Anyone hear rumor about employees contacting DOL inquiring about violations under ERISA. Apparently upset employees over 50 yrs old are being laid off before retirement age and not getting medical benefits because SF taking it away. Denial if benefits due to SF imposed age only restrictions. Clear move by SF to save money but longtime employees get screwed. Apparently other companies avoid this by making it age and years of service. SF providing no yrs if service consideration. Whatta blunder.
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Anybody else smell that? Its,the dead and dying corpse of what was once a great compnay. Move over Blockbuster, you got another slain giant joining you.
Department of Labor opened file against SF due to so many complaints. Secret investigation on going should you be contacted by them cooperate before severence. Fact gathering at this point. SF violating benefits not being upheld is violation of ERISA.
Glad I retired when I did. On MY terms...
What date is the benefit changed going to be announce?
I have been funding 401k to max since they did the last benefit change back in 2012. It’s a whole new time for State Farm. My son is an agent, I think there world is getting ready to change drastically. I hope they provide some assistance with any changes it’s been very difficult the last couple of years for them.
Good luck to everyone.
Wait a time with patience. They have loaded their Titanic with loose cannons that will sink their ship.
Wait until you see the new benefit changes coming. Pension is done. I hope you have prepared working the 401k plan into your budget.
Wait until hits people in the face.
Sadly, this elimination of benefits happens often. This new plan I believe was announced several years ago. However, people have a tendency to complain when it hit us in he face. it is a bad deal.
There must be a better way for folks to not worry about medical expenses. Hmm, I think every other developed country figured this out.
I can think of nothing worse than depriving employees of their hard earned retirement benefits.
- S. Department of Labor indicates that a valid claim can be as little as implied coverage. Meaning employer can be held liable even if there is no commitment in writing. That is why smart companies make retirement benefits available based on age plus years of service. Has the company ever implied that the benefits being taken away previously always applied. I bet they did. Sounds like class action time.
Just so you guys know, the first response in this thread is NOT from a state farm employee. It's just some a– clown who owns a website.
As is typical of many millennials, few have little life experience; they only have today’s lens through which to see the world. I dumped this toxic work environment and took on another, higher paying role, after a voluntary early retirement. You can’t cast all millennials into one bucket, however, you can quantify the entitlement mindset of many here who have zero understanding about what has brought this company to the brink of failure. While the adults were in meetings trying to bring change, the 20 somethings occupied their days paying cornhole and nerf basketball outside conference rooms in Richardson. Thinking they have the talent to work for Google with the intellectual and emotional capacity of an 8 year old. That’s their “contribution” to problem solving. Few are able to grasp basic business concepts or have any notion of what insurance actually is. Nothing but a blank, dead, thoughtless stare when challenged. They view their “job” as a pass-through, proving them income to buy their goldendoodles bark box deliveries, eat avocado toast
and complain about gluten while they lecture the rest about how good things are. It’s certainly not demonstrable in company results. So, from an “old bast@&&, STFU and fix things, otherwise, when you come crawling out of the scorched aftermath of
what we successfully built, and you them destroyed, that’s what you’ll be remembered for.
My Mama says My Mama says, Mr. Tipsturd is the devil.
Typical millenial First off if I want any c-ap out of you I'd squeeze ur heads...sh–forbrains..2nd you could never last 30 years and you get no pension. Enjoy canned dog food in your retirements! Mic drop...you just got OLD SCHOOLED...
Old timers need to be fired. Lazy lot.