What does this mean to current employees as first I am hearing of this.
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Tried to cheat their retirees of pension benefits. It's in things like these where I find my true motivation to work hard for this company...
What does this translate to? 500 bucks a head one-time?:)
“ AT&T denied wrongdoing in agreeing to settle. In a statement, AT&T said it settled to avoid the expense and distraction of prolonged litigation, and is committed to following the law in administering its pension benefit plan”.
Sure Jan…
We all know the Stank, and there is no way he would have agreed to a settlement, unless he was truly caught red handed. I just hope more litigation comes their way, for what he and DeRoaches did to negatively impact pension plans.
To avoid expense? You expecting more than $184 million in legal fees, AT&T? I thought not. The reality is that you realize you would likely have been found at fault, which would have drawn even more unwanted scrutiny of your accounting practices. Tell them, Pascal.
Do current employees need to file a claim?
July 10 (Reuters) - AT&T agreed to pay $184.1 million to settle a lawsuit accusing the telecommunications company of July 10 (Reuters) - AT&T shortchanging about 300,000 current and former employees out of pension payments, court papers show. A preliminary settlement of the proposed class action was filed on Thursday in San Francisco federal court, and requires a judge's approval.
AT&T was accused of violating the federal Employee Retirement Income Security Act of 1974, or ERISA, by failing to provide pension payments to married workers that were the "actuarial equivalent" of payments to single workers.
Employees said the Dallas-based company used mortality data that were decades out of date to calculate payments, causing married workers to receive less.
According to settlement papers, employees would receive $149.1 million of additional pension benefits, including $113.5 million for retired employees and $35.6 million for current employees. Their lawyers may seek up to $35 million to cover legal fees and costs.
The lawsuit began in October 2020.
AT&T denied wrongdoing in agreeing to settle. In a statement, AT&T said it settled to avoid the expense and distraction of prolonged litigation, and is committed to following the law in administering its pension benefit plan.
Reporting
Article?
More layoffs will be needed to recover this financial loss.