AM I NEXT? NO LOVE AT PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY

Am I Next? Layoffs at PHEAA — voluntary contract expiration.

Harrisburg, Pennsylvania-based Pennsylvania Higher Education Assistance Agency, a quasi-governmental agency that administers several state-level and national-level higher education student financial aid programs, has announced that it is not pursuing another extension of its original federal student loan servicing contract when it expires on December 14, 2021.

The refusal to seek a renewal of a government loan servicing contract will impact hundreds of servicing employees.

According to Pennsylvania Higher Education Assistance Agency president and CEO James Steeley, he advised federal officials that the company will not seek another extension to the 10-year student loan servicing contract that expired in 2019 and has been extended several times during the past two years.

“In the 12 years since PHEAA accepted the terms of its federal servicing contract, the federal loan programs as managed by the U.S. Department of Education have grown increasingly complex and challenging while the cost to service business increased dramatically. We still have other business lines that are robust and growing. It’s not a situation where PHEAA is going away nor is its revenue-generating ability. We’re just refocusing on our core public service mission for Pennsylvania.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT PRINCIPAL FINANCIAL GROUP (09/15/21)

Am I Next? Product changes at the Principal Financial Group results in layoffs.

SEPTEMBER 15, 2021 — CONTINUING LAYOFFS IN DES MOINES, IOWA.

The company has announced the layoffs of 25 Des Moines employees associated with the discontinuance of the sale of the company’s fixed annuities and life insurance to individual customers. The separation is scheduled for October 15, 2021.

The decision was driven by activist investor Elliott Management Corp. called for an internal review of its lines of business. Like most Elliot deals, the company “expected to provide $3 billion to shareholders through the end of 2022 by buying back stock and increasing dividend payments.” Of course, the winner was Elliot Management and the employees were the losers.

JULY 7, 2021 — Original post…

Principal Financial Group is an American global financial investment management and insurance company headquartered in

Des Moines, Iowa-based Principal Financial Group, a financial investment management, and insurance company has announced substantial changes to its business operations which will lead to a personnel realignment and a reduction in force of up to 5% of the companywide employee base.

The company has announced that it will be discontinuing individual life insurance for the retail market and the sales of retail fixed annuities.

According to Dan Houston, chairman, president, and CEO of Principal, “This thorough and intensive review considered strategic fit, client needs, financial impact, and the risk profile of our business lines. The outcome will result in a more focused portfolio and stronger capital management strategy that we believe positions Principal for strengthened leadership in higher growth markets and greater capital efficiency, leading to higher expected shareholder return. I am confident that as we move forward, we’ll be positioned to win and grow in meaningful ways for our shareholders, customers, and employees, both today and into the future."

"Some people will be laid off, but company officials said plans have not been finalized yet. The company employs 18,000 people globally."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? PERFORMANT RECOVERY

Am I Next? Performant Recovery layoffs from government program change and pandemic.

Livermore, California-based Performant Recovery, a debt recovery service for government agencies and commercial accounts, has announced that it will be laying off 91 employees, including 31 previously furloughed employees, located in Grants Pass, Oregon. The layoffs are scheduled to occurr between between April 25, 2021 and May 7, 2021.

The decision appears to be driven by the consequences of the COVID-19 pandemic and changes in the federal student loan processing requirements.

According to a company spokesperson, “Numerous changes brought about by the COVID-19 global pandemic, together with recent government decisions regarding federal student loan processing, have significantly impacted our recovery business, resulting in these employment changes. While-we are actively exploring strategic options that may provide continued work opportunities for some employees, we cannot guarantee that these opportunities will materialize.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?