"committing an additional $20 million over the next 10 years in employees' retirement benefits"
$20,000,000 spread across 10 years $2 million a year. $2 million a year spread across 6000 employee $333. But that's supposed to be equal to the pension we've had for 20 years.
For those of you who say BP didn’t mention that pensions were freezing on his weekly call. He did slip that in. I even questioned what he meant by that on the Q&A but was shut down and told it would be addressed in Angela’s email. It sure was! He’s slick.
I submitted the class action question to the suggested Judicial Watch (Tom Fitton). If I get a response I'll post it here.
Also, of course we should start a Union but who do we contact to start it? I'm happy to do the leg work - just point me in the right direction.
I too am interested. I’ve dedicated years of service to a company based on the promise of pension and retiree benefits. My time was wasted where I could have left years ago for more pay that I could have invested elsewhere for retirement savings. The only reason I went forward with vaccination was because I had pension and needed to stay employed for those future benefits. We’ve been swindled
I too am resigning at month end and I am 100% interested in taking action on an age discrimination case. Judicialwatch.com may be a place to start with Tom Fitton
I'm 100% in on the class action lawsuit claiming age discrimination. Keep me posted.
To the posters who noted this feels like age discrimination -
You are correct and it is illegal.
To the Total Rewards Director and the toxic HR team- shame on you.
Took away a week of PTO from everyone over 50.
As retiree we don't even have CareFirst insurance we were sent to the exchange. 30 years of service and when my friends say how I must have great retiree coverage I have to tell them I don't even have BlueCross.
To anyone considering working at CF, unless you are about to be evicted don't do it.
I think it's time to consider a nice class action lawsuit for age discrimination, if I get a lawyer I will post the name here so others can join.
CF is taking away your benefits, meanwhile the company where I work now just added a week of annual vacation for everyone. I guess CF is not a 'destination' workplace afterall.
Another change not discussed on the call is the change to the health insurance for retirees. For retirees over 65, they will only have the option of a Medicare Advantage program. For those under 65, the only option is now the public exchange. For those who do not live in the CF service area ( like the team at ASCI, people living in DE, Pa, etc) will not even have the option of schooling with a CF product after spending their career supporting the company.
He does not care. The majority of ELT members are plotting retirement or exit strategies. His CFO and HR and their toxic leadership teams continue to destroy what was once a meaningful company that did wonderful things for communities and its employees. Every perk to being an employee was is now gone or watered down to no value. The company has not grown or enhanced. It does not have talented thought leadership. The rules now only apply to certain employees. If you’re not in the circle, you are out. If they decide they do not like you, it’s over. If you ever thought you could retire from CF, you won’t be able to now. This company is incredibly damaged inside and word on the street, but nobody is permitted to say that out loud. While even an average employee is now ranked lower in performance and will receive a lower raise and incentive (if at all), don’t think that inner circle does reap that benefit and enjoys comfortable payouts. It’s not over yet. There is a certain population of employees that will get a big shock in months to come and they have no clue it’s coming. If you care anything about yourself, ability to grow and do well, you need to consider beyond CareFirst.
It feels like this is age discrimination... a way to get rid of older employees... first a weeks vacation. Now this?
I vote "silent strike". Everybody put a nice fat pause on production. The poster who commented about the DC Medicaid disaster is 100% correct. And it's wonderful to see someone who isn't even grandfathered in the pension plan is irate too. Thanks for your support. I'm embarrassed to work for this mess of a company. Every time they take away something from me, I will take something back (as in hours worked). I'm taking pay cuts everywhere from pittance 2% raises when the rate of inflation is triple that to losing hundreds of thousands in pension. You pay me less, I work less. That's called business. Suck it up. Do I fear being let go? He-l no. Do me a favor and pay me my severance while I go get a better job? You can't fill my shoes. Word on the street is that recruiters won't even consider placing clients in this hellhole. CF is fu---d!!!
No, I do not feel better. In fact, I am irate. I truly feel after spending 10 years of my career here, the leadership is completely disingenuous and the bi-weekly CEO calls are more propaganda than substance.
I don’t have the pension, but I cannot imagine how the people who did feel about their loyalty being traded in. These CEO these calls usually leave me feeling vacant and hollow. Especially yesterday when our leadership window dressed retiree benefits without the guts to tell the pension people the pension was being frozen.
Like another poster said, would love to know who was on this committee of “peers”. McKinsey consulting ? They led DK’s purge.
I am in so many calls to get business done with CareFirst associates and hear so often “we will try and get to it, but we are understaffed”. And this is from directors. You would think before CareFirst decides to curtail benefits, they would staff to sufficient levels.
Have lost most faith with ELT. Hearing millions to be spent on DC Medicaid for ads and lobbying to recover this business is a testament to ineffective leadership in the Government Programs division where our CEO really needs to look at who is minding the shop and how things embarrassingly could have gotten to this point and will now cost our members via their PMPM health care costs to absorb the gaffe.
ELT really ought to lose jobs or be demoted for exposing the company to a PR and lobbying disaster plus now costing the company millions. While CareFirst opts to cover ELT goofs, particularly in Government Programs, the loyal associates who gave served the company for decades for some get cut off at the knees.
Shame on you CareFirst. I will be resigning at month’s end after I exhaust my remaining vacation to find a company who truly values their workforce.
I think I will stay just to irritate them.
Better doesn’t mean better for all. Don’t ya love how BP is living in his million dollar home and can’t even tell people on a conference call that pension is being frozen. These new hires do not care about 401ks they only care only salary. This is most definitely a con for some other reason. Who was on this committee.
Well guys, I left a while back and there are jobs out there. If you haven’t figured it out yet it looks like the company is being setup to be sold. Closing down the pension, tightening the vacation… are all moves to get the financials ready for a sale. Good luck.
notice how this announcement came out AFTER the employee survey closed. Coincidence? I think not!!
If you haven't done it yet, start talking to your coworkers about forming a union. You will continue to lose benefits unless you organize with one another and put a stop to it. Your labor is not free for the taking. BP is being highly compensated vs what you're getting. He probably has a wonderful retirement package in place. YOU are paying for that with your work. Again, start talking to your coworkers about forming a union. Don't put it off.
In the same vein, when he says “we need to have a conversation”, there is no conversation, it’s all monologue, all the time.
Rule of thumb. When BP says he is doing something "for" us, it really means he is doing something "to" us. So much for that "stay culture" they were speaking of a few weeks ago.
Today is the day I have finally decided that this company does not value tenured associates. First, I earned my extra week of PTO and had it for one...whole...year before they stripped that away. Now, my pension will no longer grow. What am I doing here???
yep and they have the nerve to call it an "enchancement"!!! You are fooling no one. You have even less chance of luring new employees with your sh---y benefits. Time to jump ship before it sinks even further. Man can't make a good decision to save his life.
Absolutely love that Brian didn’t say a freeze of pension on the call and now we get the email from Angela!
Just another move designed to make long-tenured employees quit. They've been making these kind of benefits/comp changes for a few years now, even before the pandemic.