I'm not in an impacted area yet, but I'm only a matter of months away from 55. Will these layoffs eventually impact all areas? If so, when should they be over? I'm trying to decide whether to stick it out and wait for a possible severance (which I need) or retire early. Thank you.
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OP here. Yes, I have been confused since it has been reported that State Farm will continue to have a presence here.
Are people still confused about the direction of this company? Eventually EVERYTHING will be located in the Hubs. I’m in underwriting and we haven’t been impacted yet but our day is coming.
Thank you again for your advice. I will look up the benefits information as suggested, as well. It's nice to know people understand and care.
To answer the original question....likely all areas will eventually be impacted. And much like redesigning a home, they'll be back to areas after new ideas and trends suggest it's warranted. Desperate times. Desperate measures.
Making 55 prior to a QTD isn’t necessarily all that great. The pension is at 60%. And the retiree insurance premiums aren’t great, unless you turned 50 by 1/01/12 and are grandfathered in for spouse coverage. If you choose to defer pension, you are then a terminated employee. It used to be just the medical was tied to drawing the pension. Now all retiree benefits are tied to that. Anyone currently making these decisions should talk to a financial planner. Difficult times, difficult decisions that depend on your personal circumstances.
OP, another clarifing update. I re- read your post, and it doesn't really look like you plan to jump ship before 55. I just saw another who advised to leave now, and I guess I reacted to that literally. So, most of what I provided should be a given, understood by all.
Clarifying my last post a few minutes ago:
"...some 3/31 QTD's were overjoyed to have just turned 55 before being cut - and others destroyed" >> by NOT making it to 55 before being cut
NO! Unless you have a solid, red-hot reason to leave just before turning 55 - DON'T DO IT. Doing so forfeits key benefits over your remaining lifetime!
Please - asap - review:
Intranet home > total rewards > financial > retirement plan > "educational workshops on retirement benefits". 15 minutes to an hour of reading will explain why some 3/31 QTD's were overjoyed to have just turned 55 before being cut - and others destroyed.
Trolls, please understand the spirit of the following: Other than the misery of continuing to work (not having freedom, et, al trolls), while awaiting a future fate, you lose NOTHING by staying employed. Just at least milk it as possible until 55. After that, I'll agree with others - leave on your own terms, for your own reasons. If you are forced out at some point after 55, retire.
Thank you both for your responses and advice - very much appreciated. It's so hard to know what to do.
After the wave 2 ET decisions are made, the retirement announcements will begin to pour in. The farm has no idea the number of people who are going to jump ship. The work is building and being backlogged. There won't be enough people to do the work. The question is not IF one should retire, but WHEN. I'm saving every penny for my exit.
You need to do what is in the best interest of you and your family. F@#k the Farm and the drama surrounding it. The one constant in Proximity since 97 has been constant re-orgs every 3 - 5 years. The stress has taken a severe toll on a lot of good employees. The job isn't worth it. If your financial house is in order - leave when you want and on your terms. If it isn't, then start somewhere. Pay down debt, save for major life events, pay off the house, build up your retirement etc.
As to your hope for a buy-out, they offered Proximity Section Managers and above Voluntary severance, which was sweet compared to involuntary and people jumped on it. They then offered involuntary to TMs and below. The only catch was that the person had to be impacted. You couldn't volunteer for it. In my case, I was fine (not impacted, no involuntary severance) but 2 others had to compete for a position. This meant one person kept his job and the other will receive a buy-out 7/31. Bottom-line, you could hang around for an involuntary severance and not be eligible for it. If you stay in anticipation of a buy-out, you could be regretting it.
My advice, leave now and don't look back. Good luck!
Thank you. Do you have any advice for me on whether to take early retirement or wait for a possible severance, please? Thanks!
It will stop when everything is fixed, SF is running smoothly and profitably, the world stops changing, and all competitors stand still. So......never.