Thread regarding State Farm Insurance layoffs

Retirement good for older or long term employees?

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Post ID: @OP+14Iv8p4E

9 replies (most recent on top)

@zbsu....exactly. Say two employees who make the same money retire on the same day after 30 years. One is 55 and one is 75. They each have the same “pool” of money to be paid out over their expected lifetime. The 75 yr old gets a larger monthly check because they have a shorter expected lifespan.
It’s comical that people who cannot grasp this concept think they are somehow qualified to run an insurance company.

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Post ID: @Qmjr+14Iv8p4E

You clowns who keep saying agents are in for a big surprise....no. They’re always planning forward, and have been expecting something big for a long time. Most of them already have three sets of plans in mind, depending on how severe the changes eventually are. In some cases, the plan includes “I’m done. So long”.

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Post ID: @Oxfz+14Iv8p4E

The way the reductions where handled with the benefits was great for some and s—y fo others!! In my opinion it was not handled fairly for all - just for a few on those on the side of the line.

Do you agree?

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Post ID: @Nwkx+14Iv8p4E

It’s a matter of time for benefits to get the hook. I wouldn’t be counting on anything at this point, major over haul coming before 2022. Agents are really going to say what happen. It’s going to be career changing especially on commissions

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Post ID: @Nhyj+14Iv8p4E

It is not “interesting” that benefits are higher for a 70 year old retirement vs a 55 year old. It is is an actuarial principle-dead people don’t collect a pension.

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Post ID: @zbsu+14Iv8p4E

The 1/1/2012 changes really screwed over the long-term employees retirement health and life benefits if they weren't age 50 yet. A few years later it became very clear that SF isn't interested in long-term employees, unless you're related to someone in the Executive Suite.

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Post ID: @zjgt+14Iv8p4E

Interesting thing is if you started working later in life with the farm...say 50...and now you are 70...you would get more $$ from the pension than a long term employee who started at 21 and retired at 55....and get better health benefits. How is that fair?

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Post ID: @yxxy+14Iv8p4E

Yes! No doubt they are dissolving all employee benefits slowly.

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Post ID: @ngvb+14Iv8p4E

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