By Brennan Decima
Leaving Pfizer under the Special Separation Program (SSP) can feel overwhelming. It is an emotional time for many of the colleagues we work with. You’re faced with questions about severance, pension calculations, retiree medical, LTI vesting rules, life insurance, and what happens to your benefits after your final day.
This guide breaks everything down into plain English and gives you a clear roadmap of what happens before, during, and after your SSP separation — so you can protect your benefits and make confident financial decisions.
It is built specifically around the questions Pfizer colleagues ask most frequently during an SSP exit.
Why This Guide Matters
The Pfizer SSP is governed by:
- The Special Separation Program plan document, and
- The Summary Plan Descriptions (SPDs) for each individual benefit (pension, PRAP, retiree medical, PSP 401(k), LTI awards, life insurance, etc.).
These rules determine:
- How severance is calculated
- How pension benefits are impacted
- How long health and insurance coverage lasts
- What happens to your long-term incentive awards
- Whether you qualify for retiree medical
- How your 401(k) and withdrawal rules work after separation
Understanding the process and timing is essential, because your options change depending on the stage of your SSP separation and your age milestones.
Where to Find Official Pfizer Resources
Before you take action, review the following materials:
- Benefits Information Brochure
- SPDs for pension, medical, PSP 401(k), and other plans (available on Fuse)
- Five Points Toward Retirement Eligibility brochure (if you are age 50+)
- Separation Plan materials on Fuse
- Your official SSP package (sent after your Official Notification Date)
- Pfizer’s Transition Support Site, which includes videos, timelines, and required documents
These documents contain the legal rules your benefits must follow.
Understanding the Three Stages of a Pfizer SSP Exit
Pfizer’s SSP process occurs in three phases:
- Stage 1: Informal Notification
- Stage 2: Notice Period (Paid)
- Stage 3: Official Separation (Your Termination Date)
Each stage affects your benefits differently — and each requires different actions from you.
Stage 1: Informal Notification
Not all colleagues receive this stage. It occurs only when a manager provides advance notice before the official SSP notification date.
What Happens During Stage 1
- Only you and your manager are aware of the potential impact.
- No systems are updated.
- Benefits centers cannot give personalized calculations yet.
- You cannot see severance amounts, pension effects, or five-point enhancements.
What You Should Do
This is a preparation window:
- Review current benefits
- Check your payroll deductions
- Read separation resources on Fuse
- Gather your questions
- Begin organizing documents
- Make sure you have saved any personal documents from your work laptop
➡️ You cannot take formal action, but you can prepare.
Common Questions During Stage 1
Can I apply for other Pfizer roles?
Yes — until two weeks before your termination date. Declining an offer could impact severance.
Who can answer questions now?
Your manager is usually the primary contact. The Pfizer Benefits Center can answer general questions but cannot provide personalized data until Stage 2.
Stage 2: Notice Period — Your Official SSP Window
Your Notice Period begins on your Official Notification Date.
What Happens During Stage 2
- Your SSP package is mailed to your home.
- You may work or enter a non-working Notice Period.
- Your benefits remain unchanged until your termination date.
- If applicable, you will later receive your Five Points Letter.
- If eligible, you have 31 days after termination to elect retiree medical.
- Medicare-eligible colleagues must enroll at this time.
Severance Calculation (during Stage 2)
How is Pfizer Severance Calculated?
This can change based off of each package, but what we have seen recently is below. The Severance is usually equal to the greater of
- One year’s pay (base salary and target bonus);
- or 13 weeks’ pay plus 3 weeks’ pay per full year of service, subject to a maximum of 104 weeks.
- Based on your most recent hire date
Severance is typically paid the first full pay period after termination.
Vacation payout typically arrives 2–3 pay periods after termination.
Bonus (GPP) Eligibility
In general, colleagues may receive a pro-rata bonus, but this is at the company’s discretion and may be lower than target and possible no bonus at all. If a bonus is paid:
Grades 20+
- Q1 separations: paid in May
- Later separations: paid as soon as administratively possible
Grades 19 and below
- Paid as soon as administratively possible
All GPP payments follow supplemental wage withholding.
How are Pfizer Long-Term Incentives (LTI) impacted by SSP?
If you meet retirement eligibility, your LTI may receive retirement treatment (PSUs, RSUs, TSRUs, options).
- For retirement eligible colleagues, any grants that have been held for at least 12 months will be fully vested
- For non-retirement eligible colleagues, grants are subject to normal vesting requirements
How is the Pfizer Pension Impacted by the SSP?
How is the Pfizer Pension Reduced?
If you are eligible for the Pfizer PRAP pension:
- Under the Pfizer Pension Plan and Supplemental Plan, the normal retirement age is 65. At 65 you are eligible for your full pension.
- If your age plus years of service is equal or greater to 90 (Rule of 90) than you are eligible for your full pension.
- If you leave Pfizer on or after age 55 with 10 or more years of service, you are eligible to receive either an early retirement annuity or lump sum payment.
- Payments are reduced by 4% per year (prorated for partial years) for each year between benefit commencement and age 65.
- If you do not satisfy any of the above criteria, but have three years of vesting service under the Pension Plan, you are able to start payments on or after age 55, reduced by 6% per year for each year prior to age 65
- The lump sum payment option is not available for those that don’t meet Age 65, Rule of 90, or 55 and 10.
Not sure if you should take the lump sum or the pension? Read more here.
Stage 2 FAQ
Do I enroll in retiree medical now?
No — you elect it within 31 days after termination.
Do my LTI awards continue?
If you are retirement eligible, any grants you have held for at least 12 months will be fully vested and pay out on the original schedule. If you are not retirement eligible, any grants that have not been vested will be forfeited.
Who handles what?
- Pay & vacation → Colleague Service Center
- Benefits → Pfizer Benefits Center
Stage 3: Official Separation — Your Termination Date
This is when your benefits formally change.
What Happens at Stage 3
- You gain access to your post-separation benefits
- Health and insurance continuation begins (if offered in package)
- Invoices start unless you set up automatic withdrawal
- LTI vesting rules are applied
- PRAP pension calculations finalize
- Direct deposit and address information must be updated
Life Insurance Conversion
If eligible:
- Prudential sends materials. This usually comes in the mail, do not throw away any mail without reading for first 60 days.
- You have 31 days to elect portability or conversion
Key Deadlines Every Pfizer Colleague Should Know
Within 31 Days After Termination
- Elect retiree medical
- Elect life insurance continuation
- Elect continuation for Benefits Advantage plans
- Update contact info with Fidelity
2–3 Pay Periods After Termination
- Vacation payout
Six-Month Window (If Eligible)
- Elect PRAP lump sum
Action Checklist
Before Official Notification
- Review your benefits
- Understand your retirement and LTI balances
- Read SSP materials on Fuse
During Notice Period
- Review your severance package
- Confirm the severance formula
- Understand retiree medical eligibility
- Review LTI vesting rules
- Begin planning for pension decisions
- Make sure all personal files have been saved
- Update ADP payroll login to personal email, download and print any pay stubs
After Termination
- Confirm continuation coverage
- Set up automatic bank withdrawal
- Track LTI expirations
- Review pension options and deadlines
- Review life insurance conversion options
Final Thoughts: You Don’t Have to Navigate SSP Alone
The Pfizer Special Separation Program includes multiple deadlines, decision points, and plan-specific rules. Understanding how your severance, pension, retiree medical, LTI awards, and five-point enhancements work is critical — especially because the timing of your decisions can meaningfully impact your long-term financial security.
This guide provides the roadmap, but your situation is unique.
If you want support modeling pension options, retiree medical costs, LTI vesting, or severance planning, working with a financial advisor who understands Pfizer’s SSP can make the entire process clearer and more confident.
