For pension? I'd like to cash out and invest.
28 replies (most recent on top)
Never happen. Too much money spent on supporting DSA.
@23g you're delusional if you think only one person keeps spamming this board. It like me saying that the likes on your comment are all you and that might be more factual than your claims.
@rv I think the few actual employees here are just sick to death of the one person spamming the board with assumptive threads based on little info and the childish responses they flood their thread with. Go back two years and look at discourse here. You can tell before it was employees, now its basically reddit posting, just assumptive loaded thread headlines and insulting reactive responses. No good info or worthwhile info here. Most have given up on this place though so probably best to move on and let the little kid have his vip play ground. Still not sure if its a bot or some deranged agent.
@1qp As noted below, it’s not allowed by law.
Yes. Next year.
Love all the down votes and thread trolls that put their same ret-rded comments on every post...let me guess I bet the saxophones start playing loud everywhere you go..... Chirp Chirp.... de-d aszzz!
@1a2 When you refer to things that happen in closed meetings, and name people as “the executive over HR”, perhaps you’re just making stuff up.🤷🏻♂️
@19y Neato. Then I can pay bitcoin for Steak n Shake larded fries and hamberders.
If the pension ta-d was as good at math as he was creative writing, he'd know if they were going to freeze the pension, they wouldn't have offered buyouts.
Just waiting for the park to be sold. Clearly not adding anything new there and my grandkids don’t understand how it used to be for us earlier. What other benefits willl be stripped.
In the Exec briefing last week the Exec over HR acknowledged a question asked if they were still working on the results from the Total Rewards survey. She basically stated yes and more to come. The only things left to touch is STD, PTO, pension, healthcare, and 401K! More is coming and it will no be to the employees benefit! They always take and never give!
Yes, 100.0% paid in Bitcoin (Only).
@15e Would think that just making sh-t up would become tedious.
"Burn and churn, pump and dump scheme" poster forgot to add their "2040 Burger King workforce" line.
SF pension is being frozen effective 01-01-28. 2027 will be the last year State Farm contributes to the pension fund for employees. They are even considering doing away with the employee 401K plan for everyone. Anyone pension eligible, not currently receiving benefits, will have their benefits frozen. Those under a certain number of years will been given a lump sump distribution based on the PBGC federal formula. More changes to come with benefits too! No more severance packages for U/W as they are trying to force them into miserable claims jobs that no one wants. More announcements will be made first part of 4th quarter. There is the bottom of the barrel, then there is this complete and total sh-t hole! Joke! Burn and churn, pump and dump scheme!
Upside the SF pension is fully and adequately funded, unlike the US Federal Social Security fund!
@zr Already noted in some detail previously. But without your editorial feeling.
@zr The “offer” is an actuarial number based upon one’s vested interest in the pension. The pension has to be kept stable and funded for the active participants.
WTH should it be in your mind?
No, but State Farm has contacted former employees too young to take the pension and offered a buyout. As you would expect, the offers were not in the employees favor.
Interesting how everything is down voted here. Especially factual information.
So I looked it up, and the answer is “No. They cannot do that.”
—-Defined benefit plans cannot freely offer lump‑sum withdrawals to active employees unless the plan explicitly allows in‑service distributions at age 59½ or older. Federal law requires these plans to pay benefits as annuities unless a lump‑sum option is permitted by the plan.
Around 2012, there was some sort of legal change. At that time, I was an agent with an old pension from my time in claims. I got a letter stating that I had the option of staying in the pension, or cashing it out. It was about $25k. Since we were selling Mutual Funds, I carefully set up a direct transfer into an IRA.
I don’t think they can usually do it. There was some sort of legislation that occurred at that time. We also found $25k in my wife’s old phone company pension, and we direct transferred that for her as well.
But just off the top, it seems like it wouldn’t be legal to cash out pensions for active employees. That would destabilize the entire plan.
I'd like to cash out anything and everything and never have to deal with this company again. I don't even want to hear their name.
Thinking there would be thousands who would participate if offered
Auto/Fire Claims its just reassign, abuse and torture you until you leave, U/W they are kind of a mix of severance and letting people walk or reassigning to claims if they want to!
If you offered a voluntary cash buy-out, at least 30% of the employees would walk immediately! I know I would if they offered anything even remotely decent!
It is a total sh-t show!
If that was an option most of the work force would have left a decade ago and SF would have gone under! Total sh-t hole!
No.