Thread regarding AT&T layoffs

Targeted: interest rate impact on pension paypemts

Got the official notification that the lump sum and annunity calculations are about to change. So I went out to Fidelity to capture the before snapshot so I could compare after the December change.

I know to take the lump as T is doomed.

But what is intresting is when I modeled the annuity based on retiring every birthday after the age of 60. Yeah like I could make it that long in Stinky's dumpster fire! I found there was a gigantic increase if one retired at 65th birthday, of 10% more over retiring at 64 or 63 etc. 10% more for making it that one year - to 65. None of the prior years were that different.

No wonder Stinky wants to make sure no one makes it to 65!

Of course Stinky's layoffs are not age discrimination.

by Anonymous
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Post ID: @OP+181mWtN6
Comment! It's anonymous!

9 replies (most recent on top)

Call Fidelity. November interest on pension will be posted on December 15th.

by Anonymous
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Post ID: @4khu+181mWtN6

What is the effective date for the calculations change? Is this for everyone or just targeted groups?

by Anonymous
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Post ID: @2txl+181mWtN6

Thanks @jif+181mWtN6

I did not get any emails / letters so I assume I will be good for putting in my papers on Jan 1 to get the Nov 2020 rates...Looking at lump sum. The annuity numbers are not affected by interest rates.

I'm Legacy T (back to the 80s).

by Anonymous
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Post ID: @1zck+181mWtN6

@vzv+181mWtN6: I got the email referenced which said do not forward as did several others I know. I have both a Mobility pension and a BellSouth pension. That interest rate next year will be lower meaning a bigger lump sum will be needed to generate the annuity. Both my pensions have lump sum option of 100%. I have 2 pensions because I left AT&T Wireless before acquired and went to BellSouth left as SBC was buying it then came back to AT&T Wireless before acquired.
1

by Anonymous
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Post ID: @1efe+181mWtN6

Mine takes that leap when I hit 30 years and doesn’t change much between then and 65 (about 15 months later)

by Anonymous
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Post ID: @knq+181mWtN6

" Did you get a notification that they are changing the pension formula?"

Yes, I got an email saying it impacted me specifically, and do not forward. It did not imply they were changing the pension formula. The lump sum and annuity would change next month due to interest rate would be recalculated.

What p-ss-d me off if how much they penalize you if you don't make it to 65 in the annuity, and Stinky makes sure you can never reach it.

by Anonymous
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Post ID: @jif+181mWtN6

AT&T has an early retirement factor used for calculating pension. There was a court case in CA on this early retirement factor and calculation and — ATT won the case.

by Anonymous
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Post ID: @cxr+181mWtN6

@OP+181mWtN6 - What "official notification"?

"lump sum and annunity [sic] calculations are about to change." - Did you get a notification that they are changing the pension formula (I highly doubt that as nobody else has received that notice) or are you just talking about the monthly spot segment rates for October were just released?

by Anonymous
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Post ID: @vzv+181mWtN6

Recently Surpluses with Enhance SIPP .....payments spread over 12 months.....STILL NO DISPERSEMENT AS OF FRIDAY NOVEMBER 20th for the Month of November.......NOT GOOD!!!!! ... multiple recent Suplusef show NON-DEPOSITS

by Anonymous
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Post ID: @gij+181mWtN6

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