Thread regarding AT&T layoffs

Look like the Federal Reserve has helped companies like T cull the herd !

" I knew immediately that I wasn't going to keep my pension with Fidelity. I put in for the lump sum amount and will roll it into a traditional IRA and let it ride.

FWIW, Fidelity is a great place to keep the money after you roll it. Very low fees, plenty of options, excellent online tools. My fee-only adviser recommends Fidelity almost as much as Vanguard. My wife's municipal 403(b) is also at Fidelity.

Remember... Fidelity has NOTHING to do with AT&T, they're just contracted to run the 401(k) plans.

lol turns out leaving on my own was win win for me. good old att and their creative financing. the one thing stank was good at doing. just look at their billing. it never comes out good for the employee or the customer.

Seems like I got lucky. I got the ax September22, with last day on payroll October 6th. Got my severance almost 30 days later and I knew immediately that I wasn't going to keep my pension with Fidelity. I put in for the lump sum amount and will roll it into a traditional IRA and let it ride. I'm still a ways away from retirement and no way I was going to leave rates to chance or trust AT&T. The annuity with spousal benefits isn't great and that's what I have to think about.
I was trying to leave this company anyway although under my own terms, but along comes this surplus and actually does me a favor by getting out faster and way from a boss I detested and mindless, soul-crushing work I was moved into because they were short on resources.

This is a marketing piece - not a T press release.

To:
“Not trying to scare anyone.
They're simply pointing out a fact that few folks understand until they're close to retirement.”

When you tell people what you just said they think you are pushing them out of the door to be safe yourself.

It’s like when you tell someone in love that he’s with the wrong person and they get defensive thinking you are jealous of them and all the BS.

Anyway I understand it’s a hard decision to take especially if you are not good at math, but if someone doesn’t want to lose a chunk of what they worked hard for and worked for free for sometime December first is the date.

All this stress and being in love with his company will not happen again with the new generation, the average time they spend on a job is 3 years

You have to have blind faith to think rates will come back to near ZIRP in the near future To think this MAY happen in the next 2-3 years is overly optimistic at best. Hope I’m wrong though

Those who don’t leave, they will find a way to throw them out,
It’s been a bloodbath this week with thousands being laid off,
Didn’t matter if you were in the top 2% of anything, they cut you out.
Sad

How delusional are you people? Lawsuits? T has literally been telling all employees about rising interest rates potential impact to their pensions for a year and practically begging them to leave.

You know AT&T doesn’t control interest rates don’t you? You know AT&T didn’t write that don’t you?

T is doing this to cover themselves knowing full well that it might be too late for most people that are affected by this pension hit. Most will ignore and continue working as usual.
This notice will be used as the "I told you so" when lawsuits start piling up.

Yes but in the next breath layoffs next year. That makes it feel like leave while you can or else. Interest rates will likely come back down in 2 to 3 years.

Not trying to scare anyone.

They're simply pointing out a fact that few folks understand until they're close to retirement.

That being:

As interest rates increase, the lump sum payment decreases.
As interest rates increase, the annuity increases.

It's a reminder that if you are planning on retiring within the next year or so, it might be wise to retire by the end of this year while last years interest rates are still locked in if you plan on taking the lump sum option.

This is a good thing AT&T is doing. Publishing the facts that could significantly impact one’s pension is a good thing.