If you value all your hard work and what you have in your pension, GET OUT NOW! You have been warned?
48 replies (most recent on top)
With the way things are going, AT&T may be bankrupt before the insurance company would be!
In response to:
"So does this really affect those currently getting payments?
What about those who haven't yet retired, are they impacted from the company no longer putting in?"
Basically, the pension is no longer in AT&T's control. Pension has been handed to an insurance company. The annuity payments for retirees should remain the same (Key word "Should"). However, the issue is if the insurance company (Athene) were go to under then that would definitely impact payments and or lump sum payouts. If the insurance company goes bankrupt it's doubtful the employees will get what is owed to them.
I just soiled my underwear.
So does this really affect those currently getting payments?
What about those who haven't yet retired, are they impacted from the company no longer putting in?
I don't know what this means for me. I think I should just worry because I don't know what is going on.
The fact that T took this action without warning or proactive communication to employees tells us everything we need to know!
Q5: How do I know my pension is secure with Athene?
Insurance companies, like Athene, are heavily regulated to protect your interests. That means you've got protection
from a state guaranty association with coverage determined by where you live. State guaranty associations act like
insurance for insurance companies. Visit the National Organization of Life & Health Insurance Guaranty Associations’
website at www.nolhga.com for more information. Click on Facts & Figures, then GA Law Summaries, and scroll
through the drop-down menu to select your state.
If you are not paying attention to this change in your pension, you better educate yourself.
Last year many people (in the tens of thousands) lost a lot of money due to the segment rates increase, which affected their lump sum. Now retirees and active employees will have their pension managed by an insurance company. If that company goes belly up, there goes all of your pension because it's no longer protected.
Research!!!