Thread regarding AT&T layoffs

The pension is controlled by AT&T, not Fidelity. It is an entirely different beast than the 401K. The problem isn't with Fidelity, it is with AT&T taking it's sweet time in releasing first the total pension amount and second releasing the funds to Fidelity. Yes, part of the delay is due to the AT&T reps being overwhelmed with the requests. The Fidelity reps are just as frustrated with the antiquated process used by AT&T. It takes even longer if you plan to move your pension to a different financial institution. It is a test in patience.

Just to reiterate another's comment: You can do it all online depending on your situation. I was able to do mine totally online last year, but I was not Legacy T, and I was never married. It was surprisingly simple and yeah, I ended up just rolling it into a Fidelity IRA. But, several others had more hurdles to jump to finalize their paper work, they were married (or had been), and several of them were from Legacy T.

After me threatening them to close every single fidelity account I have, it was "processed" today.

Off to get it notarized!

Getting closer to what a wise man once said:

Free at Last,
Thank God Almighty I am (close to being) Free of the Stink and Toxic-T at Last!

Wrong !

Can do it instantly online if you are single if married then yes there is some paperwork your wife has to sign basically an agreement between you and her as to what portion she will get or a full release to get the lump that's what takes the time otherwise very simple process especially if you are rolling to a Fidelity IRA if rolling to someone else they will send you a check that you then have to deliver to your broker.

This post is obviously created by management so they can get people off payroll sooner. Then the numbers will be in ATT favor. Then possibly the surplus will begin.

When I left five years ago under a MVO Fidelity responded very quickly. We only had two weeks after approval as last day on payroll. I still have Fidelity and have consultations twice a year.

“ If you are thinking about escaping Toxic-T, and you are Legacy-T and you have to go through this BS - it may be too late if you want to be able to collect the lump using the 2022 Segment Rates.”

The above statement is false. You can wait until mid November (2 week notice) if you want. Key thing is to be off payroll by 11/30/22 and start your benefits on 12/1. If you wait that long you will have to wait the 5-8 weeks for the paperwork to get through and then you can get your lump some. This means you may not see your money until late January but you will still get 2021 rates.
Additionally, you have 180 days after you start the paperwork to complete.
Don’t panic folks. You have time.

OP here to T-Man

Well said! Thanks. My date will be the end of October. Some time cushion is a good thing...

I just wanted to express to those that might be a little tired and sleepy behind the wheel, like I was, to check it out while there is still time.

For the one that said, before 1/1/23. Be super certain of the date. Legacy S, your commencement date must have been before 1/1/23, which means your last day on payroll must be 12/30/2022 with a commencement date of 12/31/2022.

Personally, I don't know that I would push it all the way out like that. I would give at least a few days. Sure, up front, it will cost you a thousand or or two. In the long run, might save you 10's of thousands in lump sum.

My current interaction with Fidelity has been timely.
If you decide to go, make your retirement 'to go' date before 1/1/23.
From the date you choose to go, you get 180 days to settle all the papers. (if needed)
You will enjoy the 2021 lower-interest segment rate if you go before 1/1/23.
If you stay, you get to have the 2022 higher-interest rate. That's bad because it reduces your payout CONSIDERABLY. Especially if you're thinking of leaving within the next year or two and desire a lump-sum payout.

I'm leaving. The money they will gladly pilfer if I stay more than covers a year or two of income I'd rather save, or spend, myself.

If you are close to retirement do yourself a favor and look at it. Check out YouTube.

It wasn't fast last year for some people. The guidance on HR One Stop was always to start the process 90 days from your planned departure date(Technically, you are supposed to let your manager know then too). In my case, it seemed like overkill, but i started it last year in Mid Sept for an departure date of 12/15 because some of the other folks had mentioned snail mail, and it taking a bit to get what they needed. My advice to anyone reading is not to delay any further regardless of what date you are thinking or which company.

Yeah yeah yeah why are you complaining here? We can’t help you.

I wonder if the Fidelity rep just didn't like you?

You are the customer.
The customer is always right.
They need satisfied customers to exist.
Escalate to a Manager at the first hint of a problem.
Tell them you will provide them with a poor rating.
Notify HR at T, they can fire Fidelity.

Tell them they must hire more employees. Do not hold still for this mis-treatment.

Sounds like they are ja--ing you up!