WTF! I swear AT&T is doing its best to disrespect its employees at every turn. First they announce a layoff, ship jobs to Tech Mahindra overseas, and now a pension freeze could be on the table??? How could they possibly expect to bring on any top tier talent when they treat their loyal employees in this manner. Here's the article on the possibility of a freeze... https://techstaffer.blog/2020/08/12/will-att-freeze-its-pension/
23 replies (most recent on top)
They always threaten freezing the pension!...bide your time till you hit the 75-year rule & bail out take the lump sum before they raid it and you don’t have anything! Just my 2 cents after leaving the company with a buyout and pension! My 500k + is making good money in my IRA.
The laziest and least proudictive people in the company are the ones who "just need a few more years" after they reach MR75. They no longer fear failure, and they no longer have the drive for success. Freezing the pension fixes this problem once and for all.
I definitely agree with the poster that states that AT&T has lost any association with being an American Company. But I also think the same thing about Apple. AT&T got hosed in 1984 by the MFJ to divest. They were making money hand over fist as a monopoly. They got punished. But they continued to manage and run the place with same senior leadership. These folks have been off track for 35 years. Every 5 years they hire a bunch of consultants to tell them what to do next. Mostly the consultants that they hire are friends of the family. So the Emperor gets lots of compliments about his new robe. When transformational recommendations are put forth. Senior Leadership either refuses to act or does such an awful job executing the hole just gets deeper. But these C-Level troglodytes just keep digging.
To me, this rumor, and of course every rumor has a tiny grain in truth hidden in it, is it's another way to cut costs that they desperately need to do so, as well as scare off the overgrown level 2, 50+ age, 25+ yrs and already met MR75 people (old white males). They desperately need them gone, and they need it to happen that looks like attrition. Other wise it glares to loudly as agediscrimation, and the lawsuits can outweigh the cost savings of the cuts.
New employees will not receive the pension is correct. But old employees, as early as NCS dates in 2015, do not hace pension either. The worst is when then the overpaid pension eligible guys find exemptions from outside CP jobs, leaving the underpaid pension less guys to climb ladders and fight the wasps on the splicing cases!
AT$T is dumping American workers, in favor of third world H1Bs as fast as they can. We need to return the favor, and dump their services as fast as we can. I know other carriers are almost as bad, but let’s at least do something to take a stand.
Federal government should
- Pass congressional act for Medicare for All. That means companies pay for all their employees to this fund, and employees also should pay to this government bucket to for Medicare for All. The current insurance system and company provided or Obamacare insurance simply does not work.
- Mandate employee contribution and employer contribution to Defined pension managed by government for everyone. Essentially social security. Yes that means more social security funding and more pay for everyone. Private company plans like 401k should not be the catch all. Government mandates to pay for pension (social security) should increase employee and employer contribution to increase pay.
just more new world order bs from the puppets called ceos. they want to drop the pension like a hot rock along with insurance and they have made the clear since about 2005 as far as I can remember.
don't worry the talent they hire will bring down the company and their products will sux so much no one will buy anything from the nwo att. they are halfway there as far as i am concerned. nobody I now uses their service. just know a few businesses that use them and they will jump ship within the next year or so. ah karma can be a beach.
Welcome to last week
@ded+16zDdeG4 Verizon frozen it's management pensions in the mid 2000s. I don't think new craft employees hired after a certain date get one either. Pensions are going the way of the dodo bird in the US. And jumping from AT&T to Vz is akin to jumping from the frying pan into the fire. They outsource and layoff just as much. You are correct, good luck with that.
Do any of you truly think this company gives a s**t about you? Most of you will be gone in the next three years and your jobs shipped to the India, etc. The managers will still be here and your job will be done at 1/8th of the cost.
1 hour ago by Anonymous | 12 reactions (+12/-0)
Post ID: @mic+16zDdeG4
This person gets it.
Never make noise.
Fly low.
Strive for solid mediocrity.
Smile and wave.
Always...always be polite.
Play stupid.
All directives by email or IM.
And try to run them out of $$$$.
Its obvious Shareholders are valued more than employees, eliminate employee pension but keep dividends! Rude awakening when folks start leaving left and right on their own terms.
This is the type of move you make when momma's pond dries up and all your catfish die. Leadership is so afraid to cut the dividend, even during an unprecedented global pandemic, that they will risk losing the talent that drives the ship. I'm looking for the first life boat off this sc-ap iron.
This is so funny. Management rewards hard working employees with paycuts.
Which force will win?
More $ into Ratty & Stinky's pocket?
Or maintain a pension for older employees that Ratty and Stinky want to get rid anyway of so they can send more work over to Mumbai U grads.
Gee, I think it is a sure thing. All the higher ups are denying it. Ratty & Stinky cannot think of anything original, they just follow, or actually they lag, Verizon.
Do any of you truly think this company gives a s**t about you? Most of you will be gone in the next three years and your jobs shipped to the India, etc. The managers will still be here and your job will be done at 1/8th of the cost.
cool Story Bro!
years in the making..
Glad i retired 6 month ago. Stankey is a poor leader and I hate to say I think things are going to so south for the common man. Sad company is too top heavy and will retain management while letting all of the pions go. Bye, bye ATT. Glad I sold all my stock!
It’s a small price to pay to keep your job during these times. They should end the Company Match plan also.
Everyone on this board saying "time to jump to Verizon" .... good luck with that, nobody is hiring. Might want to focus on skills that are competitive outside of the telecom industry.
Leadership said the company was planning both capital and operating expense cuts to defend its dividend, adding that investors "come to view that dividend as a source of stability in their income."
Don't you think your employees have come to view that pension as a source of stability in their "income"? Apparently that doesn't matter. Do you expect your employees to work forever to support the dividend being paid to wealthy investors and other company's retirees?
This is a sad reflection on where the U.S.A. has come to in worker's versus investor's rights & benefits, to say nothing of the state of the retirement "system" in our country.
As a show of protest, I will not buy any ATT products until the company commits to the pension plan!
Pension freeze is pure speculation.
Any new talent will be ineligible for pension.
If you opt to stay at AT&T (and as long as AT&T opts to keep you), try to make the best of it. If you are too miserable or continually allowing the worry to hugely impact you, I suggest you leave. But as it has been said in some form before, "Most people will choose unhappiness over change or uncertainty."
They don’t want American top tier talent. They want to hire third worlders for .30 cents on the dollar. AT$T wants to reap the benefits of operating in America, but they have zero love or respect for America or Americans. Just a bunch of two-bit hustlers at the top.