‘Just keep in mind that ATT is selling the pension plans to 3rd party companies, which may include companies outside the US that are not subject to the 2006 PPA.“
You need to heed this advice. I want the fixed pension payments for life too, but this ain’t military retirement pay. They can and will sc--w you over in the next 10 yrs or less. Just like when they peeled back benefits, they’ll hit you with the ‘didn’t you read the fine print?’.
Putting it up for visibility, source: @1rne+1tqTM9Kp.
Caveat emptor
"Many companies are offloading their pension obligations. This isn’t a T-specific strategy."
And many companies are being sued for offloading their pension obligations. Lockheed Martin is another one of them.
Op: "You need to heed this advice."
What advice?
"Do you have proof that they're being sold off to 3rd party companies because I have not seen that anywhere, so quit spreading false rumors! They're going to Athene, period!"
Athene is the 3rd party.
https://cwa-union.org/news/att-members-and-retirees-fight-protect-pensions-athene-transfer
"AT&T Members and Retirees Fight to Protect Pensions from Athene Transfer
May 23, 2024
CWA active members and retirees at AT&T have been taking steps to fight back against a transaction that threatens the retirement security that members have earned through decades of loyal service to the company.
Last year, AT&T entered into an agreement to transfer pension benefits, covering over 96,000 retirees and beneficiaries, to a life insurance company called Athene Holding Ltd. AT&T gained more than $360 million in cost savings from the deal, while retirees lost the protections of federal law and the Pension Benefit Guaranty Corporation.
...
AT&T retirees have filed a class action complaint against AT&T, alleging that the company and its advisors breached their fiduciary duty in their selection of Athene. The retirees are asking the court to require AT&T to backstop all the benefits transferred to Athene, ensuring benefits maintain the same guarantees that retirees expected to have through the course of their careers."
Ok, I should not trust Stankey, instead I should trust an anonymous forum.
No, you should do neither. You should consult a certified financial planner.
And for the person who talked about sale to an insurance company. You do realize that at that point your annuity is no longer protected by the federal PBGC? Your protection boils down to your state's coverage and it varies state to state. Some are only 100,000.
Your pension upon retirement is being sent to and insurance firm, Athene Insurance and Retirement Services out of Des Moines, Iowa! Do you have proof that they're being sold off to 3rd party companies because I have not seen that anywhere, so quit spreading false rumors! They're going to Athene, period!
"What I found when I retired was that I could get much, much, much more of a monthly payment with a good 3rd party annuity".
What is the name of the plan please?
T makes decisions based on their self interests not yours.
Ok, I should not trust Stankey, instead I should trust an anonymous forum.
NEVER, EVER trust the Stink!
My plan from many years ago, before the Stink, was to take the pension payment. What I found when I retired was that I could get much, much, much more of a monthly payment with a good 3rd party annuity over what the Stink offered. Plus I would be completely divorced from the Stink.
Anyone that depends on the Stink for anything, medical, annuity, discounts - is going to ripped a new one. (|) Don't be S T U P I D
Take the money and put it into cryptocurrencies. You are guaranteed to make lots of money. All the rich people do it.
Don't be a dimwit.
Take the lump and put it to work.
Annuities are for dimwits and your grandparents.
Many companies are offloading their pension obligations. This isn’t a T-specific strategy.
On the other note you can buy annuity using your lump sum. Think of T as evil empire. SS - Stankey Stevenson duo will be fine with their golden benefits but they will make you pay for their incompetence and bad decisions.