They take away the pension and the average 401K by has gone down since Feb 2020 and inflation is at its worst in over 40 years. Where did all that money go and where is it going? Has the quality of life improved since Feb 2020 at SF? Has your quality of life improved? Does your raise and bonus put you in a better position? Union is not the answer. Leadership appears to be the underlying problem.
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Yup! The market is doing great they say....I say you made the choice with the current administration in both DC and State Farm. Now you may start to learn choices have consequences.
been with State Farm 26 years and I would take the pension over the 401k in a heart beat. I don't want State Farm keeping my money when I die. I want my kids to get it and this will only happen if I have 401k. I am fat, bald, diabetes, history of heart disease. State Farm is going to make out awesome when I die early.
Hey Grandpa Homer Simpleton take your political BS down the road to another site.
401K is bust. Inflation is through the roof while Pelosi does the drag queen gig and new press secretary is a laugh and a half. SF isn't any different.
8ixl. Kick the dog a bit too much.
Not unexpected since last year was the best year for the stock market in history.
My 401k is down 12% for the year, bad times.
Yup! Look at that market. Those who have said look how good it's doing are looney.
Exploitation! No pension and a 401K that is a loser while they make record profits......You're working to line their pockets.
Scraps? You're just as looney as all those cpcu mo--ns who thought I couldn't retire. They're still working....scraps are for the divorced, alcoholic, dr-g users, and nut jobs. A lot still there.
@2ywn-in your fantasy world. In the real world the big guy always wins. Enjoy the scraps…..
Increased pay just increases inflation more….not going to happen.
you would need two or three straight promotions upward to counter the actual inflation going on. No company is going to keep up with it. With that said, I'd at least like for SF to try to keep up rather than waiting for competitors to act first.
Your handlers deserve inflation adjustments.
My wife got the medical when I retired. If I thought like today's generation, I would say: I got mine and worked for it. It wasn't given to me. So now, you work for yours but I am not that way. The company now has your all about me entitlement leadership. Until you call them out on their bully attitude, their greed will get worse.
@2ikl-you are the one! They said there was a person that joined the company because they were thinking ahead 25 years into the future for his wife’s medical coverage upon retirement. Brahahaha.
Why should your employer pay for your SPOUSE’S medical at retirement? Talk about entitlement! Maybe tell your spouse to get up off their A S S and get their OWN job with retirement benefits! GEEEEEEZUSSSS.
Because when the Company recruited me, they told me that we would both have medical coverage when I retired. Because that was our policy for the first 25 years I worked here. Because I was planning on that promise and didn’t have enough time to adjust when they unilaterally took it away. Just like when the Big Dog got off the porch and took our COLA with him. For most of us at today’s prices for individual medical coverage, that is the difference between retirement at 58 vs. 62. So yes, my wife had to go get her own job with benefits in case something happens to me and her medical coverage with us evaporates. Someday, you’ll be on the receiving end of a broken promise. Maybe you’ll understand then why many of us feel betrayed.
@2lmu. You are the epitome of not having a clue of how great SF WAS! You are a fine example of the sheet show the company has become.
Why should your employer pay for your SPOUSE’S medical at retirement? Talk about entitlement! Maybe tell your spouse to get up off their A S S and get their OWN job with retirement benefits! GEEEEEEZUSSSS
They sure as H E L L took away medical from the spouse at retirement. They've taken more from the worker than they once gave the old school. Did it more than once and surely will do it again to line "their" pockets and not the workers.
Except for the Union and their leadership-their sole reason is to make a profit off those paying a portion of their bi-weekly pay….
You do realize the whole purpose of a union is give workers workers a voice and power to get better benefits.
The OP is clueless. It did not take away the pension. Anyone in the plan got to keep it. Only new hires moved to the 401k. A 7% match is very generous and near the top tier. Also, if your money to invest. If you put it in bonds, you wouldn’t be down at all.
Also remember the market has been on a tear for years. It goes up and down, but has a general upward March over time. Don’t look at returns over 4 months in a vacuum.
OP displays complete ignorance about what a 401k is and how it works.
It’s your money, fool. It’s doing what investment accounts do. And you choose where the money is placed, not State Farm.
Because maybe they invest your money into oil for you, while the worlds going carbon neutral.
Bigot Farm needs the money to pay for all these upcoming lawsuits.
@luw totalitarian, cancel culture non inclusive attitude. So much for a learning environment.
Not sure if you are aware but employees don't elect the board or chairman. If you don't approve of your leadership you have two choices. Change your work address or do your job and just worry about what you can control.
@dpm - you should know better than to ask that question. It's probable that the OP is not familiar with the purpose of a 401K.
SP 500 index up over 40% since 1-1-2020, you must be the world champion d-mbest investor ever if you are down since 2020. You do understand how markets function right?
Executives selling out the future of our youth.
My 401 is down 8% for the year, I feel bad for the new employees without the pension.
Yup!
You mean the ones making huge salaries and getting huge bonus for exploiting employees and policyholders? That slap each others hands amd do high fives and give promotions for it all. Those leaders?