Thread regarding AT&T layoffs

In response to:
"Unless you are taking a monthly annuity or too sick to keep working you should think about staying. Or get a different job but don’t make a pension election until next year. The interest rates are so high now you could lose 30% compared to last year or what it could be in a couple years when the rates decrease. Bad time to go."

The best time to leave is NOW!!! most pensions will take at least 30% loss in 2023 and that money will plainly disappear. If segment rates go down in the future it'll affect the new balance, after the 30% loss.
Such a bad advise "to stay"... Sigh.

It’s not too late. You have time. The only issue you will have is you won’t get your pension lump some for 5-8 weeks and your 401k won’t transfer for a few weeks. You will still get your pension lump sum, you’ll just have to wait a little longer. I recommend you act now to be off payroll by 11/30.
Good luck.

Calll Fidelity, my plan allows me to elect payment 1 day after work stop (whereas other requires 1st of month) only Fidelity can tell you.

I was declared surplus (for the third time 30 years) in September with an off-payroll date of 12/14/22. I accepted the SIPP and told my supervisor I wanted to retire as of Nov 18 to be certain I wasn't going to get hit with interest rate change in lump sum. I had to have Fidelity do a manual pension modeling statement because they were initially (significantly!) in error about what I would be collecting. With all the back and forth and time lag for their calculations I only finally got a corrected amount on Wednesday showing the proper estimates, now they say it could be up to 8 weeks following my benefits collection date before I will receive a check. You need to make certain everything looks correct before you accept their estimates.

Unless you are taking a monthly annuity or too sick to keep working you should think about staying. Or get a different job but don’t make a pension election until next year. The interest rates are so high now you could lose 30% compared to last year or what it could be in a couple years when the rates decrease. Bad time to go.

Like others have said once you notify Fidelity of your intention to retire you have 180 days from your off roll date to get the paperwork submitted. If you have a spouse they will mail You forms that have to be notarized and sent back,I did it electronically and only took a few days for them to verify, after this step they will let you know approx 14 days before your final date when you can expect your payout but in your case this last part won’t apply for obvious reasons. It is still not too late to get the ball rolling Best of luck!

Call Fidelity.

Once you are off the payroll, you have 180 days to get your paperwork straight.

Set date 11/15/22? good to go. 12/15/22? Also good to go... Once you have "the date" off payroll, it won't change. Much like a mortgage loan, they lock the date. Then, 180 days to get the paper together.

I gave no notice. Sent email to Jeremy Legg last last December @ 6am, by 2p the boss cut my access to all systems. I was off payroll.

Previous to that, I had all papers filled out and notarized for Fidelity. Only the AT&T side had no clue, as I did that intentionally.

I don't recommend doing that, but it can be done.

Remember, things may differ depending on which legacy company your pension comes from.

"I gave 4 days notice and was off payroll officially on the 4th day. When you sign your exit papers, you are off payroll."

After all these years, you didn't provide at least 2 weeks notice?

They received more notice from me than I would from them if I was being let go.

"I gave 4 days notice and was off payroll officially on the 4th day. When you sign your exit papers, you are off payroll."

After all these years, you didn't provide at least 2 weeks notice?

Thanks for the helpful advice, it's appreciated. Good to see some meaningful and actual/real info on this board for once.

If you are worried about timelines, as others said contact fidelity and go to a local office in person if available. That way everything that needs to be signed will be signed.

When I put in my paperwork with Fidelity at the beginning of October, they told me they needed a few day. After a few days, they told me they needed a couple of weeks. After that they were so backlogged they told me they needed 8 weeks!

Legecy T here. They actually had to snail me a paper estimate as required by the plan documents.

I took the Surplus offer this Monday, with an off payroll date of 12/1. In the email notification, you can notify your manager or HR Business Partner what date you want and they will make it effective. They are aware of the pension impact and are publicizing you can change. Specifically, the email from HR read "If pension eligible, you must contact the Fidelity Service Center to request your package. The phone number is 800-416-2363. If you desire to commence your pension benefits, you will need to complete the related forms they provide you and return them promptly as no Pension payments will be made until the forms are returned. Certain pension plans only allow you to start your benefit on the first of the month. If this applies to you, you would need to end your employment on or before Nov. 30 and start your benefit by Dec. 1 to secure 2022 interest rates. Reference your Summary Plan Description or contact Fidelity to understand the requirements for your program to secure the November 2022 rates. If you want to arrange an off payroll date prior to 12.1.22, please reach out to me as soon as possible to arrange the date. "

I gave 4 days notice and was off payroll officially on the 4th day. When you sign your exit papers, you are off payroll.

It should work - agree contact Fidelity. You have to also be on the ball if you are married. There is extra paper work to complete.

You need to talk to Fidelity. They are the only ones who can give you an accurate date.