you mean locked in, even for those who have been here before 1994? The rule of 85 will apply toward me then.

 

[Anonymous]

If you started before about 1994 you are under the rule of 85, after that the pension became less sweet. As far as the person that got the million lump sum, completely believable.
Start at 25 & work for 30 years and I am sure that is a million dollar lump in the old days. Plenty of reps,CTLs, AEs I know will hit the 30 year plus mark by 2019 & take a really nice check. I will have 24 years in & get close to $800K. That's under the less sweet pension of 1995.

I volunteered for downsizing after 39 years with Merck. My lump sum was 1.6 million plus 15 months of extended full salary, 15 months full medical / dental. The rule of 85 applied and I was well past the figure.
Living very well and enjoying life to the fullest.

 

[Anonymous]

If any of you think the pension will be around in 5 years then you are seriously naive.

Four years later and it is still here. It will however be gone in another four years.

 

[Anonymous]

I volunteered for downsizing after 39 years with Merck. My lump sum was 1.6 million plus 15 months of extended full salary, 15 months full medical / dental. The rule of 85 applied and I was well past the figure.
Living very well and enjoying life to the fullest.

Anyone who endures 39 years of torture deserves every penny.

Last CFO did seven years and walked with seven million. Disgusting.

 

[Anonymous]

I did. When I was ready to retire I just let my coworkers know that I am waiting for severence pay proposal. They quickly throw me under the bus and my wish was granted. Why leave without severence if you can get extra cash for that beutiful toy - RV. You need to be smart and play the game well to the last day of your working life. After all it is only business and you need to do what make sense to you.

 

[Anonymous]

I did. When I was ready to retire I just let my coworkers know that I am waiting for severence pay proposal. They quickly throw me under the bus and my wish was granted. Why leave without severence if you can get extra cash for that beutiful toy - RV. You need to be smart and play the game well to the last day of your working life. After all it is only business and you need to do what make sense to you.

Hey asshole, you asked them to throw your ass under the bridge. Man up dickwad!

 

[Anonymous]

For legacy SGP workers still at it the lump sum is not an option. Per my retirement the annuity works out to around $100/per month/per year of service. Obviously not quite the sweetheart deal that is available for legacy Merck with the lump sum but if you have saved enough in 401 k and are available for SSI life is good. After all state and federal taxes are taken out I am in able to generate over 6 figures per year and the 401 continues to grow. So far Fidelity has worked out fine for me but I still do harbor a fondness for Vanguard since they were the major player at SGP and always treated us fairly

 

[Anonymous]

I call BS on this. Merck calculates it's pension according to years of work and % of salary. The only ones pulling in that kind of $$ are senior VPs and former CEOs.

You are wrong. At 57 my lump sum reached over 1 million.

 

[Anonymous]

You must make good $ and have a lot of years.

 

[Anonymous]

For legacy SGP workers still at it the lump sum is not an option. Per my retirement the annuity works out to around $100/per month/per year of service. Obviously not quite the sweetheart deal that is available for legacy Merck with the lump sum but if you have saved enough in 401 k and are available for SSI life is good. After all state and federal taxes are taken out I am in able to generate over 6 figures per year and the 401 continues to grow. So far Fidelity has worked out fine for me but I still do harbor a fondness for Vanguard since they were the major player at SGP and always treated us fairly

Legacy SGP, (as well as a retiree from any former employer having a Fidelity 401K)
do have the option, once retired, to do a rollover from Fidelity into a Vanguard self directed IRA.
Many I have known also feel that Vanguard does a better job than Fidelity.