Can anyone confirm this?
16 replies (most recent on top)
What does it matter? How many new hires are going to stay for 30 years even if they want to?? 401 k match is much better for people getting into the work force at this time.
Fake news. Again. It would actually make sense for State Farm to stop offering it to new hires and offer an enhanced 401k match instead though. I’m pretty surprised they haven’t. For anyone not already heavily vested, I’m pretty sure the pension isn’t a retention tool anymore.
Since when has State Farm followed suit? We like to do things are own way. Like CDE.
Not an expert — thank you for that information. I will look up those other companies you referenced.
I would assume the pension will be going away but I would not worry too much about it. I have been with SF for 29 years. Based on what other companies have done, Boeing, Caterpillar, etc. (you can find the info on the internet). They have a cutoff where at a certain point the pension will be honored. People being removed from the pension would have a fair amount of money placed into a 401K for them. From everything I have read, the amount is very fair. Honestly, if I was younger, I would prefer having the 401K where the company would match usually up to 5% of your annual salary that you put in.
1xzf — you are the troll. I am the OP but I am new to this website so I did not know the pension was discussed previously. To everyone else I apologize for bringing it up again, I’m just very nervous as I’m sure everyone is. The pension is a big part of my retirement, at least I hope it to be. I have been with the company 24 years and work in claims.
OP, here. Derp, derp, derp. Derpity derp, derp, derp.
Heard sales leaders position is gone my sister says she never sees him anyway. And when he comes bye doesn’t know anything what a waste of $$$$$$
My brother who is a sales leader is counting on the pension he’s so worried I hope he ok
He worried he position is going away
I’m in TN. We heard the same. New hires will never be offered a retirement plan. There will be no change to those that currently have it. Haven’t had time to look into the HR manual but it does make sense that there would be changes to the plan.
I would presume the freeze is a likely option, My father-in law just purchase a new Volvo XC60 and lease it and the insurance is included with the lease payment no matter were you live. I see things changing fast in the industry as we knew it just four years ago. Best of luck to everyone. My unit is getting drop by 85%. Make you wonder
Do u really think they are going to continue the out dated pension Do u really think they are going to keep funding with all these cuts. We are one of the last companies to keep it in conjunction with the 401k. It’s a huge liability for future funding. What did Tipsy say preparing the company for survival in the future. All we need now is Amazon to get into the car insurance business. Good luck if u are counting on this as your sole retirement funding.
Lol, yet another lame attempt at a fake news thread. Good try, little fella!
This troll is very prolific.
Look, I get it that HR laughed at him when he tried to transition from Claims to Systems, but Christ, how long can that motivate a person to act like a tool?
Not sure new hires will ever see a retirement plan?13
No, stop trying to start this rumor again.