Will you be able to transfer? Get a promotion? Will T open new jobs?? Or maybe beware of “another round” like Chris Brown?? These are questions one must ponder if they choose to remain on the payroll. Individuals must carefully look at their financial situation if they get spared this round. T is still BILLIONS in the negative.
26 replies (most recent on top)
401k match is 80% of 6%, at least for craft in Illinois
why transfer - just move to another org that has more surplus unless you get into cso or promoted to vp. great company
For me it's an 80% match on the first 6 percent. We all have different plans, based on legacy company & hire date. Some of the newer managers don't have a pension, but they get a ramping scale that exceeds 100% match, depending on how much they contribute. I don't remember the specifics, because I don't get it. lol
"AT&T is one of the few remaining companies with a 6% 401k match."
It's not a 6% match, it's a 50% match on amounts up to %6, so it's a 3% match if you're holding back the full 6%.
“How many companies have benefits as good as AT&T? I only have 11 years in and I'm 12 years from my retirement goal. I feel like my life will be ruined if I am slated for layoff.“
Att benefits are overrated. Left years ago and getting much better benefits. The only good thing they have is the pension but they got rid of that and are ripping employees off when they do a lump sum.
TAke the severance and then sue them they can’t make you sign anything under be duress of surplus. Of course you will take the money you have to put food on your table and any jury would agree.
“AT&T is going to be looking at a great deal of ageism lawsuits if the numbers for over 50 are high . They have been pulling this sh– since the 80’s and still get away with not paying skilled people.”
This is why you have to sign an agreement not to sue before you get severance. The company figures severance payouts based on what they would payout in lawsuits if they lost. This is why after the Bush years some liability laws changed and severance was lowered from 52 weeks at the top to 26 weeks. With a pro business court they will probably lower it again. Everyone takes severance; no one sues.
Thanks to all who posted as I really appreciate all this very good advice as it really has me seriously taking action and thinking how I need to be better prepared since it is inevitable that this will not be the last one and I better start looking externally since I have quite a few more years ahead of me.
“Stay away from 401k plans”
And the person appears to be serious.
401k has made me a million bucks since ‘94 for retirement.
Yeah, stay away from that. And hire the bonehead below that states this as your financial advisor. What could go wrong?
AT&T is going to be looking at a great deal of ageism lawsuits if the numbers for over 50 are high . They have been pulling this sh– since the 80’s and still get away with not paying skilled people.
AT&T is one of the few remaining companies with a 6% 401k match. Not setting up a 401k at all leaves that money on the table.
Yes, start saving as early as you realize that this is the most likely way to make yourself more nearly safe, but don't get too discouraged if you realized this "too late." Start now anyway to pay off all debt (credit cards are only for paying off each month to get the 2+% rewards points to apply to the bill) except mortgage debt (though renting leaves you freer to pursue employment in another area of the country), and put at least 6% into your 401k immediately.
"But I can't afford it!" Sure you can. It's pre-tax money, so you'll barely see any bite out of your take-home pay.
As for investing in real estate beyond the house you're living in, I'm not a big fan. Are you going to deal with renters, who may turn out to be flaky, or, even if well-intentioned, become unemployed or otherwise become unable to help you pay off the mortgage on your investment?
Are you going to try to manage a small commercial real estate plot? (good luck in the post-COVID marketplace)
I didn't get smart until I was 50, but doubled-down, paid things off and got to the point where my 401k is maxed out, so, while I wouldn't retire as comfortably as I would have if I had gotten smarter sooner, I WILL be able to retire if T pulls the plug on my job.
Take the perpetual layoff threat as a reminder that it could all go away at any time. They are exploiting your very human tendency to help your fellow employees as fellow humans to transfer your and your coworkers' hard work into their own pockets.
You owe them a paper person they can't fire. Make sure somebody 4 levels above you will see you as valuable to the business... Your immediate supervisor is there to be the one to give you bad news and listen to your complaints so the McElfreshes of the world don't have to. No more work than that. You don't owe them your lifeblood, or your best creative energies. Keep those for yourself and your family.
How many companies have benefits as good as AT&T? I only have 11 years in and I'm 12 years from my retirement goal. I feel like my life will be ruined if I am slated for layoff.
nothing will change just wait for the next one.
swl, that's some horrible advice for most folks. Most will fare better by: avoiding debt (preferred) or eliminating debt with intensity; maxing out 401K; at an absolute minimum, getting all the 401K match you can; diversifying across several low cost mutual funds: 1) aggressive growth (small cap), 2) growth (medium cap), 3) growth and income (large cap), 4) international... Particularly if you have a long time till retirement, consider Roth 401K and/or Roth IRA rather than traditional (before tax) 401K/IRA investment; don't try to time the market; as you get closer to retirement/needing to tap into your retirement, shift asset allocation such that money you will need within 5 years is in lower risk/lower return (2 to 3%) income-producing short-term bond and cash-like funds... Listen to Dave Ramsey - simple, common sense stuff.
Wow, lots of hate & down votes cuz I do not like 401k?
I have to assume that everyone knows the cuts will continue until AT&T is no more. Randall's media play created a gaping hole in the finances the company needs to survive. Now with Elliott forcing short sighted plans to raise the stock price to the detriment of long term health, AT&T is cooked. It's over and done. There is no coming back. The long slow slide is inevitable.
Show up Monday and wait for the next one.
Stay away from 401K plans, you will fare better using your money and buy property or something tangible, at least you know where your money is...
Realize in this economy, you are lucky to have a job. In the current economy, there are millions who are unemployed and out of work. If you are working, remember how fortunate you are to still have a paycheck. BUT Be on the lookout for something better, take lots of time off,WORK Comp, STD, FMLA..etc, dont shared your knowledge, it is power.
Final Word, f— AT&T
617L - agree 100%. One of the strategies I wish I new about in my 20’s is to start with the basic 6% contribution and increase 1% each year until you max out. Trust me, I have shared with my kids and grandkids now .... will they listen, who knows. But, this seems to be a very logical approach
If you survive and ask your boss to apply to a new position you may as well kiss your a– goodbye
A tip to the young: Save, save, and save some more. Max out your 401K contributions & let compound interest work its magic over time. That way you'll be better positioned if you hit a layoff in your 50's or 60's, which is very common. Don't think it won't happen to you.
Whether I’m gone or not, I’m treating this like I am gone and will be looking hard to get out of this hell hole
If I survive this round I plan to downsize a few things, get debt free other than my mortgage and start seriously looking at other options. I worked my a– off to get this far with AT&T, I can do it again.
If I survive this one, I'm sticking to my current plan which is to assume it will happen next time. I'll consider it a reprieve and continue to position myself for an unplanned early retirement.
I agree. After the last surplus I cut expenses in half