Thread regarding AT&T layoffs

Not all Federal workers get SSA. Matter of fact most in exec/mgmt do not. My family worked for CIA, State Dept and one a career politician and only one received SSA but they all had very good salaries and get more than 3/4 of their pay.

Stop quoting misinformation from FB. Those pension numbers aren’t close to the truth.

Legacy T had different pensions. Anyone hired after 1990 it is not so great. I was a 3rd Level then jumped ship to take a 2nd level Technical Position in recent years. After 30 years my pension will be in the 40K's. If I was hired prior to 1990 it would have been a lot better. I am one of those folks who does not yet have 30 yrs and I am not that close in age that I will get medicare any time soon. If I had a few more years I definately would have left this year for the medical benefits. Not sure if I will survive the years needed to get medicare and if laid off a big chunk of that 40K will be needed for health benefits....Was not expecting this at all.

CSRS is a newer federal government retirement plan that is nowhere near as generous as what it replaced. In the old system the employees didn't have to contribute anything. In the new system, they are required to contribute 7% to 10% of their salary.

It's yet another retirement plan that puts younger workers at a disadvantage. Hopefully Biden can get all of these merged into a single payer universal retirement instead.

https://www.opm.gov/retirement-services/csrs-information

1djznGUh, Not all federal employees get SS, or at least a substantial one. Depends on the retirement method they select. Those who don’t pay into SS during their career, generally have a higher pension, but it they then move on to a job where they pay into SS, they can get a very reduced (peanuts) SS benefit as well. Others choose to pay into SS and get it but their govt pension is less

I don't think it's that bad. I retired with 40 years as a 1st level and my pension would have been $52000 plus $27000 in SS. I chose the lump sum of $832,000.

Well, start here and work your way thru NV government employees. I did see my fireman in there and it's $250k. Even the dog catcher retires with more pension that a T District Level.
https://transparentnevada.com/pensions/all/

From what I've been able to gather, Legacy AT&T have the most generous pension plan of all the former operating companies and their offshoots. The pension amounts vary widely between different entities. It seems unfair since most of us ended up in an entity beyond our control. For example, I was placed in SBC Services, however, if given the choice I would have selected Legacy AT&T. This would have provided me with a much better pension.

A good majority of "Gov't" workers do not get SSA but do 3/4 plus of salary for pension....

There is a trick to public employee pensions where they save up months of vacation time and sell it back the year they retire. This higher wage pay is then used as the salary basis when their retirement is calculated.

This is why ATT is smart to expire our PTO every year.

“ As an example of USPS retirement under CSRS, a postal worker with a high-3 average of around $60,000 and 20 years of service earns $1,824 a month without any deductions. That equals about $22,000 annually. A worker with the same salary and 40 years of service earns $3,837 monthly, or about $46,000 annually.”

But thanks for playing.

A quick 5 second google
“Most fire departments offer pension plans to all ranks of firefighters as an employee benefit. According to the BLS, a typical pension plan offers half pay after 25 years of service. This means that a fire captain's pension may provide between $30,000 and $36,000 per year, based on BLS salary statistics.Jul 23, 2019”

What? LOL “ My fireman neighbor retired in 2008 and his pension is $250000”

You add an extra 0 there friend?

That fireman pension is ridiculous that's fraudulent against the taxpayers of whatever region he worked

Just take a look at crazy California transparentcalifornia.com and see how well government pays. Next time you hear about a government employees including safety services not be able to afford where they work, it’s a big lie. On top of this they get 2-3 percent @30 which means they can pull in 90% of their salary as a pension once they retire. I’m sure every blue state is like this - thanks you working smucks.

Federal employees get social security. Certain state employees do not, if their state opted out of it as part of its retirement plan.

Take a look at public pensions, particularly at the state and local level. They are underfunded by over $4 trillion. That's because politicians give away the store, and leave it to future government to figure out how to pay for it. Republicans have been pushing to legalize state bankruptcy to "pay" for it, and I'm in sort of agreement here. What I am not receptive to is for people in other states being told to pay for public pensions that irresponsible states promised their public employees. Illinois comes to mind.

Private companies don't have that luxury. They have to fund their pension plans during the working years of the employees. Whatever they promise, they have to start paying for, right away. That is what the PBGC requires.

Some of these multi-employer plans - well, that's another story. They aren't funded either.

1poa,
No, I fully realize the SS component. So SS is lets say $20k & Pension is $20k = $40k - I retired at 50.
What I'm trying to impart is that the T pension is peanuts and I fully recognize SS.
My wife worked 30 years and her State Pension will be about $150k AND her SS will
be about $36k
My buddies wife will make $200k retired and her pension will be about $36k.
The other figures I stated are accurate.

I am saying that T used pension to attract but when collected they underpay vs. other pensions in industry, State and Federal govt AND when you question HR you will never get an answer. The conclusion is that either they don't know or don't want the pensioner to know how low the pension will be. A disgrace.

What you fail to realize is that AT&T employees also get Social security, where Fed employees don't.

What you are pointing out is that the Goobernment pays these people their lavish pensions with a G U N to the head of every single taxpayer. You also forgot to mention that most of these Goobernment pension have COLA.

That is why it is call the Deep State - keep those salaries and pension coming!

Yeah, the pensions are super low compared to many other professions. Those of us lulled into security by “getting a pension” or started working in the years before pension shifted to 401k or funding our own retirements are in a crunch. Didn’t realize we needed to invest until several years in or didn’t have the knowledge to. Always had “pension”…. When I first started looking at the pension estimator years ago, I thought it was incorrect. I always thought private businesses paid more than government. Nope. Glad I always dabbled in the 401k before I got intense about it and realized it will be worth way more than the pension. Wish I had known in my 20’s that the pension would never amount to very much. Thankful for the lump sum and at least having a chance with that growing.