Thread regarding State Farm Insurance layoffs

Definitely worth it. Retired/layed off 12-1-2018 and so happy. Took the severance money and invested it. Finally letting go of stress.

Kind of a poorly worded question. Nobody is going to say “my retirement would be so much more secure without this pesky pension check every month”.

The mistake many employees make is they rely too much on the pension and do not invest in the 401k or IRA or other savings vehicles. I love what I did with helping people save money and sell insurance. Was a great decision to join State Farm 21 years ago and planning on using the pension at 62 to keep paying my life insurance premiums to grow my life insurance. My best advice was from my Northwestern Mutual General Agent in Champaign and it has made my life easier and will help my beneficiaries . Thank you State Farm

Left at almost 59. The penalty of 20% less than full benefit at 62 worked for me. Hard decision but freedom is incredible. There is more to life. Felt like i had ptsd for awhile, recalling all i had to so that i hated. Reorganizations. Salary reviews. Meeting after meeting after meeting. Metrics. I can finally be me. It was worth the tradeoff.

jold Exactly. What did you do?

What did I do to move the company forward? The most important job in the company! I kept the promise. Any mo–n can make a promise, but it takes a real person to keep it. The losers are the ones who make the promise to the internal and external customer and don't keep it!

So if worked hard what did you do to the move the company forward?

The folks who are retired had the fortune of working under different leadership and a real family oriented company. I have been around 35 years and this is not the same company. I feel bad for the young people just starting out. Make sure you make maximum contributions to your 401k as I am sure you will never receive 40% of your salary in a pension payment like I will.

@11Akr7go-4tso page 12 of the SPD.

Whoever the clown was that called people receiving pensions as losers needs to understand most of us who got pensions worked hard for what we got. Granted 90% of those in MGMT didn't work for what they got!

Freeze Pension and cut rates Gieco passing us OMG by 2021 progressive by 2022. Are the alarms going off any where. Who the F is running this company.

4eev good luck the hammer coming down, I can’t believe they are gutting the company to pay for all these pensions of losers. It’s time to remember the company is own by the policyholders. Wait until SF drops to numbers 3 u think u are safe in retirement. The fall off is going so fast I wonder who they will blame. A big fat SM that dies nothing like the VP’s. Good luck

4tso......BINGO!!!!! I had the dollars. The key to my decision was "they" can no longer buy my time. My life and health is way too precious to lose even if they have billions. I am no one's....you know.

@11Akr7go-4jwc Assuming that’s true, and no reference of it can be found in the SPD, give me the 7 years of pension from 55 to 62. Like any other annuitized payment it’s probably a wash unless you know when you’re going to die.

4eev — if you are not an alcoholic, d–g addict and divorced multiple times with children and you live within your means and make the right investments you can retire early. The trainwrecks are the previous mentioned types and my oh my there are tons of those over there. There are so many good benefits to living a good and honest life. You finish quicker, live longer and are more at peace.

Yeah but the health costs for your spouse for early retirement are a tragedy for long term employees. Even if you leave at 62 until you are eligible for Medicare you will pay thru the nose. Trainwreck.

@11Akr7go-4wdp If you quit at 55 and take your pension it will be 60% of the amount quoted. If you quit at 55 and defer your pension until 62 it will be 100% of the amount quoted. No it will not increase after you quit/retire but if you take your pension before 62 it will be a fraction of the stated amount.

@11Akr7go-4kuu IF you remain employed. Some are suggesting you can leave employment early and delay pension until 62/65 and have a higher monthly payment. That is entirely incorrect.

Yes, if you need the health insurance, SF forces/requires you to take your pension. If you wish to defer your pension, health insurance is off the table.

You don’t get more by waiting, you get penalized for taking the pension early, which some were forced to do in order to keep health benefits.

Age/Early retirement factor. So yes by waiting to 62 you get 40% more than taking at 55.
55 0.60
56 0.65
57 0.70
58 0.75
59 0.80
60 0.85
61 0.90
62 1.00
63 1.00
64 1.00
65 1.00

No, you can’t be forced out at 54 and wait until 65 to obtain a higher pension. Under this thinking you start at 25, are vested in 5 years, leave at age 30, wait until you’re 65 and draw a big pension? No. Unless something has changed, it’s age and years of service. If you aren’t employed there, you can’t have additional years of service.

4wso is so so correct. SF will s— every last breath out of your being. Remember! They don't "give" you anything! You work for it. I know this. I have buried numerous associates which I believe SF was proximate cause. They will deny it. Stress will k–l you. The constant barrage of negative is overwhelming to any normal person. Don't be concerned about retirement as much as you should be concerned about getting out alive and living longer to enjoy the retirement. Remember, they did not become the biggest nor the best by their alleged shared values. Don't be niave and drink their Kool aid. Just remember anyone above your pay grade is a politician. They will use you till you drop and spit you in a second. You are a disposable commodity. The sooner you realize that the better. Also know not ONE of "all of them" are your friends. Don't sell your soul to the devil.

Retirement has definitely been a God send and I count my blessings each and every day still. The timing was sooner than initially planned but it was doable. I am reclaiming the health that SF was costing me with all of the continual change and unrealistic expectations, in every aspect of the job, constantly. It is such a relief to be gone. The money is only a portion of retirement and without your health the money doesn’t mean much. Pension was less and health benefits are taken out in addition. Each person’s situation is different but my advise would be to get out when you are able. Life can be short.

Here's something for claim reps they DON'T tell you. The average lifespan after retirement is three years. I think of it differently than some on this venue. I would rather take less, live longer and be happier. People who are there beyond 60 are paying off unwise decisions OR they just don't have a life outside of SF. Life is not about money and numbers. It's about your choices and values. You make the right choices and have the right values, the numbers will follow. Learn from the mistakes of those around you. Stay healthy!

This is all BS! These dogs with their CPCU etc but when it comes to financial decisions it is all on an individual basis. I retired at 57, took my retirement benefits and living nicely waiting for another few years for wife to take her pension etc. We will have more than those waiting because we worked, invested wisely, and not get into expensive habits of alcohol, infedility etc. Live wisely and all is fine.

Agree the age and years of service would have been nice but our Execs have no people skills to understand that - all about them!! I think the pension increases if you take it later - IE...forced out at 54....then you can take the pension at 60 (or whatever age you pick) and get the extra % increase for that time period (if I wrong on this please correct me)....

@3iyq You are forced to take your pension before 62 if you want health benefits so yes many were forced to take pension before 62.

You can wait and take pension at 65. Not sure why you would. It’s based on age and years of service so it’s not as if it’s going to increase if you leave at 55 and wait until 65 to draw it. I left early, started a new career and bank the pension payments. And, I don’t have to subject myself to the seemingly nonstop BS.

Am I missing something? No one is forced to take their pension before 62 or am I in the twilight zone? I'm hoping people doing more than relying on a pension for their retirement. It should be a nice supplement to whatever 401k savings you have accumulated and social security.

Retirement for you at 62 was good since you received all your pension!! All those around 55+ were screwed!!

Retirement is wonderful! 31+ years with the company & 62+ years old when the axe fell. The pension is generous. I'm sorry for those that are still there. It's not the same company that hired me many years ago.

Got booted at 55 when the plan was 62. After rent not much left. Spending my time helping homeless people and meth babies. Seems a hell of a lot more important and more rewarding than any job I ever had at the farm.
Don't stay for the pension. Find a passion

Run now they don’t care if you leave. If you are already vested like I was it doesn’t matter. I left and it’s a completely different world outside State Farm
Run for the door

The way the buyout was handled was unfair. Some of those folks who where 60+ received the golden dream. For others you work hard for many years and have to worry about health care.

Retired early healthcare contribution takes a large portion of retirement benefit. Cant believe they did that to employees that had been around 25 plus years. They should have taken age and years of service into account. And to answer your question was it worth it, I would say no it doesn’t even adjust for inflation.

Retirement is great if you were grandfathered into getting the healthcare benefits for you AND your spouse. Huge difference! Now they took that away. Makes a huge difference in the end. With the benefits now, not possible! I got out at 57 and living comfortable with more than what I had when I left. Sorry but can't say even with the benefits today, early retirement does not appear to be an option. Make yourself marketable.

I am very comfortable living off my pension. I took the buyout and retired at 56, and I haven’t touched my savings after a year and a half. I was fortunate to have been debt free when the buyout was offered. Now I teach at a local University a couple times a week for some play money and for fun. I consider myself very fortunate, and I don’t miss the insanity I left behind.

Longevity has its benefits. Everyday a few more dollars to the bottom line for your retirement.

it's amazing