Looks like Country Financial followed the same model from SF. Laid off 200 workers, eliminated the pension for 2021 and modified the existing pension.
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OP is mostly correct. They are eliminating 200 positions about half will be from people leaving and the other half from an actually layoff, of course that could change if more or less people leave.
They will have no merit raises in 2021
I feel Country Financial is positioning for someone to buy them, they only have a total of 3500 employees.
@7prn and you know this how again? No one knows what will happen tomorrow let alone in Jan 2026 when those new hires will vest.
The pension won't be modified or frozen for existing employees until those hired this year are vested.
Deloitte and Touché and affiliates “plan”
When did they layoff 200 workers? What department?
For new hires in 2021, there will be no pension.
State Farm did not modify the pension for those enrolled in it either.
That’s not a “State Farm model”. That’s a “trying to survive in today’s world” model. There’s really not not a lot of greener grass to be found out there.