Updates to your company-paid basic retiree life insurance

Plain and simple corporate greed. Retirees are losing benefits that they received when they retired because of bad decisions made by John Stankey and Randall.

Subject: Updates to your company-paid basic retiree life insurance

To: Select AT&T management retirees

(This is a targeted message - please do not forward)

Our business continues to change and evolve as it did during your career with us and ever since AT&T's founding more than 140 years ago. As you know, there are always new competitors and new challenges, and that requires us to continuously examine our policies and practices to ensure we're managing the company today to position us for success and viability well into the future. An important part of that is managing our investment in new benefits that are relevant so we remain competitive in today's market-like caregiver leave, extended paid parental leave, more flexibility on urgent leave, financial wellness planning and assessments, and health management resources to help with weight, diabetes, hypertension, sleep and physical therapy.

In that spirit, our most recent review of our company-paid basic retiree life insurance plans found that fewer than 10% of Fortune 100 companies still offer this benefit-and those that do provide an average benefit of $10,000. Unlike most of our competitors, we plan to continue providing you with retiree life insurance. However, effective Jan. 1, 2022, the benefit will be a flat $15,000.

In light of this change, we'll also offer you a one-time opportunity to purchase supplemental life insurance coverage - beyond what the company continues to pay for - during annual enrollment later this year. The supplemental life insurance you can buy will be available at a lower rate than what is generally available on the individual life insurance product market.

There is nothing you need to do right now, but if you have questions about your life insurance or death benefit, please contact us at the numbers provided below.

Thank you for all you have done for our company and your continued support. While managing change is always a challenge, doing it well is key to our company's continued success and financial strength in the decades to come.

Julianne Galloway
Vice President, Benefits
AT&T

Additional resources:

If you have questions about this change to your retiree life insurance coverage, please call the Benefits Center at 1-877-722-0020 (M-F, 7:00 a.m. - 7:00 p.m. CST).

Comment! It's anonymous!

18 replies (most recent on top)

Greedy. Cynical. Mean spirited. Heartless.
Yes I have other investments but I worked for many years for the PROMISE of $63,700 when I die.

"Are retired employees grandfathered? "
At least for retired Managent employees, Not grandfathered.
Not sure about Union folks.

Are retired employees grandfathered?
I hope so, this could be another benefit reduction aimed at reducing headcount. Who knows.
It's a real shame, it seems that AT&T went from being a leader in employee benefit offerings, to what is now, a race to the bottom.

To the 2 retired techs, your missing the point ...... are you going to feel the same way when they take away your retiree medical coverage.

I get -as a retired tech- one years wage as a retiree benefit. $75K
I don't need it, but am willing to accept it.
If you are a retiree, and need the company to provide your life insurance, you have failed.

Anyone here remember getting their arm twisted back in 1992 and being told to sign up or else for the company's benefit which upon your death the company was the named beneficiary of a 2 times your
annual salary life insurance policy?
I remember and I still look over my shoulder for Guido and his sharp shiv.

Since the big T..urd reduced or removed our benefits at retirement, I've instructed my family to NOT notify T..urd upon my death.

I use Mint Mobile, Spectrum Internet, Sling TV, Netflix and Google Voice. I have no T in my life.

You all are missing the point. It's not about needing a measly $10k to have yourself buried. It's about the continual erosion of benefits. Benefits that we were told we would have when we were hired.

Wasn’t the life insurance prior to this change something like, one and a half times your salary, that reduces each year until it reaches the cap? Anyone know?

"The supplemental life insurance you can buy will be available at a lower rate than what is generally available on the individual life insurance product market."

THIS IS 100% NOT ACCURATE.

I just bought a 20 year term life policy outside of AT&T (still active). It was comparable to what I was paying for the supplemental life as an active employee, and significantly less expensive than what I would have had to pay as a retiree for the same coverage. Get quotes for life insurance outside of AT&T. Selectquote is a good place to do so.

I am still active, in my early 50's, management, but just bought my last term life policy OUTSIDE of AT&T. If you're healthy and able to do so, I would recommend other active employees do the same. Use a Selectquote or similar to get some quotes. You'll find rates very competitive with what you are paying now via payroll deduction for your supplemental life as an active employee. Once you have an external policy in place, you can cancel your AT&T supplemental via the benefits site. It has given me good piece of mind to have this coverage in place external to AT&T.

In a few years this will be eliminated!

"When did they slip this update in????"

It was in an E-mail a couple ago the most of us ignored and deleted.

Just like everybody else everywhere, you have to pay for your insurance.

When did they slip this update in????

I mean, I do get that taking things away has become something like AT&T's signature, but life insurance for retirees doesn't even make the outrage radar.

By this stage of a retiree's life, there really shouldn't be a need for term insurance. You've had a lifetime to save up and put your family on financial footing, except perhaps certain very specific situations that require additional planning anyway (an adult child who is disabled, for example). What do you want life insurance for? To pay off a mortgage? Send minor children to school? These are things that retirees in general are well wayyyy past by this point.

In my mind, if I was asked to cut unnecessary expenses, this is one of the more humane things to cut and should have been on the chopping block years ago.

Mine is for 120K, hopefully they can bury me for that!

retired from at&t in 2001 and never looked back. It was bad then and worse now.

It is basically burial insurance.

Thread regarding AT&T layoffs

Updates to your company-paid basic retiree life insurance

18 replies (most recent on top)

Post a reply