In response to this earlier Posting:
https://www.thelayoff.com/t/19D8mt19
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.
Guess this would impact a Majority of Management in the company.
I don't think anyone covered by this benefit planned for their family to collect any time soon.
I believe under the old plan at age 70 the benefit decreased annually till age 75 when the benefit disappeared entirely.
I've instructed my spouse to not notify t when I die and to continue with his/her almost valueless "concessions" for landline and internet.
I get my tv from sling (the competionion dish network owned) and cell from mint mobile (the $15 per month competition). T doesn't sell anything else worth buying.
Correct, that is as of today. Bear in mind the cuts, they just keep coming. I look for total elimination of this benefit in the near future, along with other benefits. Mr Stankey' s MO is the same as for employees, no one is safe, just as no benefit is safe!
Effective 01/01/2022. Non-management payout is a flat $25K. Effective that same date, management payout is a flat $15K. As stated earlier, Stankey and HR has determined it is less costly to care for the final arrangents for Managers! You gotta love this place!
Wanted to add one more point.
The payout has always been $15,000 for those former employees who had less than 20 Years of service.
This is stated on Page-15 in the Official Summary Plan / AT&T Group Life Insurance Program for Former Management Employees (Dated November 15, 2017).
Those with over 20 Years, Payout was based on Salary and had a Reduction Schedule based on future age.
That is correct, the change does not take effect until 01-01-22.
I also had it verified by the AT&T Benefits Center, that there is NO Prorated Payoff deduction based on Age.
The memo states a flat rate of $15,000 pay out and that is not Prorated.
You will not be adversely impacted by this takeaway provided you pass away before 01/01/2022.