Company leaders have been hinting some announcement with changes to benefits. We are supposed to hear something end of this week.
Also heard big big changes coming to underwriting next week.
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Benefit changes going to be earth shattering! Better brace in
What are you hearing?
Lets go with the facts and wait for the announcement and not just put out speculation.
Here’s a thought. Let’s wait for an ACTUAL. announcement. and respond to that.
So the increased benefits are still below market. The SF sheep will eat it up bc they have no perspective.
The only reason Rusty had his job was NEPOTISM!
We did not call him Mr. Rusty, we called him THE LISP!!!! Suffering Succotash........
Even when SF was a good employer they didn’t do something out of the kindness of their hearts. They benefited somehow. Rusty never threw cash out of the glass tower because he was a nice guy. Even though he was a nice guy, there was a greater benefit to SF than employees when decisions were made. Maybe the benefit now is trying to stop the staunch of disgruntled employees?
More IT layoffs 1Q 2020. Layoffs were supposed to happen 3Q 2019 but late last year Tipsord and the 3 amigos decided it was best to have a year of "stability" after a year of turmoil in 2018.
Man I hope 2glr is right!!!
They don’t give u an additional 1500 match without taking something away Pension freeze coming just setting the stage
They ate increasing PTO by 5 additional days per year. Increasing 401k match from $900 to $2400 per year. No change to pension. Promotions now 10% pay bump. Relaxing on scheduled time off to allow more people to use it. Readjusting cost of living in two major hub cities. Good time to be an employee.
Today’s announcement..
Instead of 7% you would get 10% on a promotion. Managers will have a higher number for spot awards they can give without approval. They also will have an amount the have to give out each year.
As a 25+ year employee, I will admit there are a lot of people with like tenure who could be considered dead weight. It's also obvious that our hiring practices the last few years have caused us to hire equally lazy and dead weight from the start of their "careers". State Farm is no longer able to always hire the best in the industry because we are no longer different from an operations stand point. There's several valid reasons why there is a high amount of constant turnover in the main hubs. I know, we're at record profits and writing huge amounts of new auto business (sarcasm).
If the younger employees want to get their money instead of the pension, give it to them. For some, it is a smart move and I don't blame them. For others, you also deserve what you get when you blow it within 2 years of receiving it and then are wondering what happened. Dumb arrogance is rampant in State Farm these days. At all levels.
how much you want to bet "big changes to underwriting" is Bloomington finishing the move from IL Ops to Corp South?
Those old folks outworked every last one of those younger folks. Just in overtime.
The bottom feeding troll who knocked the older employees forgot WISDOM TOPS YOUTH. If you actually work at State Farm and believe what you say, then your SOUL is already LOST!
As a young employee I could care less about the pension. Give me a bigger 401k match. Let me control my money. Most of my coworkers feel the same way. The dinosaurs who milk this company with low production, long breaks and a sense of entitlement want the pension so tgey can continue to take while giving nothing. Eliminate the pension and let the bottom feeders go.
Pension ending and buyout is fake news deigned ri scare people and get them to be on this site more. Yhs is not an employee and is just stirring things up.
Perhaps they are referring to Non Elective Contributions (NEC) made by the Company into your 410K. I assume they can elect to increase that contribution.
@Z4gh4ia-yhs TC might increase 401k match. That’s within their power. But contributions are the employee’s choice up to the limits set by the IRS. If you had any insider knowledge, I’m thinking you’d also know the basics of qualified plans.
Remember buy out on a pension you lose! Conservative approach will out perform buy out.
I’m an agent now but had a number of years in Claims. In 2012 I was bought out with an amount based on years of internal service. It wasn’t huge, but an actuarial number in accordance with the law. They don’t get to just make up a number. I just did a direct transfer into an IRA to keep it intact and tax qualified (and growing nicely).
If it comes, it’s not the end of the world and not necessarily a bad deal. Just keep the money tax qualified and make sure to save for yourself moving forward.
It hasn’t been announced, but google pension buyouts. It’s become common in today’s world.
Geesh.....what kind of money would they offer to someone with almost 25 years to "buy them out" ?
Not a career. Their moves are NOT in the best interest of their prize asset "their employees!". Another thing to make them fit in with fast food.
Maybe we could just wait for the actual announcements. Then we’ll know what they are. Because.....what are we going to do about it anyway?
Non disclosure signed on pension but expect changes. Under 25 years mandatory buyout. 25+ business as usual. Increased 401matching and increased contributions. Won't be announced next week, though. Still several items to work through.