AT&T could change the lump sum to monthly annuities with a six month max, offload it to an insurance company at a discount and save millions!!
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Saving money and paying workers. Go AT&T.
“Do we still as of right now get to choose a lump sum if we retire now? ”
Yes, if you retire before 8/1. There is a short window.
My brother (different company) is getting severance in installments. He can't collect unemployment while getting severance.
So has this happened yet?
People who have 25-40 years with company, have a pension / 401K.
Do we still as of right now get to choose a lump sum if we retire now?
Is there a time table for when we lose the lump sum option?
Will never happen. When thinking of pension payouts moving forward, you have to prioritize the option that allows T to pay the least amount of money. This is why lower class pension accounts and lump sums are going away. T is working closely with actuaries to consider all options.
This is doable for Mgt. severance.
One nice thing about being a union member is that severance payments are in the labor contract and not changeable during the life of the contract.