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Country Financial offers early retirement, severance to 400 employees [The Pantagraph, Bloomington, Ill.]
[October 13, 2009]

Country Financial offers early retirement, severance to 400 employees [The Pantagraph, Bloomington, Ill.]


(Pantagraph (Bloomington, IL) Via Acquire Media NewsEdge) Oct. 13--BLOOMINGTON -- Country Financial has offered an early retirement package and a voluntary severance program to 400 employees nationwide.

The employees are in the company's life/health operations, property casualty operations, information technology services and the corporate controller's area, spokeswoman Chris Anderson said Monday.

Anderson said new software allows financial representatives to streamline tasks and handle information quicker, allowing for the possibility of reductions.

"In this case it truly is about technology," she said. "We can process the business faster, so we need fewer staff." The 400 employees represent slightly more than 9 percent of the total work force of 4,290 at Country and its Cotton States affiliate. Anderson did not know how many people were offered the option at Bloomington's corporate headquarters, where 2,514 people are employed.



But no layoffs are expected if fewer than 400 participate, she said. Instead, the company can rely on attrition and realigning staff within the company to meet its goals.

Of the 400, 122 employees ages 55 and older with a minimum of 20 years service were offered the early retirement option. Remaining employees were offered the voluntary severance program.


Employees have until Nov. 11 to make decisions.

Anderson declined to provide specific details of either offer, or the amount of money the company could save.

To see more of The Pantagraph, or to subscribe to the newspaper, go to http://www.pantagraph.com.

Copyright (c) 2009, The Pantagraph, Bloomington, Ill.

Distributed by McClatchy-Tribune Information Services.

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