I’m surprised nobody has mentioned the new bank owned life insurance option. Let me get this straight, you want me to allow Truist to take out a life insurance policy on me? Be the sole owner and beneficiary at no cost to me? And it’s to help offset future costs of TMs down the road???? WTF!
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BOLI keeps the pension funded. I wouldn’t complain.
7mib+1utE3VFn
They're already benefiting from your life. Now they want to profit from your death.
Truist benefitting on your life....no thx. These guys wont stop for any reason to pay themselves...
I would have agreed to 50/50, nothing in it for me as is. F'm.
The other reason commonly that banks do this is it a tax loophole, where they can invest the policy amounts with tax free gains… Someone’s obviously shaking the trees to look for any loose change to boost their quarterly numbers.
@1sdy+1utE3VFn - Thank you for your well wishes. And in the same spirit of well wishes, may you remain in this shi+ hole for eternity.
Yes, this is essentially “key man” insurance, used to replace a person who is, well…a key man…in the event of his or her demise. HOWEVER, the bank is extending this well beyond a “key” person and wants a significant portion of the employees to agree to allow the bank to simply profit from your death. I received the notification and I am certainly not “key” to the continued operation of this s**t show.
Even if I was a key employee, I wouldn’t trust executive management to do anything but pocket the money. I don’t want my death to provide Bill and the Boys more mega bonuses, beach houses, yachts, whatever they spend their ill-gotten gains on. If you read the description for the use of the insurance proceeds, it couldn’t be more loosely stated if they tried.
Those who say this is common, are comfortable with it, and trust executive management to use if for something good, please sign up. For my part, I’m taking a hard pass.
The strange part is the coverage can continue even if you are no longer employed with the BOLI policy holder.
@guy+1utE3VFn I guess you are the poster who continually writes “I hope I’m on the RIF list.” Well, guess what? I hope you are too for all the whining you do. Just leave already.
@sko+1utE3VFn That is exactly what I thought it was. It is called Key Person Insurance and is standard in business.
The way you know if you are involved is an e-mail and a task in Workday.
How would one know if they were in this population of people they would seek consent? Also, what type of screening is done beforehand? Is it just paperwork or a full insurance underwriting process?
Decline, decline, decline. SunTruist is not getting one dollar when I hit the hole.
Most of you are some simple minded and over engineer this financial tool, 75% of regional banks use this approach. It is an investment in key employees that costs the employee zero, it’s also zero risk to the employee at all. The bank can earn interest on this to help offset benefits costs. If everyone didn’t consent out of spite, it would simply increase our costs of benefits and negatively impact all teammates. All the bank needs is your consent. Even you simple minded BBnT bankers should do this even if you hate Truist but not skilled enough to find something better. BB&T also did this pre-merger.
What a clusterf*u-k of a company.
These people have no shame.
This is very common. Nothing out of the ordinary. Most banks and larger companies do this. They can expense the premiums then receive a tax free death benefit when you croak. From the company’s point of view, it makes good financial sense. From an employee’s point of view, it can seem creepy. But it’s really not. It’s just a way to reduce costs of employee expenses over time.
I would prefer to be worth more alive than dead.
Adding to what @kaz+1utE3VFn said.
https://www.linkedin.com/pulse/what-corporate-owned-life-insurance-coli-how-9wpse
Ok, I’m sorry, but that’s just Creepy! It brings a whole new meaning to the thought of being “terminated.” What’s next, a cut to health benefits and work life balance for the older teammates. You know, maybe just a “little nudge” to push them over the edge for a Truist payout. Yikes!!
"...have to wonder if it could be a metric used to determine who stays or goes come RIF time."
I sincerely hope so and I sincerely hope that I am the first name on the RIF list for refusing to let the profit from my death. Bill and his cronies can find another way to replenish their executive bonus slush fund. Good old fashioned malfeasance seems to be serving them pretty well so far.
There's quite a few companies and other banks that do this. While it's optional to consent, have to wonder if it could be a metric used to determine who stays or goes come RIF time.
I would never consent to letting Truist benefit in any way from my death, particularly since it seems like they are actively trying to hasten the death of the employees via stress, mismanagement, etc.
They just need more of to sign up and then die, so they can fund the next round of unearned multi-million dollar bonuses for the C-suite.
I really don't want to consent to it as long as Bill is in charge. Do we know if there will be future opportunity to consent?
BOLI is also known as janitor's insurance and dead peasants' insurance (or COLI outside of banks). Truist receives a tax deduction on premiums in return for tax-deferred cash value accumulation and tax-free death benefits (few things offer as good of tax benefits). Only the highest paid 35% of employees are included since there's no tax benefit below that level. I think you also must have worked at Truist for 12 months. Companies can set it up as a split-life insurance plan where the employee's family gets a share. Truist choses not too include your family on the death payout. You decide if this is ethical or not when you agree to participate.
this is been happening for years walmart does it they are called dead peasents policies
Both banks have had a BOLI for years before. You may not have been covered before but there has been one there.