Thread regarding AT&T layoffs

This article confirms that an employee that was laid off in March 2008, was supposed to receive severance through April 2009 but then got a letter saying sorry! We’re filing for bankruptcy.

https://gothamist.com/news/lehman-employees-say-good-bye-to-severance-packages

Yup, this is exactly what’s going to happen with T. People are saying by resigning without a severance, Stinky and BoD wins. Maybe it’ll appear like that until T has to file for bankruptcy and now all who were promised severance, won’t get it.

It happened before. History can repeat itself.

Yes facts, So the recent movement of funds being administered by Athene annuity is for nearly 96,000 management retiree’s receiving approximately 2 or 2.5k or less a month, not current management or union employees. If something were to happen with the company Athene then it would be covered by each individual States laws/plans.

Something big to think about: Pensions that are transferred to private insurance (like Athene) are no longer backed by the Pension Benefit Guaranty Corporation (PBGC). Read this article for more info:

https://www.theretirementgroup.com/blog/atts-retiree-pension-payments-taken-over-by-athene

"...I wouldn’t worry about your pension, the federal government PBGC would definitely cover any pension shortfall if needed. Fortunately AT&T pension fund is in great shape compared to most companies...."

Wow! Clearly you have NO IDEA what you're talking about. You think the Govt will take care of you? AT&T pension fund is in great shape!?!?
What are you talking about. Most of the pension funds, except for the elites of the company, was sold to Athene, a private insurance company. If Athene goes belly up... so does your pension.
Please research before spilling false info and false hope.

Chicken Little, the Sky hasn’t fallen yet, a little over reaction by too many here. The company is still making money, doesn’t mean there aren’t difficulties and tough choices ahead with the current financial issues. The market is just having a knee jerk reaction to the WSJ lead hit piece. Verizon and Lumen are also involved in the installation of lead that’s been in use and regulated by the govt. since 1880 when it was just Ma Bell. More facts will be brought to light and It will settle down over the next several weeks or months. Right now there are sharks in the water trying to push the stock price down for their own benefit.

I wouldn’t worry about your pension, the federal government PBGC would definitely cover any pension shortfall if needed. Fortunately AT&T pension fund is in great shape compared to most companies.

In response to:
"I would think we'd get some protection from the Pension Benefit Guaranty Corporation"

Please do your homework. If it gets to the point where the PBGC has to dish out pensions you'll see that what you expect to get from your pension is no where near what you'll actually get.
Don't take my word for it, research it.

I would think we'd get some protection from the Pension Benefit Guaranty Corporation

Lehman brothers employees release taken by surprise
In AT&T we know the company is melting down very soon and all of us did our preparations
It won’t be as bad.

Yes, understand AT&T is a very sick company financially. The most indebted company in the history of American Capitalism. Stankey cannot layoff enough employees to pay down the debt. Do what you will with this information.

If at&t bankrupt or meltdown all pensions will disappear and all holdings stocks will have no value

The right question is what will happen to our benefits and pensions when T disappear in thin air

Lehman brothers employees release taken by surprise
In AT&T we know the company is melting down very soon and all of us did our preparations
It won’t be as bad

I did this homework before and I found out that they didn’t get anything no pension or stocks or any unpaid vacation, totally bad

You work for AT&T you will know very soon

Employees got fu---d
Lost everything
But leaders of the company did very well