Benefits: Total Rewards – Financial & Retirement

Retirement Plan

A defined benefit pension plan provides eligible employees a financial benefit at retirement, based on years of plan participation and compensation. State Farm pays the full cost of this plan.

Savings & Thrift

Employees also have the opportunity to save through a Registered Retirement Savings Plan (RRSP). Contributions can be made through payroll deduction. The Company provides a flat dollar match each year, up to a maximum of $900, when annual consolidated profits allow.

Flexible Spending Account

The State Farm Insurance Companies Flexible Spending Account provides an annual allotment of Flex Dollars based on your seniority with the Company. You can choose how to allocate the Flex Dollars from several options.

Mutual Funds

Employees can take advantage of our alliance with Invesco Canada by opening an Investment Account, a Registered Retirement Savings Plan, a Registered Education Savings Plan, and/or a Tax-Free Savings Account. State Farm associates and their qualifying family members can purchase from a select offering of Invesco Canada mutual funds without incurring any up-front or deferred sales charges.*

Financial Education

State Farm pays all costs of Company-sponsored financial education workshops and seminars. As a financial services company, it's important for us to understand the basics of financial planning and be actively involved in our own personal financial planning.

Canadian Discount Program

The Canadian Discount Program is a valuable benefit available to State Farm employees, agents, employees of agents, and retirees. This benefit allows eligible individuals to save money on products and services from many companies.

Credit Union

State Farm employees, agents, retirees, and members of their households can take advantage of membership in State Farm (Toronto) Credit Union Limited. The Credit Union offers savings accounts, personal loans, vehicle loans, and more. It is one of the highest valued benefits available to our associates.

State Farm Companies Foundation Good Neighbour Grant Program

The State Farm Companies Foundation awards a $500 grant to an eligible non-profit organization on behalf of each eligible State Farm® employee, agent, or retiree who volunteers a minimum of 40 hours in a calendar year.

State Farm Companies Foundation Matching Gift Program

The State Farm Companies Foundation matches eligible State Farm® associates' (employees, agents, or retirees) charitable contributions (tax-deductible portion) to qualified two- and four-year U.S. colleges and universities and Canadian universities. Matching gifts can be a minimum of $25 and a maximum of $3,000 per calendar year.

Scholarships

The State Farm Centennial Scholarship awards three scholarships each year to eligible children of full-time State Farm employees, agents, or retirees. All phases of the competition are managed by a committee of Canadian college and university representatives chosen by the Association of Universities and Colleges of Canada (AUCC).