Principal to Cut Jobs

**cyfanatic** · 09-30-2010, 10:00 AM

http://www.kcrg.com/news/local/Princ...104081139.html

**HILLCYD** · 09-30-2010, 10:11 AM

Linky no worky

**1100011CS** · 09-30-2010, 10:12 AM

Originally Posted by cyfanatic

http://www.kcrg.com/news/local/Princ...104081139.html

I almost took a job in that area a couple years ago. Whew!

**ISUAgronomist** · 09-30-2010, 10:14 AM

Here's an updated link for all:

Principal To Cut Jobs, End Medical Insurance Business | KCRG-TV9 | Cedar Rapids, Iowa News, Sports, and Weather | Local News

**cyfanatic** · 09-30-2010, 10:17 AM

Originally Posted by isuaggie

Here's an updated link for all:

Principal To Cut Jobs, End Medical Insurance Business | KCRG-TV9 | Cedar Rapids, Iowa News, Sports, and Weather | Local News

Thanks!

**Wesley** · 09-30-2010, 10:24 AM

It has been removed.

Well, here is one about the Ocare Impact:

McDonald's Says It May Drop Health Plan - WSJ.com

McDonald's Corp. has warned federal regulators that it could drop its health insurance plan for nearly 30,000 hourly restaurant workers unless regulators waive a new requirement of the U.S. health overhaul.

Last week, a senior McDonald's official informed the Department of Health and Human Services that the restaurant chain's insurer won't meet a 2011 requirement to spend at least 80% to 85% of its premium revenue on medical care.
McDonald's and trade groups say the percentage, called a medical loss ratio, is unrealistic for mini-med plans because of high administrative costs owing to frequent worker turnover, combined with relatively low spending on claims.

Looks like all fast food will be in the same bucket.

**Wesley** · 09-30-2010, 10:27 AM

Originally Posted by isuaggie

Here's an updated link for all:

Principal To Cut Jobs, End Medical Insurance Business | KCRG-TV9 | Cedar Rapids, Iowa News, Sports, and Weather | Local News

Looks like they will not be hiring anyone soon. If the profits (even 1%) will not exist in medical insurance, the companies will leave that area.

After all, why risk a company/business when you have a 1% profit industrywide??? The govt will eventually own the industry as a single payer. Hope the govt then does not go bankrupt or otherwise their goes the medical bill payments.

**cjb1978** · 09-30-2010, 10:30 AM

Well sob, have a job interview there next week. Looks like I will be double thinking about taking it

**simply1** · 09-30-2010, 10:42 AM

http://www.cyclonefanatic.com/forum/...er-1500-a.html (Pfg cuts another 1500)

**capitalcityguy** · 09-30-2010, 12:13 PM

Originally Posted by cjb1978

Well sob, have a job interview there next week. Looks like I will be double thinking about taking it

Well, it your interview was with the health insurance division, I doubt it is still on. If it is elsewhere within the company ,why would this news matter? In fact, if they are getting rid of unprofitable business unit that is currently (or projected in the future) to drag the entire corporation down, wouldn't this generally be good news for those working in other parts of the company?

**cjb1978** · 09-30-2010, 12:17 PM

Originally Posted by capitalcityguy

Well, it your interview was with the health insurance division, I doubt it is still on. If it is elsewhere within the company ,why would this news matter? In fact, if they are getting rid of unprofitable business unit that is currently (or projected in the future) to drag the entire corporation down, wouldn't this generally be good news for those working in other parts of the company?

Mostly I was looking there as the health benefits being one of the main pros of taking a job there.

It is with the Individual Life group within there.

**acgclone** · 09-30-2010, 12:45 PM

Originally Posted by cjb1978

Well sob, have a job interview there next week. Looks like I will be double thinking about taking it

All I can say is wow. Did you even read the article, before you came to this conclusion?

What would Principal cutting their medical insurance DIVISION, have anything to do with their life division?

They are NOT cutting their medical coverage for employees, they are getting out of the medical insurance business.

**Cyballz** · 09-30-2010, 12:48 PM

Originally Posted by cjb1978

Well sob, have a job interview there next week. Looks like I will be double thinking about taking it

No wonder the company has to cut jobs if this is the quality of interviewees they're going to bring in

**cjb1978** · 09-30-2010, 01:16 PM

Originally Posted by acgclone

All I can say is wow. Did you even read the article, before you came to this conclusion?

What would Principal cutting their medical insurance DIVISION, have anything to do with their life division?

They are NOT cutting their medical coverage for employees, they are getting out of the medical insurance business.

I am talking from a cost benefit point of view.

Meaning if Principal cuts their health benefits from providing their own to assigning this duty to an outside vendor then the costs will go up for the employees of Principal.

So in short, the cost of benefits is going up for the employees and any new people coming on board will have to offset this cost to them by asking for more money per year.

Originally Posted by Cyballz

No wonder the company has to cut jobs if this is the quality of interviewees they're going to bring in

No it is called looking at the bigger picture.