At State Farm, we are a leader in the insurance and financial services industry. We offer our employees programs, financial education and tools to help them plan and achieve their financial goals.
Offering a solid combination for the future...
Savings and Thrift
State Farm offers its employees the opportunity to save through a Registered Retirement Savings Plan (RRSP). Contributions can be made through payroll reduction. The company provides a flat dollar match each year, up to a maximum of $900, when annual consolidated profits allow.
Retirement (Pension) Plan
We also provide a defined benefit pension plan to eligible employees. This plan provides a financial benefit at retirement based on eligible employees' years of plan participation and their highest average annual compensation for any 60 consecutive months of credited service. State Farm pays for the full cost of this plan.
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 choose how to allocate the Flex Dollars from the following choices:
- All to a Health Spending Account (HSA)
- All to Savings and Thrift (RRSP)
- All to Investment Accounts (Mutual Funds)
- All to Registered Education Savings Plan (RESP)
- All to Tax-Free Savings Account (TFSA)
- Half to two of the above options
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.
Options for additional financial security...
Credit Union
State Farm employees, agents, retirees, and members of their immediate families 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.
Mutual Funds
Understanding the options available to you as a State Farm employee is an important step towards building a strong financial foundation. Employees can take advantage of our alliance with Invesco Trimark Ltd. 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 Trimark Ltd. mutual funds without incurring any upfront or deferred sales charges.
Mutual Funds are not Insurance products and are distributed through representatives of State Farm Investor Services (Canada) Co. State Farm Investor Services (Canada) Co. is a separate legal entity from State Farm Mutual Automobile Insurance Company, or any of its insurance affiliates.
Please read the applicable simplified prospectus before investing. Commissions, trailing commissions, management fees, and expenses may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual Funds securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer.
Neither State Farm nor its agents provide tax or legal advice. Please consult a tax or legal advisor for advice regarding your personal circumstances.
Plan for Your Financial Future...
Financial Education
State Farm believes that helping employees plan for their financial future is an important benefit. In addition to the financial programs mentioned above, we provide financial education courses on a variety of topics and tools to help employees plan and achieve their financial goals. State Farm does not charge employees a fee for participating in these courses.
