#pension

Kelly King and Bumbling Bill made an agreement when Gargamel took over that he wouldn’t remove the pension for 10 years. Not sure if that was the day of the merger or the day Gargamel took over. But the pension will cease to exist in way less than 10 years.

I am 52 and want to take VRP but not eligible for it. Anyone knows if HR would bridge 3 years and give me the package? It would be hard to stay 3 more years. I will lose more than 50% of my pension if I leave before 55.

How long has it been taking people out there for Sunlife to transfer the index funds to your brokerage of choice? Also, for those taking a lump sum from the pension plan, how long before those funds hit a LIRA account once the forms are submitted?

Was laid off early May and given 3 weeks until 29 May to sign the settlement agreement

My package looks like this
3 weeks to review settlement agreement (no work to do and fully paid)
3 month notice period - Got lucky as this was changed during covid years when they got scared of people resigning with only a month notice
6 weeks tax free redundancy for six years service which was lousy
22 days holiday paid out which I had accrued
Pension and medical insurance paid for 3 months and 22 days

tried to fight for my bonus but got zero

Basically cost me 65 grand to make me redundant in the UK - I was on 140K salary as a senior consultant and I get to leave end of May as I am put on PILON

I start in a new job on 15 June so this is all fine for me and I am delighted

People who are laid off should be using these boards to share what they got so that others can do the same - The time is coming - The numbers are sh-t and they are in a hole with no way out

How many of you will stay (or leave) if the eliminated the pension plan?

The company is shrinking and is younger people need the roles to open up to survive. The pension doesn’t grow that much after 55 and certainly after 60 it really slows down. Do us a favor and help us get to 55.

Wow, I was surprised not to find any public forums regarding state farm employees to chit chat, but I wanted to post here and say my whole onboarding group going into 2019 from various sections in the company are no longer employed with state farm. I ignited an old group chat out of curiosity. 17 in total and the last person to leave was in early 2025. Most people were let go or left around 2022-23

I found this metric interesting and worth putting out there. We all got sold on how it was a life long career and investment into your education for financial and personal growth.

Didn't get much detail but it seems the majority were right to worked for various little reasons primarily with the legacy benefits package. (Pension)

Curious if any AT&T employees who are over 50 and qualify for a pension have been unexpectedly put on a “Development Plan”?

When will we learn what is happening to the pension after aero is separate?

General Motors announced a new round of layoffs. This adds to ongoing workforce reductions across the Big Three automakers. Richard W. Paul & Associates launched "Big Three Retiree." This free platform offers resources for Ford, GM, and Stellantis employees. It helps workers navigate pensions, buyouts, and retirement planning.

Detroit, MI

https://finance.yahoo.com/sectors/healthcare/articles/gm-announces-round-layoffs-michigan-183000073.html

I'm 50-something years old, 20-something years of Ford direct employment, falling under the GRP. Contributory to my pension since the first paycheck I could do so.

I'd go tomorrow if the rules let me retire early, but I'm not quite 55.

Any rumors of early retirement packages?

I hear that XOM doesn’t like to carry the liability on their books of your pension after you leave. So if you leave after 5, 10, 15, 20 years and don’t reach 55 they offer you lump sum for your pension payment.

Is this true? If so, what do those amounts look like?

After nine years with cvx, I am planning to move on. I just have a perhaps stupid question: since our pension is vested after 5 years of service, will we get all the lump sum number shown in total awards webpage if we choose to take it out? and if we choose to let company manage it, the number will continue to grow as we approach 65 right?

What happens to any supplemental pension or supplemental 401K savings if you are forced out at 52 and would have been NRE before (I know that is now removed). Would the company really just keep it and say tough luck?

After termination, how long does it usually take to receive communications about the pension and RRSP plans? I’ve been waiting for about 3 weeks now and wanted to follow up.

I called the Vz pension department a couple of months ago to inquire about who is custodian of the pension if I was to retire and take the annuity pension instead of the lump sum. I was put on a 5 minute hold. The rep told me pension obligation was sold off to Prudential in 2013 and 2023. It had to do with contractual obligations concerning Bell Atlantic and GTE. She further stated that there’s currently no plans to sell off more of it. Doesn’t mean it will never happen but for now going forward, if you retire , your pension is with Vz. If you’re bent on a monthly pension but don’t want to leave it with Vz take the lump and purchase a guaranteed life annuity. I’ve been quoted an almost identical monthly amount for a glf as if I had taken a 100% pop-up for my wife from Vz.

Bumping this from @gk+1kq2atb5s for info.

DW is laser focused on running the org to failure. So rather than fight him, let’s help him. Next time you see poor quality work or a way to help… don’t do it. Even though you may think you’re the better person… don’t do it. Nothing will change until a true failure. So while contrary, push the activity along to failure. There is no longer honor in preserving this legacy… if DW doesn’t see the risk of becoming a takeover when everything fails (see Macondo) then it’s not our job to convince him.
And if you think that you are saving your pension or any other financial security, don’t worry, there are already plans to ki-l those. At this point, we have nothing to lose.

I’ve heard different rumors, but can they actually take your pension(cash balance) away from you if you’re let go because they deem you did not go to the office? I know they can’t touch your 401K.

https://www.marketsgroup.org/news/verizon-to-move-pension-asset-management-to-goldman-sachs-ocio?fbclid=IwY2xjawRZliFleHRuA2FlbQIxMQBzcnRjBmFwcF9pZA80MDk5NjI2MjMwODU2MDkAAR6tW1eHusgv8sz-a_EIVp4-3Gr4_fpKJS5WnDXYY_YCVgII9d67nLy1BfY0TQ_aem_SCp5oOD-4eH3Wc8UasPgGw

Martha is playing with Medtronic’s core businesses that have paid the light bill for decades.

I believe he is turning MDT into a venture capital fund, selling off BUs because they don’t meet his +50% groth rate just to use the fresh capital for M&A of long shot small start ups that will require intense capital to get them off the ground.

Wouldn’t be surprised if he dipped into the pension fund.

I had a friend who passed away recently who was an exxon retiree. Their family lived into their nineties so he expected to live until at least 85. My friend retired at 61 with 40 years of service and chose the annuity. The annuity was huge and paid them nearly 50 percent of his yearly pay. The retiree expected to live at least 25 years and collect the pension but it was not the case. They only received 6 years pay from the annuity and had no relatives to leave as beneficiaries. If they would have taken the lump sum it could have been left to anyone as beneficiaries. Alight only allows spouses and children to be beneficiaries for the pension. He could have left the lump sum money to his nieces and nephews, friends or even a charity. He was in excellent health and would have lived to an old age but pancreatic cancer took him out. From the time of diagnosis to death was 5 months. Exxon and alight won. Don't make the same mistake as my old friend.

You are so easy to spot... 20+ years in. Has seen every reorg... Uses "back in the day" all the time.. Defend pensions. And institutional memory. Oh, yeah, let's attack consultants and outsiders... And... Always disgusted but not never ever surprised at all.

I was at Xerox for about 40 years as a worker bee (non-management). Retired in 2020 after waiting for a vrif or irif package that I was never eligible for ( for one reason or another). So I left on my own accord (at 62). Best thing I ever did. Even back then the writing was on the wall. Carl had already taken over the CEO and board and it was only a matter of time. I know I was lucky but also calculated health subsidies at a lower income and had a few $$ put away just in case. Yes, I was an oldtimer with a pension and 401k. But its been 6 years and i havent touched either. If your young get that resume updated (by a professional if necessary, they have contacts you dont). If your old enough, Don't wait for the package, you may wind up with nothing. Bankruptcy will likely effect any pension payouts. BTW, if your in the US the best investment is your HSA. No tax in or out and can invest it all. I lowered my 401k to max out HSA. Best retirement planning I did.

The posts are generally whining and moaning.
I thought I would provide info so folks can plan better.
Topic of this week is around NRE and pension.
You don’t lose your pension. You lose benefits, especially medical. You get your pension, you get vested after 5 years. So you will get your pension. However discounting is different between retiree and terminee. Suggest you run Alight calculator between age 55 and 54.5 and you will know the difference.

This week’s announcement has serious implications and indicates the company is moving towards elimination of the pension. You could have worked for decades and be days away from receiving your pension at 55 and lose it all under the new system. If you are staying for the pension and it is what is keeping you here I recommend you think hard and critically on what the chances are that you actually receive a pension. Clearly Darren wants it gone. Executives have their huge pile of RSUs and the pension means very little to them. They would like to eliminate the pension so the stock pops higher.

OLD SYSTEM
If are NRE and placed in NSI:

• you are put on a DPC. You cannot fail the DPC. Basically you couldn’t be fired for “low performance” if NRE

If you were not NRE and placed in NSI:

• if 3 times in last 5 years you have been NSI you were mandatory to be fired (PIL)
• else if you are NSI you could choose between PIP and PIL
• if you failed the PIP you were fired

NEW SYSTEM after 2026
NRE and DPC eliminated from policy. You can be fired for “low performance” even if you have worked successfully at the company for decades and are just a few months or days from reaching 55 when you would be eligible for retirement. You can lose it all.
If you are placed in NSI:

• if 2 times in last 5 years you have been NSI you are mandatory to be fired (PIL)
• else you can choose between PIP and PIL
• if you fail the PIP you are fired

NEW SYSTEM IN 2026 ONLY
NRE and DPC eliminated from policy but if you are NRE and NSI then PIP will be offered and if you don’t pass you will be fired. You can also just take the PIL.
If you are placed in NSI:

• if NOT NRE, NSI at any time in last 4 years, and NSI in 2026 you are mandatory to be fired (PIL)
• else if NSI you can choose between PIP and PIL
• if you fail the PIP you are fired

Clearly the company will cancel the pension soon or fire you before age 55. They aren’t even trying to hide it anymore. It isn’t worth staying for. Do the math. Research what other options there are.

There has to be a scenario that would trigger the final elimination of the pension.

Any ideas of what conditions would cause the plan to be implemented?

Long story short I took EOI and left. I'm still waiting for my pension payout. They received my papers in early February and every time I call, I get the check is in the mail excuse. Received two letters stating that they are going to pay me but not the actual check. This company can't even deliver on their severance agreements which they (HR) are not fulfilling. My next step to talk to an attorney.

What will happen to earned but not commenced pensions if HW is split up and sold off?

Anyone remember this!
Looks like they were pretty spot on, just delayed due to COVID.

Giving you a heads up
Sept 1-most Prof/Tech and Para's will start re-entering the building. Leadership will have been transitioning into the buildings starting July 12. Now leaders can meet in person to discuss the following!

November - TMs will start meeting with employees to discuss the new Future State Operating models- Fire re-org, HRU, Stewardship, Prox....Team Lead structure U/W, Auto/FIre, a lot less TM's-only in the specialized areas, no ratings for employees, like TMs are today, with just a percentage/EIP. Levels of leadership will start getting cut and there will be more targeted transitions for tenured TMs, SMs, and CMs. Most CMs and SMs jobs are gone. AFS and Sales Leaders jobs are basically going away too. Korn Ferry will be utilized to determine who stays and go! Estimatics is done and so are most of Prox-outsourced to third party vendors-transition plans will be offered or more reassignments.
January 1, 2022- Pension buy-out offers are coming and employees will get heads up. Take it, trust me! There will be some decent incentives, bridging, time service etc...will be your last chance. Will be tied to staying around a certain period of time depending on local/Hub/LOC/job function/level. Agents will start all selling Gainsco ins too!

What's left-over-2nd Quarter 2022 LOC will find out their final faiths-depend on how quickly they can be replaced in hub cities/need. Also job class changes coming for U/W and Claims across all levels. No more $90K Auto/Fire Underwriters or Claim Reps in Prop-Complex and/or TM's for $130K a year to clear task, review a letter or review a file! TL will handle for $50-$60! CCC consolidation etc....

3rd Quarter 2022- 100 years now and changes to agency contract. More bots to automate away a lot of easy claims functions and U/W is going to start getting a lot more automation-ST to ST transfers, all added cars, all new business, automation of RAS/non-renewals and sunsetting the error based processing system. Target number of 40,000 employees by end of 2022, down from our current 57,500 approx. today! 25% reduction overall, target has been around 10% a year give or take a few percentages/turnover.

Pucker up ladies, gents, transitioning....!!!! It's amazing what things are left unprotected on SharePoints sites if you know where to look! You haven't seen sh-t yet!

I see many folks hanging around waiting for a severance package. I get that I mean a kicker to go would be ideal especially if you are retirement eligible and this is your last stop in your career. If you have another opportunity outside the phone factory that meets or exceeds current salary/bonus pay and you are not retirement eligible, yet. What do employees gain by achieving retirement eligibility? What would be at risk if you left payroll 3 years before becoming eligible for retirement?

Potential known risks:
3 years of Pension contributions (assuming eligible)
30% service discount
ability to participate in AT&T healthcare plans at your cost 100%

Are there any other meaningful "benefits" at risk by leaving before eligible?

Fool calls my post fake but I don’t care if they get pensio or healthcare I deserve what’s mine been hear since 1999 that make me last millennial though I’m Gen X Gen Z can kiss my dump truck fake posts !!! I don’t vote but should

Sorry the next news to drop is freezing the pension for those active employees that are pension eligible. That will be announced right after the April round of severance packages. The next round of severance packages/pressure tactics ramps up again in October and will wipe out most of the remaining underwriting folks. You will get the return to work mandate, for 50% of the time, for most employees effective September 01, 2026. Leadership 75% of the time. Executive will announce they are converting a large portion of your remaining PTO to sabbatical time and pay you out for a portion of it as well. They are trying to weed out any old remnants of the old SF or pressure test those people they consider weak. They are still delusional thinking the continued failure of their business model is not the incompetent DEI/2040 workforce they have hired, hubs and horrible business models they keep doubling down on. One more "magic" motivational quote, 1x1, Huddle, TPD or SXS is all that is standing behind their names in glory in the business world and return to #1. It is kind of funny to actually watch this level of stupidity and incompetence! Hilarious!

Over the past year, I have made dozens of posts on The Layoff with ways our company needs to improve. Even though there has been some progress, it is not enough. Disastrous decisions have caused me my retiree health care and froze my pension. I’ve been underpaid for years as many other employees have been. Meanwhile, an inept overpaid Board and high flying Executive VPs and RVPs have benefitted quite nicely. It’s ALL about them. It’s a well orchestrated Ponzi Scheme. I am sick of this place and it has made me ill. I wish all of you the best and in a few weeks it will be my last day after 20 plus years. Time to spend the end of days with my grandbabies and good riddance to Mutual of America.

I don't understand how they are receiving a 83% match per dollar from the company along with their pension.

I heard directly from our delegate that the company turned down talks about increasing the match for new hires. We instead get this cps 4k which really amounts to not much more then our stock together payout which has now come to an end.

The company is just moving money around, giving the illusion that the new hires are getting something new. What I find funny is how the pension band increase each year by 1% which is more then the cps payout.

The pre 2008 hires are all terrible.

They voted to get rid of pensions for new hires.

They voted to get rid of healthcare for new hires.

They voted against job security for new hires.

They voted against us, now they want you to vote for them.

No thank you!!

What salary do most people retire at? Say for a CL27, 28, and 29 what would be a typical range for salary at retirement? Trying to figure out how valuable this pension will be if I don’t quit now and stick it out. I have heard that once you hit your mid 40s raises stop.

Apollo (APO) & their insurance subsidiary Athene are big private credit players that are under liquidity pressure due to a market perception of increased credit risk resulting in a sharp decline in APO share price. This is important because AT&T off loaded some of their pension liabilities to Athene.

You could be at risk-PAY ATTENTION!!

Under the group annuity contracts, Athene made an irrevocable commitment and became solely responsible for paying the pension benefits of each transferred participant beginning with their August 2023 pension payments. The transaction did not change the amount of pension benefits payable.

The transaction covered approximately 96,000 AT&T participants and beneficiaries, and was funded directly by assets of the pension trust — requiring no cash or asset contributions by AT&T.

Offer 1yr severance and heath care. 99% of pension eligible employees will take. Problem solved....