In a public memo from the Milwaukee Department of City Development dated 2/15/23, it was stated "The downtown option is more expensive than shifting a portion of Northwestern Mutual's workforce to the Franklin campus." If it isn't for cost savings or any other logical business reason, what could possibly be the rational reason for closing Franklin and expanding downtown? The level of employee resentment regarding this decision also appears high.
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Franklin campus will be shuttered and sold. It’s a prime piece of property. The downtown campus has more than enough room to consolidate employees within. And the downtown campus defines NM in Milwaukee and beyond. Historic building…prominent gleaming new tower overlooking Lake Michigan. The entitled whiners who don’t want to trudge downtown will just have yet another thing to complain about. That is until NM finally completes the multi year task of shedding deadweight and installing a true meritocracy where skill set, talent and record of achievement defines success. Zero sympathy for veterans who can’t adapt. You’ve been able to skate by for too long and the gig will soon be up. And good luck finding a new job elsewhere because your stagnation, toxicity and lack of demonstrable achievement while at NM will be total and complete turnoff for any new employer.
If pensions are a thing of the past then why does NM still provide one for every single field employee? These people are not even employees of the company yet they each receive the full "old pension" that NM used to give corporate employees.
I worked in the investment industry for 26 years before coming to work at NM. Pensions are unheard of in the investment industry. NM was just replacing the pension with the cash balance plan when I came. Replacing the pension for cash balance was more than they had to do & I suspect it was a compromise.
I got 'schooled' in the difference between the 2 plans; and frankly, I was amazed how good the pension plan was. So, I get how painful that must have been for long-time employees but the 'real' world and how NM used to be are vastly different. Pension Plans are a thing of the past because they are not sustainable for companies.
This all reminds me of how upset old timers were when clubs and organizations were ended. They were not attractive as a benefit for new / younger employees. I was not 'young' but saw how outdated the concept was at the time.
Next were massive layoffs. I was told how NM never lays off employees except for contractors. I laughed to myself and thought just you wait and see.
Next - health insurance in retirement went away. Another benefit that is great but outdated.
NM will never garner the loyalty of employees moving forward the way they had in the past.
The 401(k) match may be reinstated. May companies got rid of them during the pandemic. NM employees were very lucky to keep their jobs and go outside the comfort level of NM leadership in order to work from home.
But, now as everyone states 'the pandemic is over' so employers can require work back in the office and remodel office towers that will provide them tax breaks.
Employees can answer with their feet marching out the doors.
I wouldn't be surprised to see the cash balance plan go away when the 401(k) match comes back.
“At least they replaced the Pension Plan with the Cash Balance Plan. Pensions are a thing of the past. How do you not understand this?”
I am puzzled by your antagonistic attitude on this issue. Yes, they did replace the pension plan with the cash balance plan. But the cash balance plan provides a much lower benefit level to employees than the pension plan did.
For example, I know a 40-year employee who retired with about 60% of the pension plan benefit than she was told she would get because NM froze the pension in 2012.
The cash balance plan was substantially cheaper for NM to fund than the pension plan. Arguing that the cut in 401(k) match is somehow made up for the slight increase in the cash balance contribution completely ignores that the cash balance plan replaced the far more lucrative pension plan. Context always matters.
Whether pension plans are a thing of the past is an entirely different discussion.
They're well aware. Cash balance plan investment allows them to move money from right pocket to left; 401k match goes external. Simple math from a general account perspective - match won't come back till after the recession is far behind us. Like it or lump it...or leave.
401k matches are a thing of the present. A company that supposedly specializes in retirement should know this and practice it. Commercial office buildings are a thing of the past. Doesn't this company know that? Companies are abandoning their buildings not constructing new ones.
At least they replaced the Pension Plan with the Cash Balance Plan. Pensions are a thing of the past. How do you not understand this?
Benefits will keep changing to meet the requirements of the workforce of the future.
“They should reinstate the 401k match, but you ignore the fact they’re giving us all 6% rather than the usual 4% in the cash balance plan.”
And you ignore the fact that the cash balance plan was a replacement for a far more generous pension plan.
Maybe this is the stolen car? Just another day in Chicago north aka MKE. The video tells the story, hits a school bus and everyone flees no regard for life in this city anymore. It’s factual events like this that makes us wonder why and understand now the why we have the so much security at the dt campus and around the CEO.
News link https://www.wisn.com/amp/article/milwaukee-video-kia-crash-school-bus-injuries/43754275
MILWAUKEE —
A multi-vehicle crash happened near 80th Street and Kiehnau Avenue, right in front of Morse Middle School.
A stolen Kia, a school bus, a silver Mercedes SUV, and a Milwaukee Public Schools pick-up were involved in the crash.
The driver of the MPS truck gave WISN 12 News video of the moment the Kia slams into the school bus, creating a chain-reaction crash.
That truck driver said he started recording because the Kia was driving recklessly and had already sped past him in the school zone multiple times before the crash.
Another parent in front of the MPS truck called 911.
"When I saw them coming this way, I dialed 911 right away because it's reckless driving., they're hanging out of the windows. In the process of actually getting in touch with a dispatcher, they turned around and everything happened so quickly," Therese Nelson told WISN 12 News Monday.
Nelson had just dropped off her seventh grader when the mayhem happened.
"Getting out of my personal vehicle to check to see if everyone's OK — lots of screams, children crying — it was scary," Nelson said.
Milwaukee police said a 15-year-old seen on the cellphone video hanging out of the passenger window of the stolen Kia when it hits the school bus is now in the hospital with life-threatening injuries.
Police said an 11-year-old boy on the bus was also hurt and taken to the hospital with non-life-threatening injuries. The boy's mother told WISN 12 News he has some minor injuries to his leg but is expected to make a full recovery.
Meanwhile, the people inside the stolen Kia bolted from the crash before officers arrived.
Parents are outraged that reckless driving and dangerous behavior continue.
"It's scary. Very scary. Because this isn't the first time I've seen reckless driving in this area during school hours. Stupidity. It's sad, but it's stupidity. They messed around and they found out, one person got hurt. Another person got hurt on the bus and his friends ditched him. Stupidity in my book," Nelson said.
@niuw+1m0gHtxh We pay officers this much to patrol campus, yet completely ignore the 777 Parking where an employee's vehicle was broken into and stolen. SMH.
So let’s say the Franklin campus is safer, do only Franklin employees deserve to be safe? What about the majority of employees who go downtown? They spend millions on security at both campuses and it works since there have never been any serious incidents. They should reinstate the 401k match, but you ignore the fact they’re giving us all 6% rather than the usual 4% in the cash balance plan. You’re safer at work than you are at home.
So NM pays $66.25 per cop per hour for 12 hours per day. That equates to:
1 cop = $208,800 per year
2 cops = $417,600 per year
3 cops = $626,400 per year
You could restore a lot of 401k matches for that kind of money. This company is absolutely nuts for investing further in downtown.
# of cops at Downtown = 3
# of cops at Franklin = 0
You tell me which campus is safer.
I’ve never felt unsafe going to work in Milwaukee- the buildings are very secure and controlled, we have a large security team, and a police officer. I’ve never even heard any employee complain about a lack of safety or security (except here, assuming you are in fact an employee).
This week's top shooting downtown: https://www.tmj4.com/news/local-news/party-bus-hit-by-gunfire-after-morgan-wallen-concert-in-milwaukee
Here is this week's: https://finance.yahoo.com/news/marquette-student-as--ulted-robbed-near-205328487.html
Here is last week's: https://www.fox6now.com/news/armed-robbery-near-marquette-3-males-sought
Make note of the description of the suspects in each incident along with the countless others. The suburban code appears justified.
Afraid of crime downtown is suburban white code for “I’m a racist”. Don’t let these messages fool you. NM’s campus is in a prime lakefront spot where people flock in droves. I’ve never heard of a business person downtown being injured in any way.
If people think downtown Milwaukee is a warzone, then they're a bunch of pa----s. Do you know what it takes to work in insurance? Brass ba--s.
And anyway, you literally have armed police officers stationed in the middle of your 200-foot walk from the parking lot to the main building. Sorry you can no longer work in a gated compound protected from the occasional homeless person. You'll survive.
The majority of people opposed to Downtown are concerned about their safety. Downtown Milwaukee is an active warzone and NM execs will have blood on their hands if anything happens to employees. Franklin doesn't cost anywhere near $500M+ to operate. This is a feeble attempt by John and other execs trying to cover up their disgraceful careers. They attempted to use DEI to cover up which grossly backfired and now this is the latest.
NM only needs one campus. The expense of 2 campuses is not warranted and they aren't going to abandon downtown since they built the tower.
The need for BCP site in Franklin is gone.
The Franklin tax credits have expired and the downtown tax credits for building the new tower will expire soon enough so they need new ones.
The same people who complained about the shuttle between downtown and Franklin being discontinued are complaining about losing the Franklin campus.
It's not about crime, safety or what employees want!
A thriving downtown is what Milwaukee needs. But, if they really wanted to support local businesses they would get rid of the free lunch.
A downtown campus is more central for all employees coming from the North, South & West.
If Downtown is so safe then why does JES need an armed chauffeur/bodyguard to walk him 20 feet to and from the building to an armored private SUV? The same goes for the Mayor who gets the same preferential treatment.
I wouldn't say employee resentment is high - most people couldn't care less or are only minorly troubled about the additional commute/desk situation.
A common struggle we face as a company (and a nation) is correlating the majority with the vocal minority complaining about everything. Yes, a few whiney dweebs sound off on everything in the #the-weekend slack channel. No, they don't represent all of us. Most people have so much going on in their lives and work that they don't have time to worry about the small stuff. The ones that do have time to complain about this kind of stuff are the ones that probably aren't doing much and should be fired anyway.
I hope that helps.
I am not for or against the migration downtown. If you look at the city of Milwaukee‘s crime statistics site, you will see the majority of crime is happening in downtown and the lower Eastside. This is especially true for car theft and burglaries I heard there have been multiple cars stolen out of the 777 structure.
https://city.milwaukee.gov/police/Information-Services/Crime-Maps-and-Statistics
Daily mu---rs don't justify people questioning the safety of downtown?
Realistically, they don't need the entire Franklin footprint anymore, as several groups have gone mostly/fully remote (like underwriting). Definitely not a short term savings given they are doing a full revamp on the north building but there's a longer term benefit to one campus, plus some karma with the city.
Complainers are largely suburban folks who don't want to drive "further" or make thinly veiled racist comments about safety downtown. They have a good 4 years to find a new job since clearly this isn't the right place for them.