Govt's and corporations across the board are not fully funded to pay out pensions in the coming years. That is a fact. Google it.
If you're expecting to get a pension over the next 5+ years, you're in for a surprise and my guess is we don't make it to 2020.
The government pensions are what scares me. Guess who will pay for any bailouts -- TAXPAYERS (you and me).
No wonder people can't save for retirement, they are saving for everyone else's.
I wouldn’t count on the Pension, they aren’t laying off 15k employees for nothing and cutting expenses all over the place. The structure study back in early 2000,s show a phase out of the Pension. I’m not sure why it’s taken so long. Tips going to trim it watch. Just like the health insurance change a couple of years ago. If your over 50 I would say you would be Ok. Five years ago they had to shore up the pension with 1 billion. When the market turn hold on. Good Luck
Please stop with the BS. Look at the plan docs for yourselves. They are available in your benefits statement and you get a copy sent right to your home every year. The pension is in great shape. You can see as of 2016 they had $7 billion more in assets than liabilities. Right from their Federally filed forms:
Funding Target Attainment Percentage
Plan Year
Beginning in 2016
Valuation Date 1/1/2016
Plan Assets
a. Total Plan Assets $21,235,507,928
b. Funding Standard Carryover
Balance $2,316,463,021
c. Prefunding Balance $0
d. Net Plan Assets (a) – (b) – (c) = (d) $18,919,044,907
Plan Liabilities $13,895,121,521
Funding Target Attainment Percentage
(2d)/(3) 100%
I would agree I think plans are in place to go 401k only. My supervisor told me not to count on the pension it’s become very expensive to manage in a low interest rate environment. I am sure the Exec’s have there pockets full.
We may need to worry about many things, like our jobs, but are pensions are well funded at S Farm & Gov insured, though not 100% for some.
Don’t listen to these anti establishment scare mongers, lol!
I don't think it's any coincidence that we've suffered a rash of posts easily verifiable as false. Most likely they are all coming from the same joker who routinely posts stuff that only he finds amusing. I don't know what behavioral disorder he is suffering from, but my money is on something with "anti-social" in the title.
Glad to see people collectively uniting against this garbage OP and his (or her) garbage, misinformed, fake news (ha!) post! State Farm has stock??? Guess I learned something new! He even said he has ocean front property in Kansas that he can sell us - omfg - no you don't, look at a map! (I was playing der duh dumb like the OP right there, but he won't get it because he's der duh dumb). Back to your trash can, OP!
There is no over-funding of the pension system by 7 billion @RU3qp0S-xpn so just relax.
As for pension or no pension, those vested will be good. I would imaging it goes away as a perk very soon for those not vested yet.
What? State Farm has stock?
What kind of a--hole is this?
Yes. I'm still waiting for the troll to provide us with the state farm stock symbol.
Is this board now a Russian troll farm training ground?..stirring up political arguments and claiming you can buy State Farm stock
Actually I saw the 401k triple under President Obama. Agent Orange has a lot of work to do to match that return (lower in his first year than President Obama), but you right wing hacks don't do well with facts.
My money says President see spot run can't and won't do it. How is that wall coming sport?
I see RU3qp0S-cxe is enjoying the 401k increases my president has provided over the past 13 months.
If you are ignorant enough to think the PBGC will guarantee pensions, I've got ocean front property in Kansas to sell you.
There is one political party (and its not the democratic party) that is anti pension and while you may be dumb enough to think its "those people i.e. public pensions," are you really naive enough to think they won't come for private pensions?
That orange creature who has made a career of stiffing the little guy wouldn't have any problem signing off the end of government backed pension coverage, but keep dreaming and voting right wing. If you think your pension is guaranteed, I'd love to see the looks on your collective faces when it goes wrong. I'm not depending on that pension as anything more than a bonus to provide luxuries my 401K and personal investments can't.
"Those people will soon be YOU PEOPLE," if you keep voting for the anti worker party.
@RU3qp0S-uow keep digging in jackass. Go back to whatever board you came from until you understand SF is 100% privately owned, there is no stock, it is a mutual company. They cannot invest pension funds in itself. Did I mention you are a jackass?
To RU3qp0S-uow. Please tell us the stock symbol of State Farm. You will not find one.
I will not argue with someone who doesn't know business structure. You have board of directors. You have stock. You are a corporate insurance Co. And if you want to live in denial your loss. I read posts here which are bogus.stating state farm is not a corporation is the most uneducated thing posted on this blogg. Do your homework and research. You will know I'm right.
To the post below:
State Farm is not a corporation, so the pension cannot be invested in its own stock as there is no stock to invest in
If state farm is like enron and has invested your retirement
Money in there own stock. Like enron. If stock value goes down. Value in pension goes down. Enron stock lost value quickly. And became practly worthless. It isn't over till it's over. Good luck to all. I audited tax return losses of enron. What a mess. The reason new pension rules were developed which states how much of your own stock you can hold in your pension fund. I do not know the percentage as I type this
Actually pension is overfunded by 7 billion dollars and that is a good thing
The original post sounded pretty lame.
The SF pension is insured through the Pension Benefit Guaranty Fund. Please research before posting bad information.
ST pensions are fully funded. State of IL and local governments not so much. The OP is stirring up fake news.
Another joke post with horrible misinformation doing nothing but trying to cause fear. As others noted, a fully funded AND INSURED pension. Nothing to see here other than an idiot OP.
SF doesn't have an excessively generous pension plan like public school teachers or firemen. I'm not worried about the funding.
The pension is fully funded. With rising interest rates and less employees, future contributions to continue to fund at a 100% (which is rare in today’s world) will be even less.
While a crisis in general, I wouldn't use that brush to paint SF. I checked out the latest annual funding notice (government mandated) and our pension's assets significantly exceed liabilities and has been reported as not being at risk.
SF pension funded and insured.