Thread regarding State Farm Insurance layoffs

New hires ? Really ? This company isnt hiring new employees...even though they were very profitable last year..and thats their problem in todays work environment....

@5fpy Frankly, we should all be grateful they KEPT the pension for all ALL existing employees without reducing the benefit. Really? Geez! Be thankful for what we worked for and earned? Don't p-ss down my leg and tell me it's raining!

More unnecessary harping from the always negative crowd.

This was announced last May. Frankly, we should all be grateful they KEPT the pension for all ALL existing employees without reducing the benefit. Almost all other companies have been freezing pensions and giving employees pennies on the dollar, but SF didn’t do that. Frankly I’m glad they did this, it means the pension is likely to be here for existing employees for the long haul.

I don’t want to continue beating a dead horse but inflation for the past 10 years has averaged 1.8%.

@4nlw yeah ya got me, 2020 when the economy started contracting due to covid. Meanwhile the last 10 years it has been running 2-3.5% and my bonus is not always 12.5%....I guess you forgot those 3 years in a row when we lost policies.

31ex-the inflation index increased 0.62 in 2020. Are you sure you would trade that for the 12.5% bonus?If yes, please hire a financial consultant and make no financial decisions on your own for the rest of your life.

@3vbs the prof tech bonus for a level 3 is 12.5% this year and that is a pretty significant amount of money but like most, I would rather have a merit increase that at least matches inflation and then a percent or two above that for my efforts.

Agents have no pension. But we’re super familiar with promised huge bonuses that never happen.

Lets talk about the uHuge bonuses that was supposed to compensate for the pitiful Salary Reviews ...LOL the Screwed us again...

https://www.usatoday.com/story/money/2019/12/10/corporate-pensions-defined-benefit-mercer-report/2618501001/

It isn't as though this is a new phenomenon. Come on, folks—nothing to see here.

Your boy lost! Stop s—ing on sour grapes hoping the economy tanks when every major economic downturn has happened under Republican Presidents. The Great Depression, The Great Recession, and The Pandemic plague downturn. But the truth and facts don’t matter to you guys.

The bull market started in March 2009 and has returned over 600% in the equities segment during the time frame. The professional investment experts are projecting an 8%-10% return for 2021. Post COVID, improving economy, lower unemployment, interest rates unchanged, inflation very modest. Their advice-stay invested, especially in U.S. equities.

Surveillance is not cyber security unity or risk and compliance despite the movement to that. Discernment is not something SF is good at.

As a pretend economist you are not very good. You missed the most obvious and biggest drain on the future economy-increase in national debt. Trump raised the national 7.8 Trillion before the pandemic. In terms of debt increase relative to economy it is the 3rd highest in history. Only Lincoln and George W. increased debt more. Of course one was dealing with Civil War and the other was fighting two wars in Middle East. There has never been a higher level of civil unrest than the last 6 months. Energy has never been “key to the economy” . Some would argue jobs, some interest rates, in the past inflation, no one argues energy. You might want to stick to something other than economics.

The market will go down but the market will rebound in value stocks when business opens up again. Actually, I did some research and the market has gone up more on Dem Pres than Rep Pres. The Reagan years were great. However, the TAXES will increase along with Gas Prices.

Anyone looking to secure your 401k Tump admin gains better make a move now! New administration is going to reduce all of those gains and more than likely put you in the red. You voted for it! Enjoy the crash.

The elites are laughing their way to the bank.

Salary Reviews this year ....LMAO we all got screwed and not even a kiss.

I disagree that cutting a benefit is better for the worker. I always will take issue with a multi-billion dollar corporation cutting a valuable benefit. State Farm already offers a 401k plan. 401k investment returns or any investment returns are not guaranteed. Just ask the hedge funds that were shorting GameStop. It only takes one major downturn to destroy a 401k, in which there will need to be years of successful returns to restore the 401k’s former balance. Also, if the government should require the little man to be subject to negative interest rates or if the government should demand a bail in from the common people, 401k accounts would be some of the first accounts to be subject to those policies.
How much more would they be willing to contribute each year? Probably nothing more than which the IRS will grant a deduction to the corporation.

Most contract companies only offer 401k. It’s not the best way to save and must folks can’t anyway. The long timers holding out and getting raises snd big titles get big bonus and pensions. The rest of the over 45 year old folks who did not grow up at the farm get the shaft. And younger folks. Promoting 401k is deceitful like other things.

Normal folks get little to no pension or real retirement. Elite mentality

@1ktp and what is even more silly is that if you listen to our least tenured employees the pension is meaningless as long as they can have a dress up day for Holloween and the occasional bring your pet to work day. Why do I care that anyone who quit and came back or a new hire does not get a pension? It's their decision to accept the salary and benefits package when offered it. The younger employees have spoken, NO PENSION FOR YOU, Next.

@1wao....What people CAN get from investing and what they DO get from investing are very different animals. There are too many’s if’s that very few have the discipline to overcome. First is the IF of the average or steady returns, which the investor does not control. A pension doesn’t get cut in half if the market tanks 3 days after you retire. IF you invest consistently for 30 plus years; IF you never take any of the money out early; IF you never make an impulsive move that affects the tax status of the money.
Companies are getting rid of pensions precisely because they work much better for the recipients than for the contributors.

This isn't new news. This was announced at SF like 6 months ago...

Disagree you can get more from investing than a pension. Say you get 20K for 30 years and 5% growth each year = 750K. Once you pay taxes on this and take out 50K each year starting at 60 you cannot make more than a reg pension. Can you help me understand your thoughts?

I'm actually surprised there are still companies that offer a pension. They are going the way of the dodo.

with solid investing you can actually get more growth out of a 401k plan than a defined pension. Of course it comes with risk, but even pensions are only guaranteed up to a certain amount by the PBGC should a company fold.

The beatings will continue until morale improves.