Thread regarding AT&T layoffs

No, Non-bargained and Leg T also had MR75 and retirement healthcare until taken away after this year and is why so many left in Dec.

" You still have access to insurance, but at a higher cost. "

As does everyone in America. It's called the Healthcare Exchange.

I love how this company presents "access" to expensive high deductible, high premium healthcare insurance as a "benefit". Same goes for their life insurance offerings. You can do better on your own shopping rates through Selectquote.

You can take monies out of your 401K without penalty at 55. If you retire or get fired in the year that you turn 55 and leave your monies in your 401K until age 59 1/2. It is called the IRS "55 Rule".

Another misinformed poster making basis claims. So many folks on this board look at things through their own lens. With so many companies combined over the years in addition to both a union and non union workforce that when it comes to retirement there are many factors that determines what one gets. I wish folks would clarify their personal situation when making statements. I know, that is asking too much from most posting on this board because it is evident from their statements that really don’t have a clue how complicated it is.

Is the OP referring to management employees only? I assume the pensions for craft employees haven’t changed.

Good att me but confusing. I was 55 with 25 plus service yet was not eligible for medical subsidy when I was surplussed in 2020. Why? I had a break of service between 99 and 2001. I left under sbc/sbms and returned under Cingular. They apparently modified the terms between the time I left and 2020. I was bridged in 2001 so I had over 25 years of modified service. Part of the problem is the multiple companies that make ion the current att.

They didn't eliminate lump sum. They've just stopped adding money to the pension account starting today, 2022.

WOW! After reading here, it seems majority don’t even know what MR75 is. So not sure how y’all can weigh in when clearly you don’t know what you’re talking about. smh Here’s a good article that explains, hope this helps. https://www.google.com/amp/s/techstaffer.blog/2020/06/17/modified-rule-of-75-att-retiree-benefits/amp/

Left 5 years ago and mr75 never meant anything except your target on your back for bigger because you pension contributions were about to go up.

Att sux and will never change.

Stop with the misinformation. Lump sum has not gone away (yet). MR75 is still a thing for some older legacy Ameritech employees (even mgmt too). Interest rates impact the lump sum payout and it always has. Nothing new. T did not reduce it to harm you because they are evil.
Come on people…

I was "management" (didn't actually manage anybody, just have a job that the company managed to carve out from what the union is allowed to hold, sigh).

I just retired with retiree healthcare, my 401k, and a lump-sum payout of my pension, after 28 years of service.

So, it's not true that only union folks get those benefits. They DO, however, tend to get slightly better benefits, on slightly better terms.

I would have joined the union, but would have had to change jobs to do so. I wish the union had not been excluded from the more technical jobs, but that's the reality we wound up dealing with. Anti-union sentiment and the company's deep pockets just wore down union protections.

Union members get benefits, non-union (management) don’t. That fact was made crystal clear many times by Stink or Stank. Read your memos instead of trying to fake that your working while asleep in front of an id--t screen.

Please don't waste the best years of your life in a toxic work environment like this thinking something magical will happen at MR75. This place is only a paycheck, and not a particularly impressive one at that.

The Stink used the cloke of wokeness to reduce pension and healthcare benefits to get rid of older workers. He claimed it was for equity reasons which is bull. Those benefits were earned years ago.

Lump sum payouts have not been eliminated. They are predicted to be ~4.4% less in 2022 than in 2021, due to expected interest rate increases (they can pay the same pension with less lump-sum money when interest rates are higher).

Pensions have been capped, however, so they won't be adding more money to your account from 2022 going forward, and, most importantly for me, they've eliminated retiree healthcare entirely for those not retiring before 1/1/2022.

As others have mentioned, those benefits have already been eliminated over the years for "new hires," so only affect those who tend to be older, with longer service records, both of which skew to being more expensive, but also more experienced.

The company doesn't want your experience, as it's in old stuff it doesn't want to do anymore. And "new hires" can still be dazzled by the AT&T name, and are not yet Dilberted into Wallyhood.

@wye MR75 is not connected to your 401k. You can withdraw from your 401k at 59.5 years of age with no 10% penalty but will have to pay ordinary income tax on the amounts you withdraw. There are no percentage limitations, only your tolerance on how much income tax you're willing to pay. 401k rules are easily googled and easy to understand. Your question tells me you're far from retirement and have much homework to do, my two cents, don't touch it.

MR75 has tremendous value - to the Stink - by him effectively eliminating it, he made millions in bonuses.

S C R E W you Stink!

Lump sum payouts are favorable for the company so it's likely to stay as an option. However if the company wants to entice people to leave they can always change the rules either taking away a lump sum or limiting the % you can take as a lump sum.

Lump sum payouts have not been eliminated.....yet......had to save something to help reduce head count in 2022.

If your at MR75, at which age can you drawn on your 401K and whar percent?

You still have access to insurance, but at a higher cost. MR75 is now just worth less.

Mr75 applies to bargained for employees.

Lump sum payouts have NOT been eliminated. There weren't that many getting retirement benefits anyway. Most get nothing to start and lose nothing as MR75 is meaningless for most