After NM determines early retirees , another round of employees to be let go. Reductions of 10 % across all departments. If your age 40 to 55 and cant take early retirement BE PREPARED!
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As an observer it is interesting to see who Don Robertson (CHRO) has hired over the last two years. It has been all people he has worked with at HP. These were all workers that were part of HP's restructuring with massive layoffs. If you worked with Don at HP you now have a job at Northwestern Mutual. The interesting part is that they want a new influx of ideas but it is the same old recycled ideas of Don and his yes men and women.
Also if you want to watch the Northwestern Mutual plane schedule you can find it below. This is public information on a public site, also the only plane trips (minus annual meeting), was Milwaukee to John's lake home in Villas County (public records). Nothing like preaching to the staff about cost cutting and salary freezes as the 'bird' flies over the workers heads.
I don't have much faith the board will fire John and Don something has to change. The company needs ethical leadership, as a company the workers and field need better.
https://flightaware.com/live/flight/N302ML/history
Is this a guess? Do you have any factual information that proves it to be true?
I don't think it's unbelievable but curious if there was something that points to this happening besides the retirement thing.
I have heard to get ready to cut budget again for 2021 but they were pretty clear jobs were not at risk.
Typically, when you sunset a benefit it is done by a certain date NOT based on date of notification.
No, typically it is terminated immediately. Feel lucky you have advance notice.
I definitely think there is a legal challenge there.
No, you have no legal right. You have no rights under ERISA. Providing this benefit is completely at the will of the employer.
Totally agree @1zvq+171ex8YC. I also was forced into retirement in 2017. The health insurance they offer isn't affordable. Maybe if you were there 40 years?
Yes, I know it is not a protected benefit. But, it still doesn't seem right that in order to get it you have to make the decision by a certain date when the actual final date of retirement is 12/31/21. Typically, when you sunset a benefit it is done by a certain date NOT based on date of notification. I definitely think there is a legal challenge there. NM can sack you immediately after 3/31/21 and not give you retiree health because you gave them no notification. That's insane but not surprising. Beware of this when making your decision. I'd still want to see this in writing from the co.
The retire health insurance is so unaffordable, it essentially doesn't exits even if your eligible. I was forced to retire in 2017 after 20 years and though eligible for retiree health insurance it cost $1,500 per month for me and my wife. Between my pension, and the job I could find, I only make fifty percent of my previous income in IT. This company continues to go down hill under id–t Schlifske.
@lhn+171ex8YC If you do not give notice by March 31st, 2021 and retire before December 31st, 2021, you do not get the retiree health insurance benefit.
It is completely legal. Health care for retirees is not a protected benefit. The employer at any time can cease providing the benefit for current or future beneficiaries.
What still hasn't been addressed is what happens if an employee doesn't give their answer about retirement by 3/31/21? Can they still voluntarily retire before 12/31/21 with retiree health insurance? It seems it would be illegal to not offer this.
This post may be accurate....watch out between ages of 40 and 55 (or slightly younger) to be let go before year-end 2021. Then, in all likelihood expect layoff's to come for the older eligible retiree's after 1/1/22 so they don't have to offer health insurance to that group.
A 10% cut across all dept's could be the goal but likely some dept's would cut more & some less.