Just received an "educational" email from HR about the impact interest rates can have on your pension. Most already know this if you are anywhere near retirement age or passed Math 101 so guessing this was intended to incent anyone still on the fence to leave this year so Big Guy can put it on his list of accomplishments that he reduced the numbers of mouths to feed.
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Simple math says the difference is very little. Think about it. T wants head count lower by EOY so they don’t have to offer incentives. Next year will be a interesting calculation of headcount from all those leaving in 2021 and those that refuse to get vaccinated or disclose their vaccination status. Privacy rights obviously are not considered for the latter.
Is the loss of health care benefits just management employees if not retired by EOY? I am bargained at have passed the MR75 rules. Just wondering if it just applies just to management or everyone.
If you are Legacy T get the heck out in November. If you leave December you will get hit with the increased interest rates for Nov 21 since you can’t collect till January. Not so fro SBC pensions.
Untrue. I just s/w Fidelity and was told Dec 1st would. Be the cut off to retire and get 2020 segment rates I’m legacy T
‘A bone-headed female executive’? Really? Spoken like a real fubar dude.
Retire today if you can. Apply for new jobs. If you wait you will lose retiree benefits and your lump sum will be lower. It’s a relief to go.
If you are Legacy T get the heck out in November. If you leave December you will get hit with the increased interest rates for Nov 21 since you can’t collect till January. Not so fro SBC pensions.
I got the email as well. Bargained for. The Sept. segment rates are in and are only a little higher than last years. There’s about a 10k difference in my Lump sum Yeah a little less but not Not a real game changer as far as I’m concerned. It’s my understanding the segment rates are heavily influenced by the 30 yr corporate bond yield. Still two months to go but do not think they will radically change by November
I just check my pension statement today since it has been about 4 months or more. I am sure glad I did. I noticed that for the months or July and September, I am missing my pay credits for those months and only received interest credits. I called Fidelity and they said it must be an error and will look into it.
Its all a trade off. It depends on your age and if you get an offer. Bronze insurance is about 12k extra per year. If interest rates continue to rise - you loose about 3-4k in your lump sum every couple of months. So, if you are 59 when you get an offer, your offer will cover the increase in HC. How long will interest rates continue to rise? There will be layoffs in the future - maybe not in IT, but elsewhere. When - who knows? If you are 55+ and MR75, you are gambling against house money. Gone on 11/30/21.
Don't care what happens to the interest rates after November. I'm taking the lump sum and am out of here. There's no incentive that they might realistically offer that could make me want to stay with this circus even a month longer. AT&T (SBC in disguise) is a really sh---y place to work, and gets worse every year. Leaving here is going to feel like taking a deep breath of fresh air after being held under water a long time. Feel bad for the people who see this place for what it is and are trapped here by circumstance. Good luck to you. As for the demented kool aid drinking true believers, the ones who talk about AT&T as "we" (as if they wouldn't throw you under a train for a dime), cheers! bottoms up! keep on chugging.
Donno why you are so hype about interest rates. Do the math people. New rates are little over Nov 2020 so far. I did the math and I may loose only $4k by staying beyond 1/1/2022. But I will gain severance package that is more than $4k and unemplyment benefit. So not going anywhere now.
Check out the video just after 11:40min mark. Dec 1 2021 uses November 2021 interest rates. Happy Thanksgiving !
Don't ignore the segment rates, many will realize 3-4 years from now they missed an opportunity as their lump-sum amount will be about the same as it is today. Do the math and modeling especially with the new accrual rate starting January 1st. I'm out in November, paperwork already submitted to Fidelity.
Sounds like education is way above your comprehension level.
Put on his list of accomplishments.
Forget the list, he's bound to get an enormous bonus for his efforts.
Retention bonus LOL
Yes, I got it too. Meanwhile our organization can't fill openings, with a ton of work in front of us. Reminds me of a few years ago, when there was a MVO, for which there was really no incentive offered to leave (no pension kicker, no enhanced severance, nada). A boneheaded female executive, on a call, actually used "speculation" of interest rates rising (she was wrong, by the way) as a reason for folks to leave.
The More You Know…
This notice is just to prevent T or the Stink or Blondie from HR being sued. The IRS Minimum Present Value Segment Rates are going to be posted towards the end of next month, and big surprise the rates are going up and next your lump sum will be lower as a reult!
Month/Year First Segment Second Segment Third Segment
Aug-21 0.66 2.50 3.12
Trying hard to kick more out the door. Another feather in Santones cap!
In one email they appear to want to leave. Yet there as a retention bonus exercise going on. More indication C-suite doesn't know what they want.
The Stink was to get rid of anyone that is not "youthful" like his bald self and solve the most important issue in the world - the unemployment problem... in India!