Sorry the next news to drop is freezing the pension for those active employees that are pension eligible. That will be announced right after the April round of severance packages. The next round of severance packages/pressure tactics ramps up again in October and will wipe out most of the remaining underwriting folks. You will get the return to work mandate, for 50% of the time, for most employees effective September 01, 2026. Leadership 75% of the time. Executive will announce they are converting a large portion of your remaining PTO to sabbatical time and pay you out for a portion of it as well. They are trying to weed out any old remnants of the old SF or pressure test those people they consider weak. They are still delusional thinking the continued failure of their business model is not the incompetent DEI/2040 workforce they have hired, hubs and horrible business models they keep doubling down on. One more "magic" motivational quote, 1x1, Huddle, TPD or SXS is all that is standing behind their names in glory in the business world and return to #1. It is kind of funny to actually watch this level of stupidity and incompetence! Hilarious!
37 replies (most recent on top)
Pension su-ks compared to if that allowed out to invest same amount of money into 401k, should let older employees opt out. But then SF's 401k match is dog water
Great news my miserable friends! TSA is hiring and they pay in Donnie dollars!
@kd another one of those maga minion with the brains of a houseflies. Your investments are in social security lol. Do you think every stock market investment makes money every year. No one is that d-mb, except maybe you.
It's not illegal to convert anything. The law only stipulates you pay people for paid time off /PTO when they terminate employment. It does not stipulate you cannot convert it to a different benefit. We went from paid vacation-PV to PTO banks. They did it when people had a year of paid sick leave, paid doctor, paid dental, etc.. Yes, pensions are guaranteed but that has nothing to do with them freezing them. If you have 20 years they can freeze it at 20 years and you get no addition accrual towards your pension. Yes you still get the 20 years but nothing more.... RTW- Actually the dates are June 01, 2026 T, W, Th twice a month and by end of 2027 it is 50% at a minimum.
@ad it would be illegal for them to convert earned PTO so that one's false. Sept is return to office 35% or 1-2 days a week for some departments, i got the letter. Ill just retire after the October round of buyouts whether I get one or not. They'll be buying back all my pto. Pensions are funded and they are guaranteed to those who earned them.
Look i know this is the wierdo who spams threads here (for years sadly)
The pension and WFH are the ONLY reason im here. theyve already pushed WFH over the line. Please just end the pension so i can move on from this hellscape.
@OP its crzy to keep blaming stuff on dei, and not the leaders, sf been on a trainwreck, dont blame people, people only follow their leaders.
@hq dum--ss, why are they in losses in the first place that they need to sell investments with great returns? Investing 201, keep retaking your 101 courses lol
SVPs said move to a long term growth facility and you would be safe. They lied and closed them down months later. They said we could never work from home and our system couldn't support it. They sent everyone home for almost 3 years and we worked from home after 1 day. Miracle praise Jesus. Last Executive briefing, which was only three months ago, they said they didn't know about any changes to RTW. They told everyone in Tacoma they were ok just weeks before they closed the office. The told everyone in the Dallas OC they had to move to Austin, when they knew there were building a hub in Dallas. They told us the "survey" was just to determine Total Rewards for the future....let me know if you need more "truths" from our Executive office!
Such a fear mongering lie of a post. SVPs clearly stated today there is no known changes to benefits coming which indicates by OP's timeline would make them look like fools and liars should there be - which won't happen. Many on here need to remember to take 99.9% of these posts with a grain of salt as disgruntled workers clearly rule this forum with bad intentions to cause hysteria and fear. Don't fall for it.
@OP Pension is Safe.
Your manager does not know anything.....neither does your SM or CM/DM.....they found out about RTW at the exact same time as everyone else on the Exec briefing. They are discussing plans for RTW this week....
@OP My Manager said there is no change to pension or PTO. Total Rewards is same as before, no change.
In the Executive Briefing they stated coming in the fall... September 01,2026, most kids have gone back to school.
@a2 where did you hear that September 1st date? My area didn’t have any communications yet on when the rto is happening
@ac Maybe if he hadn't quit the company, he wouldn't have been replaced... Maybe you should try it so we can replace you.
@hd genius, they sold it to offset billions of capital gains. Investing 101.
@gn relax, sheep
This company made several mistakes that they had to sell 3 Billion $ worth of Eli Lilly stock with a lot of gains to keep going. If the company was doing well they wouldn't have sold that investment. Next step is to do all this bs to cut down expenses than sell more investments. The management is a failure overall.
If asking logical questions and refusing to do things that don’t make sense just bc some loser who peaked in high school says so makes me “weak”…I’m good with that.
We had it too good for too long. No other company offers the benefits we do. Time to come back down to earth by reducing pto, making peple actually work for a living and stop with the retirement dates 7 months out with last day in office so much earlier.
@f3 Based on what came out of that survey and everything we've seen play out since then, there might be a whole lot more truth to this post than I initially gave it credit for.
We already suspected the survey was less about fixing problems and more about pinpointing what bothers people enough to make them quit. Now, with the ongoing staff reductions, AI rollouts, budget squeezes, and the general downward spiral, it's starting to look like the playbook was real all along."
Oh look. This rumor again. Have seen this post multiple times over the past five years. Guess the CEO asked everyone to keep it silent but you.
@e9 who knows but the person before posted the right information about RTO. So i'm going to believe that this is happening. The survey was indeed to test the waters on how to make people quit without announcing a formal layoff. CIA level manipulation.
How do you know this information?
State Farm has lost all sense of decency, integrity and sense of pride. It is a complete a total mess and once this kind of evil, corruption and greed start eating at a company eventually it never recovers. Just bad to the core.....
Increase...LOL! Sorry to laugh but is that a serious question...they are not trying to increase salaries, retain people, or help you in any other way except to see you out the door. Quickly! Expense reduction, that is it! They do not care about customer service, how many policies they sell or working conditions. Greed and power, it is their only motivation. Yes there is zero incentive for a career at State Farm, they are making that abundantly clear and it is designed this way. None of this is an accident!
SF is a was. It's done! Stick a fork in it!
Are they going to increase salaries for removing the existing pension ? in 2021, when the pension was removed, people hired were given above average salaries in the band mainly beacuse it was only a 401K.
With all these there literally is zero incentive to pursue a career with State Farm.
Go drink another cup of jlzz, demented old man.
Yes all of their current tactics are designed to keep the tenure under 5 years and that includes the vast majority of leadership. It allows them to keep salaries at basically an entry level amount and the vast majority of people do not have any real disposable income to fund their 401Ks. Hubs keep your expenses so high you cannot afford to live. This keeps SFs matching contributions to a bare minimum. Messing with everyone's PTO is also another lever they can pull to make people leave or limit their paid time away from work. Do not forget, our leadership could care less about being an insurance company or customer service. Their whole goal is to maintain the $160 billion nest egg, cash cow, skim off millions to line their pockets at any cost. They will do it stepping over all the proverbial corpses they leave in their wake. These are evil men and women! Do not forget every single word coming out of their mouth is a lie!
It is not annuitized until you retire. The reason why it stays fully funded because they have made so many people retire or quit early. It limits their contributions, withdrawals but it's still an expense. Two different retirement plans are an increased expense to manage and fund. More than anything it is the only thing most tenured employees are hanging on for. They want you to leave!
Helps them limit paid time off when people take advantage of FMLA so it would discourage it. Plus the value of PTO goes up each year and costs them more money when they have to pay employees for PTO when they leave. If they convert it to sabbatical time and then run you off they will not have to pay you for the sabbatical time. It is a way of sc--wing people out of paying you for accrued PTO. Just like they did when the sc--wed everyone over and take away our paid sick leave and paid doctor leave. Typical State Farm scam to sc--w people over and force people out!
They should bring back the suburban Jake and fire the urban Jake. He doesn't relate to people that actually buy insurance
what is the advantage of converting legacy pto to sabbatical time off or pay out for it?
can someone explain, what is the advantage to the company to freeze pension for active pension eligible employees and move them over to 401k? I thought the pension was fully funded and is annuity and doesn't cost the company much?
Yes hearing that too. Part of the overall 3 year plan and future vision! They feel it will totally disconnect the company from any Legacy State Farm mindsets. I was told they expect 90+% of all employees to have 5 years or less experience. Outside consultants said they need the youngest, more energetic, work force in the industry that looks like 2040. They want to be able to achieve the Deloitte & Touche Level 4 "All In" DEI business model by the end of 2027. Honestly there is nothing that can even attempt to describe what a total sh-t hole this place has become. Epic failure!