Leaving Pfizer (including Retirement)

Consider Emotional Support

Changing or leaving a job can be emotionally challenging. Take advantage of no cost, confidential mental health services offered through Pfizer’s Healthy Pfizer Living Program, Pfizer’s employee assistance program (use company code, Pfizer). Visit the Mental Health and Substance Use page to review the mental health resources available to you through Pfizer.

Understand the Impact of Different Termination Dates on Your Retirement Benefits

Pfizer’s retirement benefits include Pfizer retiree medical coverage, the Pfizer 401(k) savings plan, and if applicable, the Pfizer pension plan. Each of Pfizer’s retirement benefits have different definitions for retirement eligibility and each benefit recognizes service differently. Visit My Future Rewards on Pfizer’s Total Rewards site to help you understand how your retirement benefits are impacted by comparing different retirement dates.

If you are eligible for retirement, once you have confirmed the date you will leave Pfizer, and you are within six months of that date, call Fidelity at the the Pfizer Benefits Center at 1-877-208-0950 to speak with a Retirement Benefits Coordinator (RBC). An RBC can provide information about your Pfizer retirement benefits and your other Pfizer benefits administered by Fidelity including helping you understand options for your 401(k) and pension plans, compare Pfizer retiree medical options and understand any required benefit forms. To reach an RBC, call Fidelity at the Pfizer Benefits Center at 1-877-208-0950. When you reach a representative, let them know your expected retirement date and ask to be assigned to an RBC.

If you are not retirement eligible, Fidelity service representatives can continue to help you with many of these same things. The RBC service is for those who are commencing retirement.

Prepare for Changes to Your Health & Insurance Benefits

Upon your termination, your Pfizer benefits coverage generally ends. Review the Benefit Impact Upon Termination list to understand how your Pfizer benefits are impacted and understand which coverages may be continued on a direct bill basis. Some important deadlines will apply when you leave Pfizer, so keep these in mind:

• Medical/Dental/Vision and Healthy Pfizer Living: You and your covered dependents will be offered COBRA (Consolidated Omnibus Budget Reconciliation Act) to continue medical, dental, vision (if enrolled) and/or Healthy Pfizer Living at COBRA rates (full cost plus 2% administrative fee) for up to 18 months after your termination date. (You will receive your COBRA kit from the Pfizer Benefits Center approximately 14 business days after your termination date.) COBRA coverage must be elected within 60 days from the date of your COBRA notice. The effective date of coverage will be retroactive to your termination date. Call Fidelity at the Pfizer Benefits Center at 1-877-208-0950 for more information on COBRA and visit the Reference Library on netbenefts.com to view the applicable COBRA rates.
  If You or Your Dependent Are or Will Become Medicare-Eligible
  If you and/or your covered dependents are currently or will become Medicare-eligible (generally age 65 or over) while you are covered under any type of Pfizer medical coverage including retiree medical coverage, remember to enroll in Medicare Parts A and B as soon as possible. Once your employment ends, Medicare coverage will be primary, and Pfizer medical coverage will be secondary; Pfizer’s medical coverage does not require you to enroll in Medicare Part D. For CMS purposes, Pfizer’s health plans provide Creditable Coverage. Access a copy of Pfizer’s Creditable Coverage Notice by accessing the Legal Notices Booklet in the Reference Library or call Fidelity at the Pfizer Benefits Center to request a copy be mailed to you. Refer to the Your Pfizer Medical Coverage When You Reach Age 65 and Stop Working tip sheet for more information.
  If You Are Eligible for Pfizer Retiree Medical Coverage
  If you are eligible for Pfizer retiree medical coverage when you terminate, you can defer your enrollment (provided you maintain continuous creditable medical coverage while not enrolled in the Pfizer retiree medical coverage) or you may enroll immediately following your Pfizer termination. You must enroll within 31 days of your other coverage ending. When you are ready to enroll, call Fidelity at the Pfizer Benefits Center at 1-877-208-0950.
• General Purpose and Limited Purpose Health Care Accounts (GPHCA or LPHCA): If enrolled, you may continue participating in these accounts under COBRA for the remainder of the calendar year in which you terminate. If you elect COBRA, your contributions will be on an after-tax basis and include a 2% administrative fee. Unless you elect COBRA, you have until Mar. 31 of the year following your termination date to submit your eligible claims incurred while you were an active participant; after that date, any remaining balance will be forfeited.
• Dependent Care Account (DCA): If enrolled, you have until May 31 of the year following your termination date to submit your eligible claims incurred while you were an active participant; after that date, any remaining balance will be forfeited.
• Health Savings Account (HSA): If eligible and participating, after your termination date, you will no longer be eligible to contribute and/or receive the Company contribution. Since this is an individual account, you can keep your HSA at HealthEquity or contact HealthEquity to transfer your HSA to an HSA provider of your choice. If you choose to leave your HSA balance at HealthEquity, monthly maintenance fees (for account balances less than $2,500) will apply and will be your responsibility.

Update Your Personal Information

Before You Leave Pfizer

Ensure that your home and/or mailing address, emergency contacts and state tax information in Workday is up to date before you leave. If you need assistance updating this information, call 1-877-208-0950 for Fidelity at the Pfizer Benefits Center. 

After You Leave Pfizer

Call Fidelity at the Pfizer Benefits Center at 1-877-208-0950 to update your personal information including your mailing address and/or phone number. This will ensure that you stay up to date on important Pfizer benefit information, as applicable.