For those that are “forced” into retirement, do they retain medical benefits? Is medical provided under pension?
Thanks!
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The life insurance - if you are out before age 55 is expensive. (Converted group life insurance). If you and or your spouse are older and you still need the insurance your options get limited.
I think the retiree converted life insurance is still pretty pricey too.
Since I was terminated at 53 I lost all retiree benefits but am vested and will get pension once I have turned 55.
It was frustrating to work 30 years and put up with so much stress and poor working conditions the last two years in particular to then lose my retirement benefits about 60 weeks shy of 55. I can tell you now that I am out I wish I had not stubbornly put up with so much and spoken up more about the unrealistic expectations and hostile work environment. There is life after SF. I feel I have gained so much health and life back.
Good luck to all.
And one more thing. I know it's written in fine print that the company y can change the benefits. But in 2012 I had in 24 years with the company. Had I know they would cut me out of a lot of the benefits I probably would have left along time ago. I stayed mostly for the retirement and benefits as hubby has no pension. It just don't seem right that someone can work for a company that long and counting on those benefits and they take them away but give them to someone with like 6 years with the company because they are 50. Wtf
Question?
So I'm not 50. But if cut, severenced or whatever. My tm told me that I'd lose the retirement benefits like the insurance. But he further said that it was so expensive that I'd be better off to buy it elsewhere anyway. I agree with him. But is there really any other great loss if we are cut b 4 age 55. I know they offer cheap life insurance to retirees. Am I missing something? They already cut me out of a lot of the benefits because I wasn't 50 by 2012. But I have in 29 years. Talk about age descriminatuon. I lose benefits because I'm not 50. But someone with less years of service gets the benefit because they are 50. That s---s.
For agents who started in 1997 or later, the retirement package is as follows: “Hope you saved a lot of money.” Well, actually there’s $5000 if you give a full year of non-revocable notice so they can decide what to do with the book of business you’ve built, but which State Farm owns.
Hi. I am a planner who is very familiar with the SF plan. I will explain this to you...and I am sorry you are all going thru this. Whether you have access to medical, and whether you receive a subsidized cost, depends on several factors. If your most recent hire was before 01/01/2007, you are over age 55 when you separate and draw your pension immediately AND if you were 50 by 01/01/2012...then you will have access to subsidized medical for yourself and your family. If you were under 50 on 01/01/2012 and all other criteria I mentioned are met...then you will have subsidized medical for yourself and your family can be included but you are responsible for the full premium. The retiree plan is significantly more than the group plan.
So you see, pension and insurance ARE related.
There are also other scenarios based on age, years of service etc that are too much to type. However, the one listed above is the best case scenario.
I hope this helps. If you have more questions you can look me up. I'd be happy to explain it to you.
Classes would be helpful but none being offered and like other poster mentioned no time. I’m in a hub
I may be fine, and will be 55 at end of year I don’t want to retire but recognize my age group and position will scrutinized.
Retirees can buy the SF group medical, but it costs a fortune for two people or more. For two it’s over $700 per month, and there’s no dental or vision.
If under 55 you can COBRA the health insurance for 18 months but it will cost a fortune. If retirement eligible meaning 55 or older you can enroll in Retiree group health if you take the pension right away. If you delay the pension can’t get the health insurance. Even as a retiree dental and vision end unless you COBRA those
@SA5voEC-xfv - they don't offer such things as "nearing retirement" to us in the field. We wouldn't have time to attend if they did...
In that case, the OP should really be taking advantage of the "Nearing Retirement" sessions offered to employees as soon as the year they turn 50. As pension and insurance are entirely unrelated, they could truly benefit from getting correct and complete in formation from resources at work.
The OP is not a troll and soon turning 55. Was attempting to get a quick answer as there’s many already living the dream.
Thanks again
@11F. Great response. The OP is most certainly a troll.
The HR policy accessible to all employees explains this thoroughly without the chance of misstatement. That would be the best source for information.
It is my understanding you have to be 55 to get the medical insurance coverage.