Thread regarding State Farm Insurance layoffs

If you have to ask whether it’s truth or rumor….it’s rumor. And if somebody posts it as “verified fact” on this site….it’s rumor or just plain made up.

If they had any plans for the pension there would be a few people who know about it and no one would talk. Anyone saying anything different is speculating or straight up lying.

@cfxu…AOP not an agent issue. In some locations, CCC no longer allowed to bind because the losses on that business are horrendous.

@cfxu is a troll. He previously said they were taking away the pension, that Tipsord was being fired, that Tipsord fathered illegitimate children, that agents renewal comp was being eliminated. He does this for his own jollies. Garden variety id--t.

@cfxu sources or you are full of sh!t.

Freeze coming to pension soon!! It’s unbelievable it hasn’t happen yet. Agency next in scope for expense reduction especially based on AOP on time results. Blood bath

Time to unionize the workforce

Do you know the Muffin Man?

People will absolutely leave if there are pension freezes or buy outs. It's the sole reason many people haven't left despite the train wreck in claims. They are already losing people right and left.

Folks the mis-information stated by @1knp is a good example of the nonsense so often on this site. Another made up rumor. How to tell-he has no understanding of pension funding It currently is over funded. Inflation does not impact the liability. The rise in interest rates have actually greatly reduced the liability. An increase of 100 basis points in interest rates reduces liability 12-15%. That means pension liability is reduced over 20% from 18 months ago. There are no plans to freeze pension.

When a CEO gets a 24+ million dollar bonus and at the same time argues the cost of the pension, it's game on!

Honestly, a buy out on pension releases golden hand cuffs that have been keeping about 75% of its aged employees around.

They would lose a massive chunk of their experienced workforce. Especially now since you can basically make what an associate makes in any food service or retail job at the hubs....also keep in mind many industries have not put the burden of inflation squarely on their employees.

Yeah no, freezing the pension/buyouts would be almost as genius as Yi's COVID hiring freeze that we still havent recovered from.

Wow freezing the pension would be a major hit to a large percentage of the workforce that has planned their retirement around having a pension for the better part of 30 years. In other words not investing as heavily in 401k because of the notion the pension would be there…I could see some type of gradual freeze but to just bam freeze it is a very shady move.

This rumor has been going around for 8 years in one form or another related to buyouts, pension freeze, or layoffs with severance. yawn.

When a post starts with “I heard”….it means absolutely nothing. Like the “I heard” and “confirmed” agent contract changes that have been thrown out there for at least 15 years in a row now.

I have not heard that rumor but I have heard in 2024 they will freeze the pension. Depending on years of service, say less than 10, you will get a buy-out offer on the pension. Anything over 10 you will still get your pension but only up to the point it was frozen. Inflation is a pension ki---r! The 15,000+ employees they are hiring are the replacements for the employees still eligible for a pension. They know a ton will leave the minute they announce the pension is frozen. No reason to stay as a good 401k match happens at just about any company these days. With the coming automation of U/W, in the next 2-3 years, they still need to purge the remaining "old" workforce out that is eligible to get a pension. I will not be surprised if they offer some additional incentives like they did with the change in 2023 of now being able to take your healthcare at 55 and still delay taking your pension benefit. Oh and I do not want to hear any of this fully funded BS...go look at the annual pension statement and look at the amount of people eligible and not receiving benefits vs. receiving benefits. It's still a liability they have to fund...inflation makes it worse and a growing expense! No bueno!

2 would double the size of the op.

I’d rather have 4 years added to age than 2 with regards to pension as I don’t understand that di-ktotomy and I’m sure the can’t add any size to u no what. What would be the reason to do this? Get people to leave? Seems like they are struggling to get enough people to stay.

What’s the context for this ? For the pension ?