Let's discuss. Let's vent.
7 replies (most recent on top)
Do I blame Michael, Fawad, Sandy, & Ashley? Nope. I wouldn't want to be in their shoes for 30 seconds.
Yeah, their gigantic golden parachutes would be far too hard for you to carry. Give me a break...
Their incompetence created CDE and ballooned our expenses beyond what could be sustained. They should have been fired for that alone long before this recent round of layoffs ever started, and at any publicly traded company they would have been.
Now they're trying to fix their mistake by essentially destroying the company culture, tanking customer service and customer satisfaction, shedding policies like they're toxic, and essentially crippling the company.
Considering how rare pensions are, I'll take whatever I can. Early pension at 55? Absolutely! Frozen pension in 2018? You betcha! State Farm doesn't owe me anything. I've earned a great living for 18 years with salary, benefits, generous bonuses, etc. Do I feel bad for people? Absolutely! Do I blame Michael, Fawad, Sandy, & Ashley? Nope. I wouldn't want to be in their shoes for 30 seconds.
Years of decisions and behavior have gotten us to the trouble we're in today. Weight loss advocates will suggest it's unhealthy to lose excess weight faster than you gained it. Likewise, it's unhealthy to be tasked with fixing problems that grew exponentially over the years. But, alas, as a company, we're in peril. The approach is harsh. And perhaps flawed. But, could it work? I'll likely be gone and no longer invested in the end result. Except I do hope for success for those who remain.
It's fine to discuss the legalities of what a company can or cannot do with its pension and other benefits packages, but to start a thread like this with zero information just to get people stirred up is definitely trollish.
The pension plan being overfunded and the investment group have nothing to do with a freeze.
Nonsense troll threader, the Pension is over funded. Just like our investments that keep State Farm going. We may report losses but we are invested well in our pension plan. The investments group won’t be impacted.
It's a fair question. It was brought up elsewhere. Not as fact but as an option for a company.
Has someone actually heard that the pension is truly being frozen, or is this just another nonsense troll thread?