33 replies (most recent on top)
- Yeah, that never happened. The last enhanced pension offer was 10% kicker to your lump sum amount. There was no 35% “bump” ...and why on earth would they give you the lump sum + annuity? That makes no sense, the lump sum is in lieu of annuity.
Uh yes it definitely happened, I TOOK IT AND RAN in 2015... 2014 was a +25% enhanced pension offering, then 2015 another offering was announced with a 25% kicker + 10% sweetened offer which was touted as "the last offering ever of its kind" (+35% total) BOTH were lump sum offerings which took the annuity portion out, making it an all lump-sum "FINAL" offer, of which, close to 4,300 managers company-wide graciously.
Oops. The enhanced pension offer that I just mentioned was in 2014 not 2015 and I don't recall there being one for management in 2015.
The 2015 enhanced pension offer for the management pension plan gave a 10% bump to all existing pension options and also provided the option of a full lump sum pavement which was not previously available. Prior to that the only option for a lump sum was 50% with the remainder being an annuity. Surprisingly they retroactively gave the 10% bump to those that retired a short time before the offer was announced.
Hit the nail on the head. Upper management are all wannabe actors. That’s why randy bought TM. Craft may not see but management has seen all these produced video communications with the c-suite. Heck they even have a studio and makeup people.
- ”like in 2015 where your pension was converted to an all lump-sum offering with a 35% bump? ie: $300K lump sum + $300K annuity became $810K lump sum walk-away enhanced pension”?
Yeah, that never happened. The last enhanced pension offer was 10% kicker to your lump sum amount. There was no 35% “bump” ...and why on earth would they give you the lump sum + annuity? That makes no sense, the lump sum is in lieu of annuity.
I saw where they promoted someone to a VP level, then for months we were told, oh, this person is new so doesn’t understand...give this person time. Funny how WE weren’t given time to do our jobs but a VP needs literally months to learn. Do you think perhaps they promoted the wrong person folks? Here we go again with it’s who you know, not who is the best qualified for the position. This is WHY there is a severe leadership problem here at AT&T. Some of these VPs are like deer in headlights. No clue, but great cheerleaders. They are actors playing a part, nothing else. There are a lot of really good and talented people at this company. It is unfortunate that they report to inadequate l4s and l5s.
"What ever happened to the enhanced pension offerings of the past..."
Company has too much debt for that. The whole point of getting people off payroll by 12/30 is to realize instant cost savings in 2020. They are not going to offer any extra incentives that cost more money and negate those savings. Plus, I imagine this will be a good bullet point for the 4th Quarter results to Wall Street and the capital firms holding us by the leash. "See? We are streamlining our cost structure. Please don't dump our stock and lower the share price before we have a chance to cash out too."
AT&T is going all out to reduce costs but relying heavily on payroll reduction through layoffs and outsourcing. This seems extremely dangerous to operating without impacting customers. If AT&T doesn't care about offending employees or customers, is top management in this only for the short term ?
- What ever happened to the enhanced pension offerings of the past where dedicated long-time managers were offered lump-sum pension buy-outs like in 2015 where your pension was converted to an all lump-sum offering with a 35% bump? ie: $300K lump sum + $300K annuity became $810K lump sum walk-away enhanced pension?... Low-level AT&T managers have become unappreciated whipping posts with unrealistic workloads, unrealistic subordinate numbers and set to fail expectations.
I just got off the all hands call and there was really nothing shared that wasn't in the MVO email. Well, maybe one thing. Our organization is not "protecting" anyone, so everyone is eligible.
Yep, 6 month cap. I doubt they will hit their targets with that. Get ready for involuntary surplus in 1st QTR.
It's the standard 2wk/year service up to 6 months.
Last day to decide, Dec 5th.
Last day on payroll to be Dec 30.
Taylor level 5 in Dallas with all hands call at 2
If you receive a voluntary offer, then you may accept it, whether or not your job has been designated to go to Accenture.
@wcr - because if you actually read the whole email, it states "Later this afternoon, most of our (L1 - L4) U.S.-based ATO and GCSC managers will receive a ..."
So only L4 and down will actually be issued an MVO. It is addressed to L1 -L6 employees for formality purposes only. L5 is VP and L6 is SVP - those people dont need MVOs to retire.
Does anyone know if you were selected to be outsourced to Accenture could you take this MVO offer for ATO. I am still employed by ATT until Dec.
Depends on how many take the offer. Could possibly save some jobs but they have done this in specific areas they wanted to go down without much success. Plus still a lot of jobs that won’t be eligible. They are not going to displace a data scientist with a field Mgr. from Oshkosh USA. Wouldn’t surprise me if they don’t already have a list of positions that can’t leave. Of course it does seem they used a shotgun approach this past year due to the crazy debt issues so who knows.
@ wcr, because it is a positive outcome for management, union is down voting it. Watch, this comment which will be interpreted as speaking ill of union will get lots of down votes.
“Actually that is not correct. The email went out to all ATO management, L1 through L6.”
Why is this statement being downvoted when it is 100% accurate?
The executives who made big acquisition mistakes should take responsibilities and volunteer.
Sorry...that’s just the truth. Yes, I could have...but considered the risk. Unions are a necessary evil....without them we’d be in the same boat. I was sympathetic and offered you good luck! I do have people I like in management ....
@tpc, for thé Life of me I’m trying to figure out your post. "I’m not bashing you guys because I’m craft....but that’s the risk you take in management."
I’m a management ‘desk jockey’ and respect the job that craft does, in every way, but how would it sound if I said a dozen different things that relate to the dangers you face everyday then said, "I’m not bashing you guys because I’m management " but you pretty much had it coming for accepting the risks!
Then you say you had the chance to be management, pat yourself on the back for staying "craft" and wish everyone luck as you head for the bomb shelter.....geez, cut me a break!
- "Of course, the people who DO need to be cut for doing a c-appy job, 4th and above, are nowhere to be found in this offer letter.".
Actually that is not correct. The email went out to all ATO management, L1 through L6. Which I have never seen before. Tells me the cuts in 1Q will be deep and across the board at all levels.
i was told it's a 1 year salary offer. That and MR75 for me - see ya!
So glad I left on my own and calling my own shots. Att is so arrogant and disrespectful. What a cesspool.
West got LV1 and up volunteer email today.
Rumor of course but someone (who has been right before) mentioned the company is revising the severance package in 2020 from 6 to 2 months and this will be described in the email later today. Again, a rumor.
Hey I’m not bashing you guys because I’m craft...but that’s the risk you take in management. That’s just why I would never enter that game....had a chance, but passed. I’ve never seen this company in such a mess! Good luck to you all.
Sign me up
Welcome to corporate America where the executives who make the "big" decisions are rewarded with lavish salaries and bonuses regardless of outcomes or performance, while the front-line folks that actually run the business are asked to leave because they are a cost.. For anyone still under the illusions that American capitalism is the greatest, think again. Bernie 2020!
Exactly. Why do frontline managers making under competitive pay take all the hits while exec pay and bonuses continue to rise.
Of course, the people who DO need to be cut for doing a c-appy job, 4th and above, are nowhere to be found in this offer letter. Maybe it is time to take the money, cut all ties, and just let this ship sink.
Here we f—ing go with the b—s— "oh guys and gals we have to be agile, leaner, blah blah f—ing blah". If we need to be leaner, then take a pay cut you executive sh–bags.