https://www.marketwatch.com/story/att-to-record-28-billion-gain-on-its-pension-obligations-in-the-first-quarter-2021-04-09
How does this affect those of us who retired with a pension?
4 replies (most recent on top)
It shouldn't affect people already drawing a pension.
It looks more likely to affect those currently considering retiring and taking the lump sum, which is probably going to start dropping as the company will now start re-evaluating it's pension obligation every quarter, rather than annually as before.
While this is "mostly a result of an increase in the discount rate used to measure the obligation," (interest rates went up), COVID has also ki—d off more retirees (and employees with vested pensions) than what would normally be expected during this time, so the company has filed with the SEC to pull back not only the money due to increased interest rates, but also the money they had put into the pension fund that they are no longer obligated to pay out to the larger-than-expected number of now-dead retirees/pension-elligible-employees.
Keep on living and collecting your pension for a LONG time. just to spite the ghouls! :)
Stankey coming through for the workers again. Yay!
"The $2.8 billion non-cash gain it will record in the first quarter is mostly a result of an increase in the discount rate used to measure the obligation. "
Paper gain from higher interest rates. Will give another excuse for Stinky to rob the pension fund of benefits.
How does this affect those of us who retired with a pension?
It doesn't.