Now that the pension loss is out of the way for most Legacy T folks, pray that you don't get laid off next year now that you loss 40% of your pension. If you do get laid off they will be paying your severance with the same money you lost... At&t will still profit off your decision to stay. Sigh.
13 replies (most recent on top)
"You were bought cheap."
And you paid T to keep your job :-D
I sure did... I sowed time and accrued a nice pension..... Reaped what I sowed and ran as fast as I could to keep from losing 40% of it ;-)
You were bought cheap.
response to:
"You work here AND you're counting on a Telco backed pension? Wow.
Reap what you sow"
I sure did... I sowed time and accrued a nice pension..... Reaped what I sowed and ran as fast as I could to keep from losing 40% of it ;-)
You work here AND you're counting on a Telco backed pension? Wow.
Reap what you sow.
With Legacy T craft as of 1999 if you did not have 15 years service as of 1997 you were automatically converted to the cash balance plan. Our illustrious chief steward who was also on the national bargaining committee agreed to that in return for “card Check” talk about a sell out. I made that cutoff and was adversely affected by the interest rate increases and just retired a few days ago but virtually everyone else in my group fell under the cash balance and was unaffected by the rate increases. If you were Legacy T with 40+ years and did not retire you left quite a bit of money on the table unless of course your plan was to take the annuity
40% pension cuts and people are still waiting for a 5/5/$5k package? These people would have lost 40% of the lump sum if they withdrew it because they don't have a financial mind. You're like those bankrupt and homeless NBA players. You need eomeone else to take care of the money.
In response to:
"Unless that sweet enhanced offer (5/5/$5k) comes rolling around in March. That’ll sho’ enuf pry them stubborn, elderly clingers right off the gravy train. Yessir, money in the bank!!!"
Why would T give anyone this deal when people are willing to work for free?
This "sweet package" is only a dream.
T can do what they wish now. People that lost 40% of their pension basically paid the company that money to keep their job. Sigh.
5 years to age, 5 years to service and $5k per year of service is chump change to a company that pi---d away BILLIONS$$$ to T-Mobile, Time Warner, DTV, etc…Offer is coming in March 2023.
I feel bad for the folks that decided to stay and could have gone. I wasn’t eligible, so I had no choice. It’s really going to suck when some of these folks find out they got cut. Believe me, you think you’re safe, you are going to learn. Seniority means nothing to the bottom line. The company would prefer to keep the younger folks as they have more useful years. I guarantee those seniority years added up to a higher score to get let go. All on you. I’m not mad at ya, not your fault, but you will learn what seniority really means when you already met the rule of 75. First to get let go. You’ll find out soon enough.
I'll be 69 CHRISTMAS 2022 and I look 50.
I'm staying. Bye bye new hires.
Oh, I have 50 years of service.
While the new hires play musical chairs, who has a dedicated chair? ME!
Cheers.
Unless that sweet enhanced offer (5/5/$5k) comes rolling around in March. That’ll sho’ enuf pry them stubborn, elderly clingers right off the gravy train. Yessir, money in the bank!!!
Will stay here as long as I can. Next year layoffs will be limited in scale. Annuity is always an option, especially good one if you have longevity gene.
The folks that lost the most had over 30 years, so at worst they will just have to stay longer at top pay to make it up. The only ones that will get surplused are the lower senior people.