When you leave Allstate, cash your pension as soon as you can. Allstate can end the pension program at any time and do not assume that Allstate will not try a bait and switch on it. The 401K is YOUR money. The pension is a commitment that can change at any time as shown by the disclaimer that you see online. Don’t assume that money will be available in the future particularly if there is any chance of a merger or buy out.
This company will do ANYTHING to save a buck and the pension is one of the largest employee commitments…
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For longer tenured employees, make sure to know the difference between the Final Average Pay pension (older plan) and the Cash Balance account (current plan).
Enron had a pension and when that company went under, they did NOT receive the full amount that was promised.
ERISA or no ERISA…
You clearly know NOTHING about ERISA which is the law guiding pensions.
read the pension booklet in goodlife. a trust is set up if allstate goes bottom up and if they go broke the pension is protected by pension benefit guaranty corp which is a federal insurance agency. additionally you cant just take your pension. You have to be 55 and 20 yrs service.
Have people forgotten the fate of Enron employees already!?
@1xyt+1jBPDBU2, it has happened at other companies where the tax payers needed to give folks some of the money back.
I believe it is against the law to take any pension money that you have become vested. For example, you worked there 20 years and are vested in a $x-x,x-x cash balance pension. They can't just stop the pension and take it whether you work there or not. It is wise to roll it into an IRA if you quit because if you don't it sits and gets pennies in interest. The IRA is a better investment choice, but nobody is taking your vested pension
I moved my 401 2 weeks before I gave notice just to be safe👍
There's a post from a couple of days ago from WLS Chicago seeking information (in confidence)
Correct roll it over immediately Into private qualified plan YOU own not are a beneficiary. Companies go under and Allstate is ripe for buyout or worse. This talk of moving employees to a HR outsourcing company to avoid paying severance is really a sc-m move and investors and media should be made aware of it, and see how it sits with people who are laborers they want to buy their products.
Oh handler your turn: 50 Cent Party did I misplace an apostrophe negating my whole point?