Does the State Farm pension plan have a COLA?
18 replies (most recent on top)
Unless you are stupid it’s NOT THE OLD STATE FARM !
I already made adjustment for anything I suggest you do the same!
The mo--n who keeps posting about the pension;
You do realize 1. Everything you post is speculation only, and 2. Most pensions are a thing of the past. This is one of the few that even survive today.
Another brainless comment by oxtg. Same id--t that announces every quarter the pension is being eliminated next week.
No COLA on the pension. By the time you die (hopefully) Plan on it being worth about half of what it was when you retired.
I don’t think State Farm is ready to uproot the agency system yet. That would be like whats happening in Claims total free fall. We are so backed-up its starting to really become noticeable. Good Luck to everyone.
No, not any COLA adjustments at all. You only get what you receive once you begin taking your pension. Ex. If you get $1000/month then that’s it for life.
The new agents contract will have higher new business commissions and greatly reduced renewal commissions. This will save billions and make the pension look like like a rounding error.
If they keep the Denfined Benefit I would be surprised, most everything is getting cut. It does seem outdated for today’s environment and when the market takes the 40% hit which is coming I don’t think the Denfined Benefit will be the first priority, no promises you know. Good Luck to everyone I wouldn’t be counting on that pension bacon. Take the 4 Billion and put it back to the policyholders who own the company>
Tell THAT to the policyholders that have gotten 40% rate increases over the last three years. My brother is an agent he said its gotten way outta hand. I WOULD RATHER HAVE A JOB, THE FARM IS MOVING FROM CAREER EMPLOYEES TO JUST FASTFOOD CLERKS. You must be one of those TM’s or VP’s hiding out when things get rough. KILL the Pension and save some employees, things are piling up and metrics are somewhere in Fantasyland.
WE ARE SO TOP-HEAVY WITH DIRECTORS, TM, SM, VP’S, SENIOR VP’S WHAT DO THEY DO TO ADD TO THE BOTTOM LINE. CLEAN THAT LEVEL OUT!!
The pension is over funded to the tune of $4 billion. It’s not going anywhere or being frozen. It’s literally costing SF nothing for the foreseeable future.
Hard or soft freeze that is the question I’m sure the PBGC fees are going to get worst with all these other companies so under funded. Don’t want to be the last holding the bag.
My father in law works at UPS and there Pension was frozen sometime last year it was a trainwreck.
I wouldn’t be counting on anything with Pension going forward it’s a matter days before they freeze it like Allstate did. They are cutting everything left and right.
Yes, overtime is included.
Does the best 5 consecutive years include overtime ?
There have been a couple of "COLA Adjustments" over the years, but it's been years since the last one. I doubt that there will ever be another.
No. It is what it is so get the best 5 consecutive years you can.
Lol hell no