Thread regarding AT&T layoffs

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You no get money or Verizon job, you loser.

There are so many pension options at T that no one here will know for sure. Log in and go to the plan documents.

I recently left and had a Cash Management pension that I was able to roll the balance to an IRA without any penalties or taxes.

Of course you can take the lump sum. Read the sh-t HR gave you as they were kicking your a-s out the door.

@kz

I wish I would have rolled my 401K regularly as well. I would be much better off than I am.

@kt I rolled my AT&T 401k into a managed 401k. The best decision I ever made. I continue to rollover my AT&T 401k to my managed account quarterly. I plan to do the same with my lump sum payment. Managed accounts have more investing opportunities based on the level of risk you are comfortable with. Good luck!

If you turn 55 or older the calendar year you were laid off. You can withdraw from your AT&T 401k with NO penalty. So if are laid
Off in 2025 and you turn 55 (or older) in 2025 you can take disbursements just
Like you could at 59 1/2. It’s called the “rule of 55”. I retired in 2023 at age 54, turned 55 that same year. It’s pretty nice. A lot of people retire at 55 because of this. Any way you can take money out of your 401k( not your IRAs, just 401k) with no penalty- “rule of 55”

monthly starts at 65. money now is worth more than years from now. Take 65 minus your age. Then 3%-4% discount your current worth, 13,341. In my case the lump sum was 40% of the current value.

Best prior advice: Check with Fidelity for what the lump payout is before requesting.

Out of the frying pan and into the fire. Good luck at Verizon, for however long that position lasts.

It has always been an option.

OP, you got your answer from Fidelity. No pension lump sum.

You can start the process by logging into Fidelity website, click on your pension and then “Collect” scroll to bottom to “Get Started”

Verizon will eliminate the job before your start date. I was told the position offered to me is was no longer needed. No money for you now, maybe in a year or more.

I took mine as a lump sum and used it as a bridge while I deal with my lawsuit. I guess it depends on when you were hired and how the pension was structured in your offer letter. If I didn't have a pension, I would have used my 401k to bridge the gap. They will try to withhold your earned severance if you file suit but the attorney said in the end you will be getting that back ten fold and then some. This company is rotten to the core they way they cheat people to the very end. They will all end up in a very bad place for the way they treat and use people.

@az

Ditto, great advice.

Was just wondering and forgive me if this may not relate to you, but trying to help only:

Do you have an HSA account that you could use for your medical bills?

Perhaps in the understandable stress of the moment you may have forgetten you have one?

Best wishes to you and it's great that you have another job waiting for you.

Fidelity can explain your options.

Lump sums with pensions are mainly in regards to either keeping it as a retirement payout when you retire, or as a lump sum to roll over to an IRA (doesnt get taxed) which if you're not planning on retiring for 10+ years is generally a better option with the money.

Yeah I’ll check, I’ve done loans ages ago out of my 401K, and don’t want to do that again tbh. I just want to take that $$ away from ATT if possible, I hate that they are just holding it basically. The Fidelity reps said that I couldn’t roll the Pension into anything also if that helps.

You will have a potentially large tax if you take the pension as a lump. 10% penalty if less than 59 1/2 yrs old, plus income tax. I think no penalty if layoff and 55 or 56 plus. Should be able to roll it into something else. Check with financial advisor and your tax accountant.

You’d be better off taking a medical hardship loan out of your 401k and pay it back over time.

Instead of rolling your 401K into Vz, you might want to look at other retirement account options. Corporate 401Ks tend to have more limited investment options.