I’m hearing that SBC/ at &T wants to take the pension away from the District 3 strikers, and give them cash balance .
Is that true? If so, anyone with 30-40-50 years service, if you retire before a new contract is ratified, will that grandfather your pension? That way you keep the pension you worked all your life for. Something to think about
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Whatever the case, take the lump sum and not the monthly check. You can invest the lump sum into an annuity and pull an income that will replace that monthly check amount. Then you still have something to leave your family after you pass. Otherwise, the checks stop immediately upon your death.
When interest rates increased, the cash value payouts for the pension dropped. As the rates decrease, even though slightly, the cash value payouts will increase. The underfunded pension will become insolvent. The company wants to cash everyone out now when the value is low.
SBC did this back in early 2000.
On Friday at 3:00, I was told to pack up and walk off my job. No notice, no severance, no unemployment or nothing. I have a family that depends on me. After being treated like that by a third party who really should have nothing to do with my job; I’m out. I just got my 30 years right before the strike. My wife has been laid off like this and it is truly devastating and uncalled for. Since, I technically no longer have a job, guessing I don’t have to provide two weeks notice. But, I will definitely be taking that pension before the end of the year. It’s hard enough to keep a job without adding another layer that can take it away. I’ve already had 6 interviews.
From DOL.GOV
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.
ERISA requires plans to provide participants with plan information including important information about plan features and funding; sets minimum standards for participation, vesting, benefit accrual and funding; provides fiduciary responsibilities for those who manage and control plan assets; requires plans to establish a grievance and appeals process for participants to get benefits from their plans; gives participants the right to sue for benefits and breaches of fiduciary duty; and, if a defined benefit plan is terminated, guarantees payment of certain benefits through a federally chartered corporation, known as the Pension Benefit Guaranty Corporation (PBGC).
Boomer took all the good stuff! Boo Hoo! Woe is me!!
Let me go find a safe place!! Preferably in a sleazy tattoo shop, where the understand the plight
If you are automatically thinking that the cash balance plan conversion will take anything away from your current amount, you need to do more research.
"hOgWasH"
ok boomer
Can you explain how you would retire under this contract if you don't have a contract? That's just what I heard.
I mean, most reputable financial advisors will recommend taking a cash balance when it's an option anyway.
That rumor that your trying to start is hogwash. You would have a line of attorneys at the door. Come back later with something substantial.
Anything negative isn't true. We are doing everything imaginable for the customer base and our employees.