https://www.wsj.com/articles/at-t-slashed-promised-life-insurance-for-former-workersand-time-runs-out-at-year-end-11640544022?mod=hp_lead_pos9
Any promise from T that is not backed by a legal guarantee will be broken. "Leadership" will sell you out for a nickel to put in the stank man's bonus.
Policy promises are not legally enforced. Therefore if T makes a policy promised benefit DO NOT PLAN ON IT ! It can change and will change. This outfit is in cut mode and is looking everywhere to squeeze out nickels and dimes. You and your service don’t matter.
“Some pigs are more equal than other pigs”
Time to terminate Stankey and Santones company paid life insurance. No reason they should need it anymore than the rank and file. What a couple of overpaid underachievers!
Do retirees really expect T to pay their funeral expenses? #delusional
Post from TheLayoff.com
One of his goals is to reduce 1 billion in additional benefit cost. His reward for getting this goal accomplished is $500k.
For all of the topic police, I posted this here so you have an indicator that the business is failing. The company will endure multiple financial hardships before layoffs, and this is one.
When all of the other levers have been pulled, ATT turns to layoffs. This was my way of giving you a heads up. If you don't like it, sit in your cube and wait to read about your surplus action on tSpace like a good bellhead.
Wow, stupidity runs rampant here, the life insurance is not deferred compensation, I take advantage of deferred comp and they are not the same thing. No company can continue to pay retiree benefits T has been in this day and age. You need to plan for yourself and not expect a company to take care of you for ever
Go back to sleep Stankey.
Legally The company owes you nothing other than your pension (it's the law) Your cradle to grave mentality sucks.
By the way, not sure why this issue is posted on this site?? 🤔
T will no longer pay for dirt naps
I suppose you could hire an attorney and start a class action lawsuit.
read the archived article here: https://archive.md/hq7Og
You should have become a T executive. They still have a generous life insurance plan, albeit, by a different carrier.
Bu-----p! You had to see this coming. You ain't seen nothing yet, Bennie cuts will continue for active and retired employees. This company is in the ditch and can't get out. They are sitting on about 150B in debt.
This falls under the general heading of who cares! Why should T bury your raggedy a-s?
Because, genius, the life insurance benefit was a form of deferred compensation. It was something the company gave employees in lieu of salary. It's something they owed. They're skipping out on a debt.
This is what happens when ignorant people expect a company provided life insurance policy (which was never guaranteed in perpetuity) to act as their ‘personal estate planner’. For a few pittance you want T to provide burial and a big wad of cash to your ‘heirs’? Nah, nope…. No…..they shouldn’t and I totally agree. And now you’re mad (again) because the company is no longer offering that benefit??? But the majority of posts here despises the company, but you want this and other stuff…,Just.No.
This falls under the general heading of who cares! Why should T bury your raggedy a-s?
For those who stayed and took a wait and see. John Stephens the bean counter retained to trim the price tag to the company on retiree benefits. Enjoy the wait
Sears did the same thing as well as cutting other retiree benefits.
"Most of us cannot afford a subscription to the WSJ - so we cannot read the full article."
There's no cost, but you have to register and get a membership id.
I'm not an employee. I bought stock recently because I know exactly the type of people your top management are. I knew they would start to cut employee benefits and sc--w you guys to the benefit of people like me who bought shares at depressed prices. This was so easily predictable. It plays out in company after company when they have issues with the stock price. Sorry you all got screwed, but I'm going to make a bit of gains from it. It's sad that attacking the employees with cost reductions is so predictable.
The retirees highlighted in that article left the company back in the mid-to-late 90s. That was over 20 years ago!!! Why were they expecting T to provide compensation for life? #victims
“ What exactly does a reduction in life insurance for retirees have to do with LAYOFFS? This is a LAYOFFS site... take your whining elsewhere. Stay on topic ... see site details. Reading is fundamental”
Poor little snowflake having a temper tantrum. Clearly you can’t scroll past a post that doesn’t fit your narrative. You are what is wrong with this country.
Most of us cannot afford a subscription to the WSJ - so we cannot read the full article.
Isn't this old news for Toxic T Management? Or is this another new take-away from the Stinky and HR Ratbert Blondie?
I am just not sure... I did not see any heartfelt message from the Stink where he smiles from ear-to-ear with his expected new rounds of take-aways for 2022 - yet...
Life insurance provides for widow(er)s and orphans.
That was the whole idea.
However, the drop of this benefit is totally legal.
I've heard, in these times, other companies have allowed for 500% monthly increases in their Group Universal Life (GUL) policy rates for Retirees. Non-smokers, too!
So a company might as well drop the benefit, rather than simply insulting the former life-blood of the company.
Why does anyone need life insurance? Once your dead let others take care of themselves.
Cut it.
Managers keep their life insurance while craft people lose theirs. Thanks again CWA!!!!
yep saw what they were doing to the benefits and left and took a pension buyout so now I have more money than if I left it with att and plus I have control over it.
I did not have the medical coverage till medicare and they were just cutting retirees benefits that were not guaranteed and so I left. did not really miss much in the pension but now I took the buyout I am definitely on the plus side of the pension.
leaving was the best decision I made and soooo glad I left. working for a much better managed company that actually figured out that serving your customers actually creates loyalty.
About 1992 SBC wanted to take out life insurance policies on managers naming themselves as beneficiary. I held out until my job was threatened. I and thousands more were FORCED to sign up. Are these policies still in force and is T still the beneficiary?
Did they sell our policies to Guido? Talk about...B.@.S.T.@.R.D.5
What exactly does a reduction in life insurance for retirees have to do with LAYOFFS? This is a LAYOFFS site... take your whining elsewhere. Stay on topic ... see site details. Reading is fundamental
Longterm T employees cost too much given the debt load.
AT&T executives are covered under a separate plan and are not affected by this benefit reduction. Filthy ba----ds!
Most retirees are more concerned with losing their concession, go figure!
Yes, this will result in a $100K + reduction in life insurance payout to your beneficiaries upon your death. Another feather in Stanley's cap.