So at the end of the year 17k management employees who earned premeditate healthcare benefits will lose hem if they don’t leave. This is in the name of equity. Wtf. Seems like they want older people out. Most will leave but the younger ones will have to stay. Stankey equity.
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"T is starting to worry that they can't attract recent college grads like they used to. "
That is precisely what drove this company into the ground is not promoting people that know the business and hiring nothing but college kids... Plain as the nose on your face.
TO: @ymt+1d4ounxQ
The best thing I did was to load up a 401K with supplemental contributions.
I'm the one who commented "the best thing I've ever done financially in my 35+ years at AT&T was ask to be laid off"
I also loaded up with supplemental deposits (maxed out for about 25 years) and when I learned about it mega-backdoor-Roth 401k contributions (when over the tax deferred or tax free cap, make after-tax contributions and then immediately transfer to a Roth IRA - up to $63,500 deposited each year). Just before I retired, the 401k hit $2M (although it dipped below before rolling it all into IRAs that I had full control over). Those decisions ALLOWED me to make the big one of volunteering for layoff in my 50s.
I guess my other "best financial decision" was when they created Brokeragelink at Fidelity and gave us a 1 time opportunity to move 100% over. I moved every cent I had over to Brokeragelink which gave me the opportunity to do things like buy stocks, get a few good hits (A couple of 10+ to 1 winners and my Apple stock is currently up well over 20 to 1.) and not be locked into the AT&T standard funds.
If you're making those supplemental deposits, you're ahead of the game - time to see if you can get them to cut you lose (and pay you for it)?
perfect, youd be amazed at how much the older ones come in behind the new ones and clean up the messes they leave
I would retire at the end of year if i had the rule of 75... I don't.... I will be 53 with 22 years on 12/31/2021. I have 75 as a total, but not the rule of 75. Lucky me! Not only that, but the company is not going to offer any years to be added to your age or service which would get you to that magic number. Why should they?!?! They are hoping to get enough employees to leave in December to offset all the loss from bad decisions our leadership has made. Honestly, the employees deserve better than the rules to be changed at the end of the race. Many would not have even entered the race if they knew how this "rewriting" of rules would hurt them.
We first lost the supplemental Medicare payment.
We then lost vacation days
We are now losing our retirement insurance that bridges us to Medicare.
We are hearing talk of Pension changes, which will not benefit the employee.
Just wrong on so many levels. How valued do you feel now?
HSA is an excellent savings plan for retirement even if never used for current medical. However, save your medical receipts. Money goes in pre-tax, grows as untaxable if used for eligible expenses and can be spent on medicare premiums if you want as well as many other items. The covid laws have made many more expenses eligible for using FSA
the best thing I've ever done financially in my 35+ years at AT&T was ask to be laid off.
The best thing I did was to load up a 401K with supplemental contributions. The d-mbest thing I did was to not fund an HSA. October benefit elections are right around the corner, learn from my mistake. Do the math on Medical, deductions, out of pocket and premiums, and figure how much medical expense you would have to incur in order for an HSA to not make sense.
So happy I saw the handwriting on the wall. I had a chance to volunteer for a layoff in 2020 and took it. I got my 6 months of severance. I got my pro-rated bonus this March. I was able to take my pension lump sum with the really low interest rates giving it a huge bump up for 2021, and I've collected about $50k in [blue state] unemployment. If I were still there, I'd be looking at forced retirement because the healthcare benefits are simply too much to lose in a company where I feel like I'd be likely to be let go a month or two into 2022 anyway. The sad part is that the best thing I've ever done financially in my 35+ years at AT&T was ask to be laid off.
Good luck to those who remain.
Most of the 17K will leave... I don't think so.
Only approximately 17,000 lost this¿ I'm among them, but thought more..
The Stink had to give $2B extra to get rid of DTV mistake because they lost NFL "take a knee" Season Ticket. No way he was going to take that $2B and make a contribution into the pension fund. The Narcissistic B A S T A R D
I remember awhile back sitting in meetings and listening to them babble their corporate-speak about "energizing employees to be brand ambassadors" to talk their friends and family into switching to AT&T services. You don't hear that sh-t anymore. They're stupid and out of touch but even they know if they tried that today they'd get zero help from anybody with 5 years or more with the company.
Out of all the things T could have cut this one was really petty. Punishing workers that have been with you for 20+ years.
Someone in craft is really going to have to be desperate to take a job in management that pays less, has less benefits and is much more stressful.
This might be an "in vino veritas" kind of post, but it is true. There is an email out asking if craft wants to attend training from T to be a first line manager. I can't imagine anyone taking them up on that "offer". T is starting to worry that they can't attract recent college grads like they used to. The word is out. T went from the place to be to build a career, then it went to a place to where your resume could show you could deal with corporate bull$hit and get out and find a better job (They are out there) The rest of us have 20-30 years and are hoping to cash out our lump sum before Stankey phucks us further.