Thread regarding State Farm Insurance layoffs

Are you people clueless???? Seriously....if they can get rid of you or find a way to save .50 cents, they are going to do it. Do you not understand they need you leave??? It is the business model, they want you to work 2-3 years and then bolt. Reset your salary and keep expenses down. The Total Rewards Survey spelled it out for you! They are going to cut benefits, cut your pay, reduce your time off, make you come back into the office and change retirement programs. Less than 4% of companies have a pension, you think this sh-t hole is going to keep funding it? Yes it is fully funded for those people that are vested but it is going to be frozen. Just take that to the bank. Let me make this 100% clear, SF is a sh-t hole, plain and simple and they see the long term trends of being number 2...3...4....and the head winds of the economy and or county. If you are counting on and making it another 5-10 years and relying on that future pension, you are going to be blindsided!

I have heard they are not going to do anything to our pension.

I hope not. I was the last group to get it. I plan on working here for 35 more years then collecting it for another 40 years. Pay me what you owe me. Don’t freeze it

You are obviously the same f-cktard that down votes and trolls every post. The OP said the pension would be frozen and will go away. What that means is it will be frozen and goes away because no one will be getting pension contributions anymore. If you have 25 years in the SF/pension you get to keep that because you are vested but that is it. The pension option discontinues/stops contributions and you are moved over to the 401k plan. But you already know that and just trying to start sh-t and play troll word games. You obviously do not work at SF and/or did not just take the recent survey that telegraphed this or too stupid to read. Pensions are stupid expensive and it will be frozen to get people to quit or take the new severance plan. Ohh and I do not want to hear any stupid sh-t about being fully funded blah blah blah....

@OP BS..!!

OP is so full of b.s. A company can cancel a pension plan which was done 4 years ago. They can freeze future payments to it, they can't take away what's been earned. Dont buy into this fake news. It astounds me how many expert opinion get thrown around on here with zero facts, logic or insight to law or the organization. The one truth you may have offered is about agents going away, but thats just a prediction of what should happen.

Yes most areas will have a 50% in office requirement.

@OP most of us still have to come into office 4 times a month. So are you suggesting everyone will have to come in full time 5 days a week?

LOL this is such old fake news

Yep the pension su-ks for people like nmme that joined towards the end of the pension around 5 years ago. I don't mind if they want to pay me more by putting me on the 401k plan lol. I can make a lot more leaving so staying 30 years for me is unlikely.

@OP quit making up stuff to stir drama.

Even if it were true, the pension growth isn’t significant unless you stay with the company a long time and even then, it’s a fixed amount that isn’t going to increase with the increased cost of living. The 7% 401k match is probably the better option for most who aren’t close to retirement. ESPECIALLY when annual raises aren’t that substantial.

Crack is wack OP

Pensiónes are for public entities. Fed, state, county, city, some villages. They have unlimited funding by tax payers. Used to be a reward for long years of service with less income and a pittance. The last 20 years they made more income than similar private jobs provide and they gamed the system now where they are set for life with little investment and retirement income above what private sektors can offer

As a former (thank god for that every single day) Farmer, gimme that lump sum payout and I’ll forget I ever worked there!