Looks like the trial date is set for the nearly 8 billion SF racketeering case, in US district court in Southern Il. SF better hope the recruiting and secret funneling of millions of dollars to the campaign of the IL supreme court justice, whom, by the way, was instrumental in overturning the 1.05 billion Avery aftermarket parts case, settles before trial. If not, those that still have a job, are going to see even tougher times in the very near future. Seems desperate times, leads to desperate measures. Sure seems like all these job cuts continue to accelerate and keep getting deeper as the clock counts down. Ah juicy...juicy
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I’m usually not one to be vengeful but in this specific situation the OP cited it will be well deserved. SF deserves to be sued and to be made a case of.
I smell a large cass action lawsuit, besides the individual ones for harrassment, mental anguish, libel & slander pertaining to unfair firing. And then wait until FINCEN gets hold of some tasty and DOCUMENTED tidbits from bank. Oh to be a fly on the wall. Bank was and is as crooked as a mountain road...
The pension is currently over funded to the tune of $4 billion. SF won’t have to make contributions for years. There is no reason they would freeze it. If they did do something someday, it would likely be to stop offering the pension to new hires and offer a much bigger 401k match instead. Stop worrying about the pension.
A weasel has a stronger moral compass than our current leadership. I hope SF gets tagged for a multi-billion dollar verdict. Again.
Never take a deal they offer you. If it is beneficial it you, they would not offer it. If they want to cash you out, sf-fu.
Having a scheduled court date is not the same as having lost the case. Just sayin’. As for the 401k, you can save a lot more there than you can in an IRA. For those who are seriously trying to max their contributions, you just can’t do it in an outside IRA. That being said, it’s best to max both out if you can.
I don’t pretend to know all the ins and outs of pensions. I think very few people do. I had 9 years vested as an employee before switching careers. A few years ago there was some sort of law change, and I was offered the choice of my tiny pension or a cash out. It was about $25k. I ran some numbers and did a ROLLOVER to my outside IRA on that one. My wife got the same offer from a company she had spent 9 years with many years before, and did the same thing.
I agree with changing how you invest for your retirement. About 7 years ago I started an IRA with an outside fund company because SF 401k returns were so bad. I put just enough in the SF 401k to get the match and that is it. I recommend everyone do your research...
Oh, and as to the pension, the only real news is that under the current plan document they have a right to buy you out when you leave if the present value of your accrued benefit is under $5,000.00. That you can read for yourself in the plan document. Freezing the pension has been rumored for over 10 years. nothing to see here, move along....
All above is BS
They will lock benefits in for years vested, They can opt to buy out pension benefits under a certain threshold just like they did two years ago. I just adjusted my 401 k Roth contribution , but after what my accountant told me last month I should look outside to invest based on the rating the farm has been posting on there funds I was shock!!!
@T8uYxd1-agv you sounded like you knew what you were talking about right up until you said the company could buy out your 401k.
all FAKE NEWS people
They might tell you they want to buy out your pension but if you are vested I don't think they gave power to do it they might tell you they have power to do it or lie and say or imply you have no choice but you are not required to give up your pension just because they want you to. Again this applies to pension fund vested employees. They can buy out your 401k but not pension. They will at every opportunity try to illegally screw you out of benefits by preying on the ignorance of the employees. Lawyer up...
You can't buy out a pension unless laws have changed recently. One of the only times government had to intervene on a benefit because corporate,raiders in 80s and 90s were buying companies to steal the pension funds. Now the company can decide to do anything they want to the pension point forward. Meaning if they decide no more,pension tomorrow then it stops but those employees vested in the pension at the,point of no more pension are I will say laughingly guaranteed their pension based on yrs,of service up to point where the company ceased the pension. If you have 25 yrs,of vested service when Co stops pension tomorrow then when you take,retirement in the future you get your 25 yr pension. Even if if you work 30 years you would only get 25 yr pension. This applies to pension only not the retirement benefits which are not one and the same. That's why the company was able to screw over everyone recently by reducing retirement medical benefits. There are no protections for retirement benefits. EXCEPT they are not allowed to discriminate on the retirement benefits. Meaning if they decide to take away more retirement benefits they cannot pick and chose who they apply it to such as keeping some retirement benefits for executives but taking it away from everyone else. That is clear cut ,discrimination and the government would harshly punish the company for doing it....and I'm done.
Are we going to get a pension buyout my friend in HR said something will be coming out in June she said a lot of people aren't going to like the change
Good luck to everyone
I am not a corporate employee but I have always felt safe at work up to the last 3 years. Purposely setting employees up to fail and the constant negative communications from management week after week, day after day, as well as overworking people 7 days a week is taking its toll. It is creating a hazardous and unsafe work environment beyond epic proportions. Then you add personal struggles people go through in life on top of it.... I cannot find another employer fast enough!!
Holy f----! Tm said sf guilty. I had not heard this prior to seeing it on this site. No wonder they can treat their emploeyes like sh-- and not care. Crooked as hell Co.
Not that I don't agree with that last post, but this is exactly why I don't want to be anywhere near Corporate HQ during Wave 2. There is a lot of that sentiment floating around and all it takes is one nut.
Thank you! I also I want to see State Farm sued into oblivion. I honestly hope all upper level mgmt including the sh--head VP's, CEO, board members all rot in hell for how they treated me and my co-workers.
I want to see State Farm sued into oblivion.