Stankey definitely seems like he's laying the ground work for freezing the pension program which would REALLY hurt mid-career employees. This article did a nice job summing up the situation. https://techstaffer.blog/2020/08/13/will-att-freeze-its-pension/
21 replies (most recent on top)
It's funded till 2023, it'll get revisited as to whether or not refund it as they'd done over decades. The hope is they will. It's also an incentive for many to leave by or before 12/31/2020, and at least get a little something of the fleeting benefits.
quote: So where is this document located that states the supplement is only guaranteed till 2023? /quote
https://cwalocal4250.org/article?id=a_1522370780-4283&t=retired_members_chapter&p=1
So where is this document located that states the supplement is only guaranteed till 2023?
@ 5kto, and if they don't re-fund, and somehow pocket that, being Medicare money related, they can look forward to being sued and hitting the news and and the stock price go down. I think they will keep it funded beyond 2023, I sure hope so.
The trend also seems to be that when someone retires from ATT that they will get no medical benefits.
The exchange or $2,700 supplement is only guaranteed till 2023. I can't imagine elliot management and the higher ups not keeping that to line their own pockets and using that to cover up their mistakes.
It’s interesting that several weeks ago, a post here on this board alluded to someone in Elliot saying that freezing pension was being looked at. I hope it’s not true, I only have 11 more months to hit my 20 to max the multiplier.
"So no the sky is not falling and you don’t need to run for the hills yet." The key word here is "yet"
The last post does carry some truth
But the poster left One Important Fact Out
Those in Randy’s inner circle as well as those that are privileged to be under his desk get the Best of Both Worlds
💰 & 🌭
For those commenting about T stock not being big the $40s. You’re are checking the highs and lows that are recorded but don’t forget that there is after hours trading and premarket trading that doesn’t get recorded.
If they threaten the end of lump Doewonder if I should and if others do. I know people will counter with the company prefers us off the books with a lump sum however they could use this scare tactic to force tough decisions on folks that are on the fence. Thoughts ?
Wait you sold att stock last year in the high 40’s? The highest it’s been in 10 years was 42 and that was 6 years ago 🤣🤣
@usz check your facts before sharing....the T stock hasn't been in the high $40s for over 10 years.
The ERISA pension laws say a company needs to give 30 days written notice before changing the terms of the plan such as the payout method or even a freeze in future contributions. So no the sky is not falling and you don’t need to run for the hills yet.
I imagine they'll pay out Stephenson's $64 million before they do this, just wait and see.
yes
Also agree with 1st reply. you won't regret it. Happy as a Lark. Don't look back ........ nothing there.
Stop worrying about whether or not they freeze the pension and start maxing out your 401k. It's only a matter of time. Very few large corporations fund pensions anymore.
They don't care if you die broke.
You are a mere tool to them. An expense. "You matter" hahahahaha
They'd fire you tomorrow if they could.
Of course they'll freeze the pension.
It saves them $$$.
See the first line.
But be sure to be nice on your NPS or whatever that survey is.
And collaborate, celebrate your team, and realize just how racist we are.
That's all that matters.
I agree with the first reply. The powers that be are purposely running this company into the ground, with no regard to growth or profit, solely with the intent of busting it up and off-loading the assets. Maybe I’m way off base, but I would not be surprised if AT&T did not exist in 5 years.
Sold my stock last year in the high 40's, good luck now!
Yes. It is only a matter of time before huge pension changes go into affect. First step will be no lump sum. Second will be drastically reducing the funding Of pension. Third will be, to stop funding completely. I laugh at all the posts of the former employees that say, “I am waiting till next year to take lump sum. Interests rate will be recalculated and I will get more payout”. There won’t be a next year to withdraw. I took my money out in April. Just made an absolute k–ling on it in stock market. Best of luck to those who are holding out. T is a boat anchor. Board is ruining the company, so they can sell it and make a k–ling! Randy included.