It’s gone unless u live in an igloo. Cut Cut more and more
43 replies (most recent on top)
@1mfvs I got it but marked it Phishing.
Wait! Did you not see the email? The one after the board meeting that explained the pension freeze. Also, listed every office closing except Hubs, and the CEO being fired and all agents being replaced with bots? And SF purchasing Progressive. Leadership is routing around the email.
Anybody know when they are going freeze pension?
It’s a matter of time before they freeze DB. I wouldn’t be looking for any super enhancement for the 401k.
Cutting every dime they can. I think that what they call Mad Cow disease.
Larger ROTH match screw pension. It’s so outta date.
Already planned for sunset of defined benefit would rather have a larger match so when I leave like everyone else I have a tax free Roth rollover.
Retired EVP said expect changes coming soon. SF needs to align with rest of industry to be competitive in the future. More flexibility and mobility coming to retirement plan.
unlikely – the text of the executive briefing highly implied that they won't raise 401k contributions specifically because of the defined pension.
Pllm So...you have been warned.....the bean counters will take care of it for you.
11p4xJ4S-Phht, you can believe in something written here or not, but please stop taking nonsense and calling everyone a troll. About the traffic, have you even bothered to go to the homepage of this site? If you had, you would have seen thousands forums there, most of them more active then ours.
Thanks troll for more nonsense. EVP retirements are planned at least 2 years out from a succession standpoint. The only thing up is your fake news-please find enjoyment elsewhere.
EVP who stated this retired!! Somethings up!!
Troll. This nonsense get floated periodically to drive traffic on this site.
Something is coming soon. I would brace in the outlook for defined benefit doesn’t look good, meetings already plan for 1st quarter. Financial planning support announce this week.
Sour grapes
Apparently no one gets sarcasm
“If an EVP says it’s not going away it must be true.”
If an EVP says it’s not going away it must be true.
Boqc
No such thing as a 50k match . Not legal and not possible . You are not a true State Farm employee impacted by the situation . You are just a troll.
My wifeS company provides a 50k 401K match and instead of paying, we get 10,000 a month for health insurance. Her company also gives a guaranteed recess every 2hours for 15 minutes. Oh, and they get free candy corn and peanuts.
My wifeS company provides a 10k 401K match and we pay zero for health insurance. Time to k–l pension provide a larger match. Everyone in my unit would love it, remove pension provide a larger match and remove employee contribution toward health insurance.the. Pmpany would be in better shape for the long haul.
New Benefits announcement coming, I hope they offer an enhanced 401K option. I don’t plan on staying here for the long term. To many chiefs running this place. One mistake after another. Pensions are away of the past, SF doesn’t want long term associate anymore the writing is on the wall.
Thanks United Auto Worker.
Pension is not going anywhere.....you can reward people who stay - I.e with a pension OR, you can give employees a generous 401k who then leave with $$$$. I say we reward Committed people who STAY!! Sorry but you can post all you want..... but posting will not make it go away. The “100% going away” comments...... ppplllleeeaaassseeee..... what BS
I agree with Pension buy out. With what’s going on in my unit it would be a blessing. I see my fellow colleges so stress and worried about metrics and everything else. It’s not like it use to be. Sad days!
10 years ago I never even heard of this site!
Pension buyout? What have you been drinking.
Would that be the same EVP that is retiring early.
Defined Benefit is a winner for any company, adding survivor benefit reduces the payment then when both die the payments stop. I’m in favor of a PENSION BUYOUT at least I can pass to my estate. So outdated really only benefits the top heavy earners with the Executive Supplemental. Time to take care of the policyholder instead of slamming with crazy rates. I already switch mine to another carrier.
Millennials don’t need a pension, they don’t stay long enough get one. Besides with global warming they’re going to be dead long before they can use it.
Looks like it’s going to be frozen. Saw this coming a couple years ago when they started messing with health benefits if you retire early. It is what it is at this point it doesn’t adjust for inflation and with the terrible health rates it a train-wreck anyway you put it. Give us an enhanced 401k we all would be better off. I hope they start buying some pensions out, especially before stock market totally tanks.
They isn't
A certain EVP has plainly stated that there are no additional planned changes to the Pension. I don’t know how much clearer it can get. Go away, trolls.
If you believe the pension is not going away you are in a bubble....wake up...
There is nothing worse than denying benefits to hard working employees. Rot in hell SF.
I have heard in my meetings pensions will never be going away....life is good with all the changes
GE's pension has been closed to new employees since 2012. I'll believe it when I see it, but until then every day more added to pension.
Maybe it’s a good idea to move to an enhanced defined contribution it will help us be more competitive in the future. Some of the horror stories I’m hearing from the field we need to do something. From what I’ve read the plan is over funded, go way to leave with adequate resources to pay future obligation. Most associates would be better off with an enhanced plan for mobility.
People have been saying it’s going away for 20 years. Maybe it will, at some point. But this is one area where being a Mutual company helps. Many corporate giants have shut down the pension liabilities in response to investor demands. Not a thing here.
GE just offered lump sum buyouts to 100,000 this week, an announce plans to freeze another 21,000!
Looks like more consultants moving in wrecking balls.
Some announcement coming, looks like a freeze with an enhanced 401K. Probably makes sense since low interest rates will continue for sometime and most above 55 are leaving at an accelerated rate. They can get off a huge liability especially since they don’t want long career associates anyone. I as especially surprised when our SVP said it.