I'm in a "growth" area of the company and I have yet to see any changes. For me personally, it's been business as usual with a lot of retirements, no backfill and the standard do more with less culture.
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Gonna keep whining about Stankey cuz that's all I do.
Stankey has no clue what he is doing. No strategy how to reposition the company after all of the layoffs. He is the worst leader in the industry.
I hear Christmas bonuses are coming. Woohoo.
“If you were one of the lucky ones to get a Mobility pension, after 20 years you’re lucky to just have over 100k in pension“
Kind of.
Mobility here 25+ years. Just happy to have one. Cash value is well over 200k though, and the rising interest rates are actually better for the cash value pensions.
I’m glad I’m not on the position where this is forcing me to make a decision right now, as I am still a bit too young to retire and still making good money.
Very little to no impact for Mobility pension since that plan sucks. If you were one of the lucky ones to get a Mobility pension, after 20 years you’re lucky to just have over 100k in pension. Let’s be clean, no Mobility employee is making a retirement decision based on pension.
In response to:
"The fed has already said they plan to lower rates once inflation is in check. lump sum rates will increase in 2024 and 2025"
The lower rates will apply to the new balance, after the pension takes a hit in 2023. For example... if you have 600k in your pension at this moment, that will decrease by about 30% or more in 2023. That means that the new balance will be $420k.... the new low rates will apply to the $420k.... that means the $180k will just go "poof"... like a fa-t in the wind.
The fed has already said they plan to lower rates once inflation is in check. lump sum rates will increase in 2024 and 2025
Why stay and work for a company that does not appreciate any of their people?
In response to the following:
"Depends on where you are at in life I guess. 2-3 years could make that or more working. However, you could invest that and make more long term. Investing would be the better option and just go get another job someplace else. But I digress, some folks just aren’t that bright."
The loss in pension is money that will just disappear, unlike a 401k. If the segment rates go lower it will then apply to the new balance and not the 950k the person had before 2023. That money will never be made up and in turn will be working 3 years for free, assuming the person makes $100k per year.
Fairy tales can come true,
It can happen to you…
“ know one person that has about 950k in their pension and is willing to take a 30% hit just to keep their job. Amazing!!!”
Depends on where you are at in life I guess. 2-3 years could make that or more working. However, you could invest that and make more long term. Investing would be the better option and just go get another job someplace else. But I digress, some folks just aren’t that bright.
@@iec+1jHS8wOJ I was Cingular Wireless doing well in a role in a good group run by good people, who actually knew their stuff and how to manage people well and with appreciation and respect. Then AT&T brought CW back in house and we were exposed to the shittiest management that could possibly exist. Horrible managers reporting to horrible leadership. It was a complete reversal of what we had at CW.
Although the pension isn't great, at least it is something I can take away from this dumpster fire of a company. Soon as my lumpsum arrives it's going into a traditional IRA.
Sc--w Stankey and the shithole he helped create.
Sad that it takes a segment interest rate increase to get wireline folks to finally leave the business. Wireline might turn a profit with all the EOY retirements. One step closer to get AT&T pension removed from being a line item. Legacy plans are such such a financial liability. Next to go will be Mobility pension (which sucks) employees with take lump sum and roll into 401K and company will increase matching to 7%. Just like that, AT&T is out of the offering pension business. Huge savings in bottom line.
Hate to say it, but for those who think if they work hard to grow the business in a growth area they will be rewarded, you will be disappointed. Typical experience is you work hard- show results- grow business- then stink puts in a buddy to take over and take the credit. Sad but true.
Positive Change will not begin until the Stink has robbed Toxic-T of every $ he can and then he pulls his golden parachute!
But don't expect the worthless BoD to select another worthless POS successor! It will be difficult but they will manage to find someone evem worse!
Only positive is for the execs to get more bonuses due to less workers. The work will just keep piling on to those who choose to stay.
It's still baffling how many people will stay and lose all that $$ from their pension due to the rising segment rates.
I know one person that has about 950k in their pension and is willing to take a 30% hit just to keep their job. Amazing!!!