Thread regarding AT&T layoffs

You asked them a very easy question and they could have estimated the pension gain for the timeframe you were looking at.

Why should they? You've not the customer, T is. They won't do anything not legally or contractually required.

For those asking, I've been at the middle of the range for years now. Over the years, the TSR has been adjusted for market rates.
Anyone one in mgmt knows, they like to have their workers at the middle. I've received good increases, because I was below the mid point, sometimes by a lot, other times, I've been at the mid point, and got a smaller increase, to prevent me from exceeding the middle by much.
The way it has been in the past, if you get promoted into a new job title, you typically get a 5% bump. If you are still below the TSR, doesn't matter, you only typically get 5%.
They didn't typically bring anyone up to the bottom of the TSR.

That is how it works.

I'm L-T, and I would have to work till Nov 2022 to get the Lump I would get in December

Just curious how that would be possible I was under the impression the only thing that has a significant effect on lump sum amounts are the segment rates moving up or down and you stated that if the segment rates went up you would get that much less
Are you MR75? I’m bargained for L-T so not really familiar with the mgmt plan at all. Again just curious

I'm guessing, if I were to continue through EOY 2022, adding just one year, I'd probably get another ~40k.

That gain may be offset with higher segment rates for 2022. Just another reason to bail by EOY

That is an outstanding lump sum, happy for you, you earned it. Grab it and go before Stankey and Santone try to cut it.

"When people’s make reference to the fact they are Legacy -T do they mean legacy SBC or the original AT&T Just trying to make that distinction "

Original AT&T

Crazy that you have been here 33 years and had to get bumped up to the minimum start of your pay range. Why is that? I would think you should have been well past the mid range by now???

When people’s make reference to the fact they are Legacy -T do they mean legacy SBC or the original AT&T Just trying to make that distinction

For those questioning the 900+k lump.

I've been here 33 years this fall. Just short of being 55 y/o. I started the company with Pacific Bell.
As I understand, some of the other legacy companies their pension plans are not as generous. BellSouth, as I understand, might be just a bit more than 1/3 of what I'm getting.

Look at your lump sum as of today or a point before EOY. If your numbers come similar to mine, then I'm a good example to judge by.

If they are different, then you can adjust.

To the person with the $900k lump sum making $130k, how many years have you been with ATT to get that kind of lump sum????

Fidelity needs to hire at least a few people with a Bachelor’s degree in Math, Statistics, Finance, Physics or Engineering.

You asked them a very easy question and they could have estimated the pension gain for the timeframe you were looking at.

Just hiring people with a High School diploma or an Associate degree is not going to cut it.

Heck even CEOs and CFOs with an Accounting degree cannot perform Return on Investment calculations.

Oh, and due to the annual stress of being laid off, I plan to give no more than 2 weeks notice.
I just may, have my retirement dinner, then once I get home, email my intent to retire, as of the next morning.

So, you are MR75 eligible.

Here is my situation.

EOY 2020 - Pension Lump Sum was approximately 900K. When I punch out in December, it is a little over 943K.

I was at ~123k, with the new TSR, I'm at 130k. You can do some guestimating based on my salary.
You need to remember, there is a new pension formula for all new contributions going in during 2022 and forward.
That formula does NOT impact your existing payouts, be it annuity or Lump Sum

I'm guessing, if I were to continue through EOY 2022, adding just one year, I'd probably get another ~40k.
Being that I could simply invest the money on my own, and achieve a similar outcome in terms of overall balance at EOY 2022, there is no reason for me to stay.

Personally, I've been looking for the exit point, with them reducing benefits, well this is IT!

What is your job title and how much raise did you get?

It’s simple to calculate the gain in the pension Cash Balance.

Let’s assume:

1. You got a 20,000 raise in annual salary.
2. You are a legacy AT&T employee.
3. AT&T’s pension contribution for your age is 7%.

If you retire in 2021 then you have 4 months (August to November) at the higher salary.

Additional money in Cash Balance = ( 20,000/12 ) * 4 * 0.07 = $467

Interest on this extra money will be less than $7.

Let me know if this calculation helps you. Everyone, including Fidelity, is so used to financial tools that people forget the basics of how the pension Cash Balance is funded.

While this calculation is for Legacy T, the amount will be small irrespective of your pension plan.

Agree with giving no more than two weeks notice. Why would anyone change their mind just because of a recent raise in pay. Do you realize you should have been receiving this pay treatment all along? How much did you lose over time? Another fine example of ripping off employees, the lifeblood of AT&T.

Yes, every non bargained MR75 person I know across various orgs has received similar question from their immediate supervisor re: their intentions. Clearly they were given marching orders so the company can try and quantify headcount loss. F 'em...give them 2 weeks notice...you know like McElfresh said last year to employees being laid off with 2 weeks notice instead of 60 days..."to be fair to them".

I am MR75 and received a 10% bump up to the new TSR min. A little too little too late for me...and I anticipate the March raise will be the usual 1-2% and the layoffs will continue. Definitely not changing my retirement decision...I'll be out in Nov.

No obligation to notify your supervisor now of your plans...

Good excuse to wait 2 weeks before retiring to give your notice. Just like T gives 2 weeks notice before laying you off.

What comes around goes around!

Be like Stinky and run T out of as much $ as possible!

Are you kidding? Good grief!

How much of a change would a few months make? Surely not enough to make the retire or not decision. Sounds more like you don't want to retire and are looking for a reason to, or the other way around. Lets say it is a $5k difference, is that enough to change your mind?