Former employees of ATT have been told their lifelong life insurance has been reduced to a mere pittance. Many retirees were promised life insurance of $75,000 to their survivors . Not now! No law to protect so no need to fulfill the promise! Wait until the government removes the law to protect pensions. What do you think thee cowboys will do then?
26 replies (most recent on top)
Soooooo many d-mb folks on here who don't know the difference between their pension and life insurance ... your ignorance is the problem, not AT&T
still doing better than a VZ mgt retiree. 10K
I applaud ATT, they owe you nothing. (1) sick and tired of whiners and haters. If you're a current employee and hate the company, LEAVE, no one is forcing you to stay.... better yet, here's wishing you get booted. (2) if you're a retiree, keep bi-----g and moaning then see what might happen to your SUBSIDIZED health benefits. Check with friends and family who are retired to see if they enjoy the many bebefits ATT still provides - the answer is probably not. You're selfish!
If you were a 25+ year employee and never set just a little money aside each year to fund a separate life insurance policy as a needed backup, that’s on you, Take some accountability for something! Especially with the direction T has been headed in the last 15 years!
"What they're talking about has nothing to do with the pension or lump sums it's a separate item it's just life insurance."
OP didn't write the pension and life insurance are the same. OP wrote that the life insurance benefit has been reduced, and the pension benefit could be next.
Took lump sum retirement too. That has nothing to do with the life insure reduction
What they're talking about has nothing to do with the pension or lump sums it's a separate item it's just life insurance.
people not understanding the difference between their pension and life insurance is just mind numbing here
Post ID: @1zik+1eyufGNx When you wake up tomorrow and sober up, please try to add something useful.
A promised life insurance policy at time of retirement is NOT compensation. Any fool that thinks it is should go run their own Ponsy scheme. These were mostly managers that worked decades for the company and were cheated by the company out of a PROMISED benefit. Some took early retirement so they would get this PROMISED benefit. No contact. Just a promise. Promise made promise broken. Could have been a million dollar life insurance policy. It doesn’t matter. Just rip it back. Go sue if you want to. Nobody cares .
T offered well paid employment all those years while you were ALIVE. It was just a job. Why have so many been thinking the company owed compensation after death? That doesn’t even make sense.
For those talking lump sum here, the company provided life insurance has nothing to do with taking an annuity vs. Lump sum pension payout. This is a company provided death benefit upon your death to your designated beneficiary. For most retirees it decreased the payout to your designated beneficiary by $75K - $100K. Hard to believe Stankey can get away with this.
You can bet the executives and BOD will retain their company provided life insurance. Stankey runs T in the ground, racks up untold debt, then ravages every benefit the employees/retirees worked for. As far as I'm concerned, Stankey has no right to eliminate our life insurance. Not my fault he wrecked T.
Who cares....all good things come to an end.
Lump sum buyout = bird in hand ! No brainer! You
CUT CUT CUT so the buy low sell high insiders get RICH RICH AND RICHER
Yes the lump sum is
THE ONLY WAY TO GO. Imagine being 85 years old and on hold with HR because you haven’t received your pension check ! You
Don’t for a minute think they don’t have a policy on retirees. It is common practice for large corporations to insure their retirees and list themselves as the benefactor. Easy money, all they need to do is wait.
Imagine you worked for 42 years through all the changes and garbage of ATT and they dangled a carrot of a meager life insurance policy of $75 K if you would retire. That figures out to less than $2,000 a year of
service . And now you are told no your survivors will get a grand total of $15K. THAT IS JUST GREAT PR FOR A COMPANY
PINCHING
THE NICKEL SO HARD THAT THE INDIAN IS INSIDE
OF
THE BUFFALO
Used to be a man’s word is his bond. Not so much anymore. Greed is the rule now.
Where was the promise? Was it in a contract? I didn’t even qualify for a pension when I hired on a couple years ago.
Stankey and Santone = a pack of thieves
According to the WSJ article, more retiree benefit reductions are to come: “Retiree benefits remain on AT&T’s financial radar. In a consulting agreement with a former AT&T finance chief, John Stephens, the company has offered to pay him an extra $500,000 if AT&T meets any of three financial targets. One is cutting $1 billion more from AT&T’s obligation for retiree pensions and benefits. Through an AT&T spokesman, Mr. Stephens declined to comment.”
You could take a lump sum against life insurance?
That's one of the reasons I took the lump sum too.
Don't care. I took the lump sum, as any wise individual does.