30 year employee here. Please only answer if you actually know the facts. We have always been told that the company cannot touch the pension to pay claims or anything else. Does anyone know the truth.
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You know what doesn't help? People saying not to use the F Bomb.
God no not the F bomb!
Y is the F bomb being thrown around. It doesn't help
Can we all be adults here? These are serious topics. If you can’t say something and be respectful how about not saying anything at all. You need to work on your social skills.
////OR, you're just too f---ing stupid to know how to use Google is MUCH more likely. Based off of your response, there's no doubt you're in one of the groups that needs to reskill due to being so f---ing worthless to keep on the workforce. Good luck after you get sh!t-canned!!! LMAO!////
Just stop!!! No need to respond to anyone on this forum that way. Finding it necessary proves you need to spend your time in either Anger Management or learning how to treat others......grow up!
Hey! Don't be so quick to dis Google! I did a search and found something that proves Captain Google was totally correct:
https://www.youtube.com/watch?v=dQw4w9WgXcQ
Mission accomplished getting you to rattle out an inane response. Look everyone, King of the Internet knows how to use Google.
Anyone who is interested in this topic Googled it long before you showed up.
But you keep on winning friends and influencing people.
@RqZaY8p-yji - OR, you're just too f---ing stupid to know how to use Google is MUCH more likely. Based off of your response, there's no doubt you're in one of the groups that needs to reskill due to being so f---ing worthless to keep on the workforce. Good luck after you get sh!t-canned!!! LMAO!
According to another thread out pensions are being replaced by h--kers .... So, I'm not sure Google helps.
LOL. Why would anyone Google anything when we can irritate the sh-- out of you by not doing so?
This is easily the most googleable question I've seen here so far. State Farm can freeze the pension at any time, where you stop accruing new benefits, yes. However, State Farm cannot take what you have already earned away. In the highly unlikely event that State Farm went completely under, the State Farm pension is federally insured by PBGC, which can publicly be found and looked up from within the State Farm intranet benefits page. @RqZaY8p-yak incorrectly posted that PBGC will only pay out a monthly maximum of $4,700, which simply is not true and something you can quickly google and verify for yourself what their maximum is. That monthly maximum changes (it goes UP) the older you are/get. From what I can tell, if you are hitting their monthly maximum at the age of 62+, then you're probably a high-level executive, and sorry for having to move from a castle to a mansion. Google is your friend. Let me repeat that: Google. Is. Your. Friend.
What if you leave or have already left State Farm and they make changes or freeze the pension does that affect you or only those remaining employed?
If SF fails the pension is gone unless the gov steps in.
I think SF will move to freeze/dismantle the pensions. Which means what you have is what u have. I think this is coming soon that's why you saw a few years ago like two to be exact a lot of executives retiring. Just my opinion.
Show me on the doll where SF touched your pension.
Do it ducimo. Do it
Very
Slowly
"Pop these people out (age 55 and up) on last leg to retirement" 32 years with Momma Mutual and this is the prevailing sentiment.
I remember when the employee was actually valued and full pension was something we all had to look forward too.
Do you remember the Severance/Social Security Bridge by out in the early to mid 2000's?
Bring it back and let's do this thing right.
I call B.S. It's liberals that raid pensions to make them insolvent. Conservatives encourage private pensions, please do your homework. Your pension at the farm is more than covered at this time.
As it turns political, the idiot posting about voting right wing and no pension being safe should do a little homework.
It’s the left who proposed legislation to take over 401k money for redistribution; they’re the folks who endanger not only existing pension funds but also a company’s ability to fund in the future with their tax and spend philosophy.
Yes, pbgc will step in if SF fails. Currently pension is overfunded by 7 billion dollars. That is a good thing. Based on law enacted about 20 years ago, SF can’t touch pension dollars but could freeze / dismantle pension. However, those vested would likely either get lump sum distribution or they would no longer contribute to plan and your benefits would be frozen at what you have at this point in time.
Vote right wing and no pension is safe. First they come for public pensions, so why not private and no backstop? Keep voting for them at your own risk. Enjoy sharing food with Fido.
Here’s the issue. State Farm needs to rid folks close to age 55 or above. One can start withdrawing pension at age 55.... and continue with their pay.
Pop these people out on last leg to retirement, and replace with less experienced and less expensive. It’s come to #s........
They can’t touch pension
If government steps in then yes. If government doesn’t step in pension is gone.
Good luck to you. 401k is always better than a pension You control that it is yours when you leave and when you die estate gets whats left.
You're welcome. This has been on my mind as well. I'm only a 17 year employee but a big part of my retirement strategy up to this point has involved that pension. I'll be leaving the company in March and I have been curious as well about whether there was any way they could weasel out of the payments upon my retirement. I was doing research on it when I found that article.
Thank you. I was aware of that just was not sure if there was a way they could snake their way out. If company was sold ECT.
I'm no expert, but there is some really good information at this link: https://www.bankrate.com/retirement/your-pension-when-the-unexpected-happens/
I'd say the pensions are pretty safe. The only piece of that article that gave me pause was if the PBGC is forced to step in and take over the plan, the maximum monthly payout is only $4700, which I'm thinking may be less than what some 30 year employees qualify for, depending upon their income.