BY TINA L. SCOTT
EDITOR
Church Mutual Insurance Company, which is headquartered in Merrill, announced last week that it was making “Voluntary Retirement Incentive (VRI) offers to eligible employees throughout the Church Mutual Group nationwide.”
While Church Mutual representatives declined to define specifically how employee eligibility for the program is determined, one representative said, “In general, eligibility is based on age and years of service.”
Eligible employees were notified last Wednesday, Aug. 23, 2023, and a companywide announcement was made later that same day.
“The offer includes a payment tied to service as well as an additional lump sum, all credited to the employee’s Cash Balance Plan, a/k/a pension plan,” a press release from Church Mutual said, although they declined to be any more specific than that. “In the interest of protecting our employees’ personal information, we are keeping the value of the offer confidential,” a representative said.
“Employees have several weeks to consider the offer. Accepting or declining the early-retirement VRI offer is entirely at the discretion of each eligible employee. Those who accept the offer will work with their supervisors to determine a mutually agreeable date to end their employment, no later than Dec. 31, 2023,” he said.
“Those who decline the VRI offer can remain in their current roles.”
“We are encouraging eligible employees to speak to their financial, tax and legal advisors to make the best decision for their personal circumstances and retirement goals,” the representative said.
Church Mutual stated the goal of offering the VRI at this time is “to better align our staffing levels with current and future customer needs, as well as our long-term business strategy.”
“Our significant, ongoing financial strength enables us to able make this generous VRI offer,” the press release said.
The company did not share specific goals aligned with the VRI offer but did emphasize that “the VRI action is voluntary” and “Eligible employees may accept or decline the offer, doing what’s best for their needs and plans.”
“In regard to overall staffing, Church Mutual has not implemented a hiring freeze,” the press release said.
“Church Mutual Group is continuing to recruit and hire talent for positions nationwide,” the spokesperson for the company said. “…Rather it is making strategic workforce adjustments to support current and long-term needs.”
“Workforce adjustments do not imply any other changes to Church Mutual’s business or geographic footprint,” the press release said. “We remain committed to the communities where we have offices: Merrill, Madison, and Milwaukee, Wisconsin; Denver, Colorado; and Mechanicsburg, Pennsylvania. We will continue to support their local economies with attractive employment opportunities as well as donations from our CM CARES foundation and volunteer service from our employees.
“Rest assured, Church Mutual is strong, vibrant, and future-focused. We will continue to serve those who serve others, as we have done for 126 years and counting,” the press release concluded.