I received a letter in the mail saying that retiree life insurance benefit will be capped at $15,000. Does this apply to current and future retirees or just those retiring after a certain date, such as (2022)?
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I retired in 2018 as a Level-2 Manager.
Today (03-05-2021), I also received a letter in the mail announcing that the BASIC Life Insurance has been reduced to a Flat $15,000 payout.
I was not too surprised by this considering the Cost Reduction Effort and it was paid entirely by the Company.
I left in 2019 with a six month severance, after qualifying for a military pension and benefits. I rolled over my pension, and 401k to a private firm, and walked away from all other att "benefits", except the company paid term life policy, which I intend to cancel during the next open enrollment, since the cheap b–tards are also reducing that. I have since cancelled my DTV account as well. The only connection I currently have to att is my cell phone, which is also subject to change in the near future.
"... if I die." your gonna die. "takeaways" = bad. not having enough assets to pay for burial = egregious.
I look for them to take medical away period. I am craft IBEW21. I think next contract for IBEW21 they will eliminate or make so high it isn't worth it, hope I am wrong. Union can't stop them nowadays on anything.
The real issue is that most retirees are being forced into a benefit reduction they had not planned for. It's called takeaways, nobody that I know likes takeaways, especially since its due to mis-management of T. It's called lack of financial disipline! If you like the takeaways you've seen up to now, just wait, I doubt the reductions are at an end.
I only get $15,000 if I die. Terrible.
Big deal, life insurance ... if you can read this, you are still living.
Great job Mr. Stankey and HR, we all know it costs , on average, 10K less to bury a Manager!
Bargained for employee/retiree is $25k, management is $15k.
It applies to all current and retired employees. My letter states capped at 15K, retired L2. I believe any retired employee, retired prior to 1990 is unaffected by this change. Not sure how much T saved by invoking this change in benefit, but must have been substantial.
My letter addressed to "former bargained retirees" indicates a $25,000 cap effective Jan 1, 2022. Who is your letter addressed to?