https://blog.techstaffer.com/att-pension-drop-memo
21 replies (most recent on top)
After executives f#$%'ed long time employees over, then they have the gall to say it is a choice and everyone is empowered to make a decision that is right for them. What a load of BS. Drop Stankey's pension by 20%, see how long he is willing to stick around.
Per my SPD there are six (6) main pension plans.
- --Legacy SBC management
- --Legacy SBC non management
- --Legacy ATT management
- --Legacy ATT non management
- --Legacy SE ATT (BellSouth) management
- --Legacy SE ATT (BellSouth) C non management
And additional derivative plans if you have less than 20 YOS
AT&T Legacy Bargained Program Certain bargained employees of AT&T Corp. who are residents of the
U.S.
AT&T Legacy Management Program Management employees of AT&T Corp. hired or rehired before
Jan. 1, 2007, who are residents of the U.S.
Bargained Cash Balance Program Certain bargained employees who were previously management
employees
Bargained Cash Balance Program #2 Certain bargained employees of AT&T Corp., AT&T East, AT&T Midwest,
AT&T Mobility, AT&T Southeast, AT&T Southwest and AT&T West regions
East Program Certain AT&T East region bargained employees
Management Cash Balance Program
Management employees of AT&T Corp., AT&T East, AT&T Midwest, AT&T
Southeast, AT&T Southwest and AT&T West regions hired or rehired on
or after Jan. 1, 2007, who are residents of the U.S. Also covers
management employees of AT&T Mobility hired or rehired on or after
Jan. 1, 2006, who are residents of the U.S.
Midwest Program Certain AT&T Midwest region bargained employees
Midwest Publishing Ventures Program Certain employees of Ameritech Publishing, Inc. See the Midwest
Program and Nonbargained Program SPDs for more information
Mobility Bargained Program Certain AT&T Mobility bargained employees represented by CWA –
District 6
Mobility Program
Certain AT&T Mobility bargained employees and all management
employees of AT&T Mobility hired or rehired before Jan. 1, 2006, who
are residents of the U.S.
Nonbargained Program Management employees of AT&T East, AT&T Midwest, AT&T Southwest
and AT&T West regions hired or rehired before Jan. 1, 2007
Southeast Management Program Management employ
This thread is a catastrophe beyond repair! Throw it in the garbage and start over!
How is it even legal for them to reduce my monthly annuity based on interest rates!
Last I heard there were 47 different pension plans at T!
Please don't let Santone and Stankey goad you into retirement using scare tactics.
To Post ID: @1vij+1iX0RiJC there is more than 2 pensions company wide. Not everyone has more than one pension though. Call Fidelity if you need info you can't get from the spd
Are there just two pensions ?
Don't pay any attention to the message. This is just more of Stankey and Santone trying to poison your well. Work as long as you please, your pension will rebound in due time. In the mean time you are banking good money.
I also work for mobility, but I have an old legacy AT&T pension plan.
I’m not sure if I get to plans, but my coworkers from Legacy get a lump and goes down with higher interest rates, and my coworkers from mobility only have a cash balance that actually does better with higher interest rates
I also just got the letter
To Post ID: @wqp+1iX0RiJC hanks for that confirmation. I have the SouthEast Plan and the Mobility plan. According to the spd neither should have the lump sum impacted by higher rates. Yet I got the email
Southeast AT&T employees and younger employees that have a cash balance Plan are not affected. Unless you are legacy ATT then you have a cash balance that converts to a annuity and back again to a lump sum then you are affected. I only know this because I have two plans
Not all of us are impacted negatively in our lump sum by higher rates yet they still sent this email. Just read your SPD and call fidelity with questions
I'm staying too. It doesn't get any easier day in, day out. It's a real life cakewalk. Got 35 years, want 40 years.
"is it pound sand or pound salt?"
As my father would say.... "Pound salt up your a$$"
Not all. Read your SPD's.
Most will stay since they have absolutely nowhere to go with outdated skills. T management has the upper hand.
staying. taking lump sum -- then interest rates have no effect
is it pound sand or pound salt?
The problem remains that the id--t "leadership" squandered money and took unpresidented losses selling high priced assets for pennies on the dollar and now use retiree & employee benefits & employment to attempt to remain in business. Afterall, they will keep their hands in the till & increase their pay, benefits, travel and spend on the corp card. Everyone else. Pound salt.
nah im staying