If you are hired prior to 2009. If you are 5 to 1 year shy of the 75 mark. If you are not DEI. You are in line to be laid off. By getting employees hired prior to 2009 saves the company approximately $500,000. Why you get no lump sum……. And they will back fill you 6 months later or sooner with a non lump sum employee. All those years and you get way less than you should have gotten. But when you can’t run a company save money by getting rid of owed future money. And well that is you. Being the best at your job doesn’t matter.
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Athene risky? Sounds like someone has an axe to grind.
https://ir.athene.com/financial-information/ratings
I am 2 years away from MR75 and I am waiting for the layoff. It aint coming. My team lost one this week and it should have been me. MR75 means nothing to me - no pension bump and NO benefits in retirement.
"Explain MR75 to those of us for whom this rule means nothing?"
Modified Rule of 75. Normal rule of 75 is your age plus your tenure (50 years old and have worked for the company for 25 years . . . 50 + 25 = 75). Certain benefits are awarded for longevity. There used to be a lot of benefits but they have mostly been taken away.
Modified R75. Same as normal R75 but you have to reach certain age brackets before the Age + Tenure math applies. For instance, if you are 51 and get 24 years, you do not qualify for MR75 until you get to 55. So, in this case the employee would have to wait an additional 4 years to get to R75. I am sure it was done to try and reduce the amount of benefits paid out.
take your lump sums and run you won't regret it - i did and will be getting way more than any pension when I retire. I am going to have get creative and not pay to much in taxes.
we pay taxes on everything it is insane
we pay federal income tax
we pay state income tax
then we pay sales tax using the money that was taxed already
then we pay taxes on property we own and paid off and own with money we used that was already taxed.
then we pay a gas tax using money that was already taxed
then we pay a social security tax just because the government hasn't taken enough from us already.
and now we are going to have pay more because people that run california cannot keep water in the hydrants during the rainy season. guess I know why they don't want voter id. and at least pelosi is worth a few hundred million.
insane.
“ Why you get no lump sum…….”
Wrong. Even if you’re let go prior to attaining MR75, you still have a vested pension with a Lump Sum option. Why do so many people have no idea what they’re entitled to?
The lump sum is paid for by interest off the pension fund. It’s a huge fund that generates returns. The company added the lions share of this money a very long time ago. If it becomes underfunded beyond a certain threshold is the only time the company has to add to it. Recently they gave 8 billion to a new risky insurance company called Athene offloading 96000 retirees that are on an annuity. This scored AT&T a tidy $360 million profit. The parent company subsequently made a multi billion investment into Att mobility. Doesn’t seem like the pension fund is costing them anything lately.
If you are not DEI
Imagine being this stupid.
BS
Explain MR75 to those of us for whom this rule means nothing?
Life going nowhere. Career going nowhere. Gotta be DEI. What else could it be?
You just love to blame all of your problems on DEI. Pathetic!!
I'm 37 and was hired in 2010 the math ain't mathing on MR75.