Thread regarding Allstate Corp. layoffs

@1hjs+1dQKog0E

Your too smart to be posting with the syntax id--ts here. They have student loans for Psychology and Sociology and BLANK studies dont be some mean that they wasted 4-6 years studying useless garbage.

Bring out the Good! roflmao!

Last post is incorrect. I left in June last year and because I put in 5% of my salary into my 401k between January and June, I am getting the match in Feb 2022. HR verified this and a few retirees in the past confirmed.

I don’t understand OP. Before the change, vesting took place at 3 years. Now it takes place at 2 years. Before the change, matches were received in February after the contribution year ended and only if you were employed on December 31 of the contribution year. Quit on December 30 and your 401k match for that contribution year was $0. Now employee matches will be made every other week during the contribution year. This gives even more time for the employer match to earn dividends . And if you quit on September 30, you receive 9 months of match instead of $0. It’s a good change.

@4kjw+1dQKog0E I'm still waiting for you to make a logical point... That usually comes after learning to spell, so I guess it could be a while.

@4adw+1dQKog0E I love that is board continues to resort to attacking syntax when there is no logical rebuttal to subject matter.

You are doing an outstanding job refuting the points raised here. Keep that $32k job in HR you are knocking $ht out park.

If you were in congress you could ignore a bill and point out a dangling participle justifies it be thrown out.

@2yvs+1dQKog0E how about learn to spell before giving your take on the changes to the 401k or calling anyone stupid. Foad.

This is one of the extremely few adjustments that didn't make anything exponentially worse. Not the hill you want to die on.

@2yvs-news flash you are an old slug working for a dinosaur company. Match made in heaven. Get a new job or shut the Fck up.

etl+1dQKog0E
1fvi+1dQKog0E
1egj+1dQKog0E

Tweedledee and dum and d-mb@$$ that sociology degree is paying off.

If you're a millenidiot yes it benefits you. Us lifers enjoyed building the company that trains you to goto competitors. Allstate hiring is too f stoopid to see revolving door attrition is too their detriment they do not care. its all about cost of a policy. We are new Off the Lot super high risk underwriter who cares!

I cannot believe the id--ts who I work with. OK you are psychology or wymens studies or art basket weaving.

If you are a millienumb like the 5000 replacements we had then yes 401 k benefits Allstates revolving door. They want to train industry and you are doing great job with your wage B$

If you worked and actually built this company, and nearing 1/3 end career its negative.

Im not going to do a finance lesson for a bunch of id--ts who claim to understand it, it's great, it's not bad, it's horrible!, Allstate is great!, go away your spelling is wrong!, or G knows whatever else B$ is considered content here lmao.

Ever notice that Allstate always talks about being an industry leader but then when changes like this are made they justify them by saying that they're keeping up with industry trends?!? Leaders don't follow trends.

I chatted with GoodLife help and they stated the 2021 match will be paid out in Feb and the 2022 match payments will start in Jan of 2022. So real time match would seem to be better for the employee.

Good news if Allstate does get sold. Every employee will get a 2 week severance package and an expression of thanks from the acquiring. The only portion of Allstate that brings value are the customers. Everything else is throw away.

They've always matched per paycheck. That is not new.

Why don’t they just stop with all the changes for 5 minutes ? Why ? Well honey child they are getting ready to sell. This is going to be a cash positive for them. The more they have in cash reserves the better their books look. This looks like a savings for them as they “slow pay” the 80 million. It can rest on THEIR books longer ! That’s why they won’t stop ! Say bye bye to pension plan! That’s next on the docket for Glenn the butcher to cut ! All in the name of being in line with “industry standards”.

The last post is clearly someone who can't read

The changes in 401k is to the benefit of the company overall. You need to be here all of 2022 to get all your 401k. They sprinkle in "goodies" to make it seem like a good deal for the employees. The only way this is good is if you stay for all of 2022 and Don't touch it at all. If anything this new 401k plan screams and all but confirms mass layoffs in 2022 where many won't be here for all of 2022 and just collect scraps each pay period.

Honestly all of the changes benefit the employee except you have to know invest 6% instead of 5% to get the full company match of 4%. Everything else is good. You are now vested at 2 years instead of 3 and the match is every single paycheck so you don't have to stay until December 31st every year and can leave anytime starting January 1, 2022

This should have been announced with more lead time. For example in JANUARY 2022, effective January 2023!!!! There are a lot people that are leaving this company and planned to do so next year AFTER that big deposit in their 401k. But typical Allstate, you will only get crumbs each payday. Take it or leave it. There’s no incentive now to stay until dec 31st. What a joke this place is.

These thugs have taken doctorate courses in how to rip people off. They are doing as little as possible for the little guy.

This is not a good thing at all for employees. It is just more smoke and mirrors and a “savings” for the company. Much better for them to dole out the money like this. Think. They will be saving all year long especially as more get laid off first quarter.

If you leave January 2nd this year, you will not receive your lump sum in April which you would have in previous years even if you had left company in January.

Let's say you leave in June 2022 for whatever reason. You get 6 months from your 2021 match instead of the entire amount in April which would have been true in the past.

Is that still better than a lot of companies. Yes, is it better...definitely depends on when you leave overall, but you will have to work entire year of 2022 to get 2021 match that you previously got all of in April on a normal basis.

Does anybody think they're going to get rid of the pension plan after these changes? Seems kind of suspect that they'd make the 401k significantly better for no reason at all.

@OP
You didn't even read the changes. Most of them are for the employees benefit, only one wasn't. And the biggest one, the one that allows the match to be deposited immediately, is the most important, and most beneficial to the employee. Have you ever heard of compounding interest? Good grief.

I am not trying to be funny-but how is it worse?

But they made the 401k better? Now you get the match every paycheck instead of once a year, and now you also only need 2 years instead of 3 to vest.

Have you worked anywhere else? Most companies are the same or worse...