If we are retirement eligible and get surplussed are we able to take retirement? they suggested there would be q/a available, but I am not yet seeing it
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If you are FMP'd you would get severance but that keeps getting slashed also. If your retire on your own to my knowledge there is pay out in that regard only your retirement which depends on your pension/retirement plan
Pensions got sucked dry by att go check the calculator you’re going to be really disappointed should have retired last year . I’m down $250k+
It’s my understanding that there is not any perk to retiring from Att anymore. You get an amount put into a pension fund yearly that is yours when you leave the company regardless if you have mr75 or 30 years service. You retire or leave when you are financially ready . There is no longer a monthly pension of any significance with this company. Is this not correct?
If retirement eligible and selected for surplus, you’re retired. Pretty simple.
MR75 used to mean something. We are automatically vested in the Pension(it’s a defined contribution plan) meaning it’s just like an IRA than can be used to buy an annuity or you get a lump sum. MR75 used to mean healthcare coverage but that was taken away a few years ago. So retiring is all up to you when you are ready not AT&T. Of course the rule of 55 (the calendar year you turn 55) gives you access to your 401k without penalty. So if you leave for any reason (lay off, quit or fired) it applies.
Your question is far too broad for an answer.
There may be pension vesting, depending on the plan. There may be penalties if you try to draw a pension and not a certain age.
I'm not sure there are any pension plans that don't offer a lump sum, so you can always take that, and again depending on age, may be able to draw on that without penalties or additional taxes.
It's all on HROneStop. You should be able to find the information.
Always amazes me, folks don't know what their benefits are, up to the very last days of employment.
"If I understand, our pension becomes available when we reach the MR75. Is that not correct?"
I don't think this is entirely correct, and will depend upon the pension plan. In the plan I am in, it depends on if you are vested- which is years of service not related to MR75. I think it is 5 years for the pension plan I am in. If one has not reached MR75, but is vested, they can take the pension at age 65 without a penalty. For those who have reached MR75, there are age breakpoints for when the full and vested pension can be taken. MR75 also impacts other "retirement benefits" that are not related to pension . If anyone else has any clarifications, that would be appreciated!
Yes you can.
I’ll just say I feel really bad for folks that decided to stay, took the pension hit and then find out they got surplused anyways. Well, I kind of feel bad for them. If I would have been eligible or if I even had a pension (started FTE just after the cutoff) I would have taken the money and ran.
Mgmt - If you get surplussed - you also retire. They are not mutually exclusive.
You can also elect IIL and be surplussed if selected - and you also retire. It's a great option if you are RE and able to leave the business because YOU are ready.
Search insider for the answer. Yes, you can get the severance and retire.
If I understand, our pension becomes available when we reach the MR75. Is that not correct?
Why wouldn't you just take the surplus so you can receive the severance pay rather than retire? Aren't the surplus benefits the same as if you retire? I believe you would receive your retirement benefits even of you're surplussed.
Read your contract
Depends on Union district