Is there really any benefit in staying 30 years? I have 28 years and 2 months in and have been offered a pretty good opportunity. Is there any benefits that I would lose by jumping ship? I reached the Rule of 75 a couple of years ago.
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I bounced last November after 26 years. I knew the rates were going up in 2022, and as you see, the pensions will soon take the expected hit. If you've made mostly good moves, saved, put the kids through college and paid off the mortgage, then you should hit the door. IMHO
Since you meet the rule of 75 you have nothing to lose by staying other than your 30 year service anniversary award. But you probably have more to lose by staying as costing saving is the No.1 priority and nothing is off the table. That means Medical plans and pension will likely change and not in favor of the employees.
Union or management, which pension plan are you under. Do you need to still work. Wow, so many variables to that decision and not even 1 clue provided.
If you have 28 years in, it's likely you're over 50. How many good years do you realistically think you have left? What's a year of that time worth? What could they possibly offer you that would be worth that much? As soon as you can afford it, get the He-l out of here as soon as you can. You won't regret it unless you're one of those pathetic, soulless corporate crash dummies with no other reason to exist. You know the kind, the ones who have mental orgasms while watching the Leading with Distinction videos, or who leave raving positive comments about their T University courses, or who come back from the D+ meetings truly believing whatever bullsh-t about the bright future of the company that has been spewed in their direction. These people should and will stay here as long as possible because life holds nothing else for them.
Talk to a financial planner. Don’t ask this kind of question on a public forum. Troll.
I retired at 50 & went to work at TMobile. Best decision that I ever made. Excellent Pay, Not WoKE!, 5 Weeks Vacation, 10 floating holidays, Educational reimbursement if desired, Misc. Benefits, Pension, 401, Free Cell Service, Healthcare and peace of mind working for a company that seems to care. I plan to work at TMobile until I die and I felt that if I spent another hour at the "t" I would die!
Humble Brag?
So many self proclaimed experts on this board about MR75, pension, healthcare in retirement, etc.
Most view it from their own experience / research / whatever. Ignorant to the fact that there are so many variables and some of the key factors in this area are if you are bargained / non bargained, what pension plan you have and which companies your employment originated with when you were consumed by T.
Most offer their expertise without having a single detail about just one of the factors I mentioned.
What is your age is a better question - 55 and mr 75 - you are set. MR75 gives you access to ATT healthcare - that is it (and some weaker benefits). After 2021 - ATT retirement HC costs are still cheaper that Obama care. Over 55 - you can take advantage of the rule of 55 on your 401k.
Cwa represented employees in district 4 qualify for health insurance at the same cost as active employees until they reach Medicare. The November irs segment rates will determine the 2023 lump sum pension amounts. The November 2021 rate used for 2022 applies to the end of 2022, not November 2022.
The fact the OP has 28 years with the company shows he has no initiative. After 28 years you shouldn't need to ask that question
If this OP has 28 years, reached th MR 75 and asking this question.. they are not a real AT&T employee.
steady income
Dude if you have other opportunity go for it. What are you waiting for? There is nothing to loose but much to gain from that move. Unless you can’t pass that anniversary gift.
That 30 year anniversary gift, if it is the "Grandfather Clock" it weighs about 12 pounds and takes an AA battery to operate its "sophisticated" quartz movement. Built of the finest MDF board. Once they drop it on your driveway, you will be angry that they left it there.
And for the OP - Unless you are under 50, there is no benefit to staying in terms of Pension or benefits and it would behoove you to look quickly to leave because your pension be impacted after November - there, you have your answer. If you are not yet 50, you need to get familiar with the Fidelity Estimation tool. That goes for anyone else reading. Everyone should have a good idea of their dates/numbers and plan accordingly. Figure out what the projected segment rates will be and plug those in after November.
"MR75 has nothing to do with your pension" - Well, put the dates in the fidelity estimation calculator before you have 75 and after. In my case it was nearly double with the lump sum as well as the annuity - for example, before hitting MR75, Annuity was 1250 a month, after it was 2500. I know people that are there for 2-3 more years and they can see the difference in the estimation tool between leaving now and waiting for MR75. I'm not sure if Classic T has a different formula, but anyone that originated from SWB/SBC ect definitely needs to plug in different dates. Now the real gamble is if your Pension now (pre-MR75) is say 400K, and the projection of MR75 is 750K, and you leave in 2 years what will the impact of the interest rates be? If it's 20%, well your lump sum will go down to 600K until the interest rates turn more favorable - It will still be more than 400K.
"Well with MR-75 you get a pension, ....."
MR75 has nothing to do with your pension. You are vested after 5 years.
It doesn't take much to figure out what your pension will be. Just log into fidelity and use the estimator calculator for your lump sum or annuity.
fyi, take the other offer because pension lump sum will be less payout after November. Most people have no idea that they may lose more than 20% of their pension if they don't act.
Surprise!!!!
Well with MR-75 you get a pension, which is rare these days. You can probably get a 401K most other places, but here you can get both. Not that the pension is that amazing, but it's better than nothing.
If you are under 55 you could take a hit on your pension.
Dude if you have other opportunity go for it. What are you waiting for? There is nothing to loose but much to gain from that move. Unless you can’t pass that anniversary gift.
Cradle to grave job!
You get to pick an excellent service anniversary gift!!!!
"You don’t get any benefits for having the rule of 75"
The isn't exactly true, the company does offer some retiree "benefits" (wireless discounts etc.). But they offer nothing to which you cannot do better as a regular customer off the street elsewhere.
There is no reason to stay until the MR 75, and there is certainly no reason to stay after you've attained it.
This all depends which Toxic-T Pension Plan you are on! Call Fidelity and find your plan's specifics. Each plan is VERY different.
Of course Stink and Rat are golden - the Officers get the old pre-divestiture plan!
On my plan, Toxic-T will make contributions and your Lump and Annuity will increase until you are 65, then no more contributions. Assuming there are ANY pension plan left of course. The Stink will take everything away he possibly can.
Nothing at all. I called Fidelity and I suggest you do the same. The two years of your life away from this place are priceless!
Exactly....Rule of 75 really doesn't get you much anymore.
Now that they took away healthcare benefits, what does Rule of 75 get anyone??? Serious question....<<
It gets you some lame discounts and a retiree gift that isn't worth what they'll claim it's worth. That's about it.
Now that they took away healthcare benefits, what does Rule of 75 get anyone??? Serious question....
28 years and you have no knowledge on the subject and posting the same on a board with no supporting info about your specific situation. I feel sorry for you, wish I could help but without the details nobody can offer you any reliable guidance.
You’ll miss Stankey’s pajama shows!!
That’s not true. You don’t get any benefits for having the rule of 75. You have the “opportunity” to pay full price for att insurance…over $500 per month.
If you reached rule of 75, you’re good to go.