This company has become really good at taking away benefits. That's the only thing this company is doing well. After the last reduction of benefits to those who will not retire this year, I wonder what's next? What benefits will they take away after that? This is no longer the same company I started working for.
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But we get caregiver leave! 🙄
Can I use it for my dog?
Post from TheLayoff.com
"AT&T will sell the vested benefits to a financial institution, give employees a fixed contribution and put them on the ACA, elimination of the HRA, reduction of 401k match and lower bonuses!!"
The T Pension is grossly underfunded. Last year, the Stink announced the Retiree healthcare cuts because he did not want to make a $5B pension contribution. The Retiree Healthcare comes out of the Pension, not T's operating budget.
No insurance company will take T's grossly underfunded pension. Verizon was able to do a deal with Prudential because their pension was properly funded and Prudential could potentially make $ on it.
Eventually, the Stink will announce that the T Pension is being eliminated. All retirees getting healthcare benefits will be hosed. Anyone getting the annuity will get an offer for a minuscule lump sum buy out and no more annuity. Massive haircut. You see, it only goes to the Pension Benefit Guaranty Corporation if T goes bankrupt. I suspect that the Stink will announce this during December 2021, so that when the 14,000 management employees leave to preserve their retiree health care, Stink and insert the kn--e and smile as he twists it. BoD will give the Stink a $9M bonus for a job well done.
I just turned off my $25 internet concession service because it just didn't reliably work.
When I called to turn it off those foreigners tried to sell me cell service for $65- I told him I have Mint Mobile for $15 per mo.
Then he tries to sell me $Hundred+ TV - told him I have Sling for $57.
Honestly, t offers nothing worth having and the retiree concession is awful.
Stankey. Buehler.
Stankey. Buehler.
agree with the att cesspool guy other companies are not ran like the cesspool att. that names fits too it is a greasy slimy cesspool.
Can someone explain why I got a free phone benefit while working at AT&T but when I retired they started charging me $5 and the taxes on it is another $7.
Maybe Stankey and Santone can do what SBC did, provide individual contributor awards in the form of stock options. This way the employee has hope the options will amount to something prior to expiration. The options I received from SBC were absolutely worthless in the two years up through expiration. What a joke!
Will Rogers once said : when a benefit is taken away just work more overtime .
So many posts on this board have a victim mindset. Is it disappointing to see benefit downgrades/cuts? Of course it is. Most large corporations have lowered benefit levels over the years. For older employees, do you realize how lucky you are compared to benefits current peers at AT&T with less than 5 years of service have?
If so unhappy with benefit changes, be proactive and pursue other opportunities rather than being a victim!
@mhw+1cnulQW5
Not making benefit cuts, it’s called aligning to industry/ market standards.
Obviously, your mother never gave you the speech, "If your friends jumped off a cliff, would you do it too?"
I have no problem adjusting my attitude toward my responsibility to AT&T as they feel the need to reneg on what was agreed upon. Don't try to clown us with "market conditions". ALL of this is due to Randell's and John's lack of competency.
AT&T will sell the vested benefits to a financial institution, give employees a fixed contribution and put them on the ACA, elimination of the HRA, reduction of 401k match and lower bonuses!! The c-suite salaries and benefits will enjoy double digit increases along with enhanced perks!!!
Connection awards are the biggest joke HR has pulled. The one person I know who got one said it was much lower than IPI. Way to dump on the one merit based incentive we had.
I expect the pension contribution to be cut again (in 2022 it's cut to 1 percent from 1.6 percent) for those still eligible for a pension. I expect severance to be cut for those laid off. I expect the company contribution for health care to be lowered, and the bonus to be cut. They've already cut out IPI's and very few got the connection awards. More outsourcing of jobs, and fewer actual employee's. If they can get healthcare costs up enough through cutting subsidies, then the ACA becomes a possibility. Selling the pension obligations to an insurance company is another possibility. At the GM level cuts to deferred salary plan seem likely.
Expect vested annuities to be sold to a financial institution and lump sum payouts to be eliminated. The company will put its management employees on the ACA.
Next up 401K match cancellation. Then PDO reduction, then pay cuts. Nothing else of any value to cut.
All those hired in the last five years will have reduced 401k matching to save money.
I just come here for the laughs.
Here's hoping that SBC fires the Stink, goes bankrupt and is bought by Taco BELL.
Signed,
Abused, Cheated, 5crewed Early Retiree that escaped and now enjoying life w/o BELL.
They'll be taking paychecks away for those over 55 and giving it to new employees if they don't retire next year. In return, they'll offer you a recommendation as a walmart greeter.
@vrf+1cnulQW5 Plus, after you are 65 you can spend HSA on non-medical things. You just have to pay income tax on it, but if you are at low income bracket in retirement it won't matter.
Retired now, but I would advise there was a benefit I didn't avail myself of, and wished I had, and that was the HSA. Carefully do the math between the low and high deductible health plans.
I did it retroactively, and it turned out, if I had picked the high deductible plan, with the difference in premiums taken into account, I'd have to run around $20k in medical bills for the low deductible plan to make sense.
The high deductible plan makes one eligible for the HSA. That HSA can grow until you spend it. And it can be spent on Medicare Part B.
Contributions have to be shut off to the HSA, I think 6 months before starting Medicare.
It's the back half of August. The benefit enrollment window is not that far away. And there is a math problem to be solved in the meantime.
@fek+1cnulQW5 They are just discussing benefits for the few boomers left. Go back to sleep.
They quietly modified ret benefits and you get discounts on services like mobility, internet only if you qualify for health benefit
the legacy pensions will be next. Look to 2022 being the last year for contributions.
‘Long term benefits?’ Is that like a paycheck? Been here 3 years, I’ve no idea what benefits you reference. As long as the 401k matching, vacation/personal days and reduced healthcare cost is in place, I’m good!
You don’t miss what you never had….brand new day…
There’s that guy calling ATT a ‘cesspool’ again. Dude, get over it! If you’re no longer a T employee, put your energy into your new job…,Your Schtick is so old!
Not making benefit cuts, it’s called aligning to industry/ market standards. Why give the farm away.
The TV discounts will be next. You can’t even sign up anymore so there you go.
so glad I left the att dying cesspool and work for a company that is actually increasing our benefits and lets EVERYONE work from not just the chosen few. Hey and you know what our customer base has grown and everyone has smiles on their face and doing their job and our stock price has gone up.
Trust me folks other companies are not ran like att. I mean companies just as big as att.