What’s behind the pension interest rate extension untill April 1st?
32 replies (most recent on top)
don't forget to add all the off-shoring of jobs and screwing some people out of a severance when they get sold to a vendor.
What is unethical is the way T conducts business and how it treats their employees. Keep sharing all the dirt that goes on behind the doors on Akard Street.
I tend to agree with 6bcd - Screw your damn NDA's and expose this hell hole for the toxic and unethical decisions it makes. We're on to all of your games of nepotism and ageism, and outside of T we finally have a way to deal with your c-ap.
Jeez, seriously people, don't you pay any attention to company?
The Vail Award was established in 1920 as a lasting memorial to Theodore N. Vail, the first president of AT&T. Vail was known for his deep respect for humanity and his strong sense of community. The Vail Award recognizes heroic acts or special service carried out by employees and retirees of AT&T and its wholly owned subsidiaries.
As far as posting a company email, unethical? Seriously? This board is for sharing information about an unethical and toxic work environment.
You can't call a company ethical when that same company surpluses a worker just before they get their full retirement benefits!
@6eqg, seriously!? Zip your lip kid, you disrespect the Veterans that proudly wear this medal, and those who died for the right to!
@6eqg, cute post, an obvious Millenial who wouldn’t know a Medal of Valor if your Mom pinned it to your A$$....it’s obvious you never served or you wouldn’t be loose with the slang. For your education, it’s Valor, not Vale, and if you’re going to be a total Gump, it would be Val, no e....geez!
At least you spelled Patriotism correctly, thank God for spell check, right?
When you get home tonight, say a silent respectful thanks to a Vet, then run upstairs until Mom calls you down for dinner.
I will out myself
Impressive corporate patriotism. You should show your post to your manager. Maybe he'll put you in for a Vale medal. Or at least let you wear an armband around the office.
I will out myself by saying that I wrote the "No Eviidence = No Proof" post, and did so with a purpose.
My overall goal was to goad someone (anyone) into printing an email that should never have been displayed much less even brought onto this, or any post. It could be argued that the mention of this letter, in itself, should not have been mentioned on this post, but I won’t go there.
It was correctly put out there that we all signed a NDA (Non Disclosure Agreement) when we signed on. We come onto this thread to air our grievances, pass on certain facts to help fellow T’s catch the latest gossip, mostly with best intentions.
@5njk said it best, "it’s not ethical to post company emails here. Whoever thinks they are owed proof is wrong." And that statement makes this person 100% right! I was not owed proof, but because we have cover of ‘anonymous’ we freely offer it.
No one can stop you from blabbing about the emails you get, just don’t let someone easily extract company information from you.
The email opens with "This is a targeted communication, do not forward." Its easy to see the intent also excludes posting to public websites. This is why we sign NDAs when we onboard.
It is also designed to limit confusion. There are several different pension plans within AT&T, and this email would not apply to people in some plans. Will they be smart enough to figure out that it does not apply to them? Probably not, since the benefit summary document only shows the plan you are in, it's easy to assume there is only one pension.
I don't see what's wrong about posting an e-mail like this. It's a personnel matter, not a trade secret. ATT does not have your interest at heart when it comes to this subject, so why should you have theirs? If what they're doing is ethical and fair, what's to hide?
It's not ethical to post company emails here. Whoever thinks they are owed proof is wrong. Possibly works for a competitor and trying to analyze the strength of our business. Dont fall for it.
Per IBEW this does not apply to Bargained
The portion of the email posted above is REAL. This is real. Only available to two groups of people, that is it so far.
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Non-Bargained Program ----Generally Legacy SBC managers hired before 2007
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AT&T Legacy Management (ALM) Program ---- Generally Legacy AT&T Corp managers hired before 2007
This is directly from the video that explains rising interest rates!
Since this is "a targeted message - please do not forward", I guess for those target groups, they are safe until 2019 April 1, and layoff announcement after that.
I was just surplussed and took the lump sum last month. I would not post a company email on this site so I can see why no one wants to do that. It is just unethical. But if some on this board think the company isn't looking to lower the number of employees than I think you should re-think this. Vision 2020 is about reducing the workforce 33%. When my 2nd level talked to me on my final day he said there will be more of this and it could accelerate as well. I was an Equipment Engineer in the West and worked in OSP Engineering. I see further layoffs and feel they will be more in number. They are doing a very good job getting fiber out there just about everywhere they can so the need for Construction and Engineering will lessen. I don't say this because I want people laid off, since they were good friends, but it is just the way the business is going.
I would think that those that can retire should really think about it. The first offer was just the lump sum and severance pay. I wanted to work 1 more year but I also got tired of always being told to be on a call to see if our group was safe. It just gets old after a while. The thing that makes me think the most is that I was swamped with work and was #1 in productivity. But I was the oldest with the most years so I'm sure I was also making the most. Just my opinion though. Best of luck to all.
if interest rates got up (they are) AT&T has to put less cash into the retirement plan to guarantee a certain payout, hence possibly less Lump Sum $. It appears that they have decided to not apply the higher interest rate 'yet' so that the Lump Sum is higher - apparently to make taking Lump Sum and leaving the company more attractive.
Side note: this will also affect the Lump Sums from Powerball and Mega million going forward, the ratio between Lump sum and Annuity pay out will be higher since the lump sum will gain more $ due to interest.
Update: Pension lump sum now with interest rate extension
To: Current management employees participating in the Nonbargained (Legacy SBC) Program and the AT&T Legacy Management Program (U.S and Puerto Rico) of the AT&T Pension Benefit Plan (This is a targeted message - please do not forward)
In June, we added a full lump-sum payment option as a permanent feature to your AT&T pension plan, providing you with more choice in how you receive your pension.
Lump-sum amounts are impacted by interest rates. When interest rates increase, lump sums decease, and vice versa. Interest rates have recently increased, and we are extending the current, more favorable interest rate for managers who terminate employment on or after Nov. 1,2018 and commence their pension through April 1, 2019.
yada, yada, yada, not going to type out the entire email here people, this isn't fake!
@4iln, thank you very much, spoken like a true politician (you may have missed your calling) but you made my point! No evidence = no proof = empty words.
"I had a mind to post it." I will presume you lost your ‘mind,’ but if you ever do find it again, feel free to post proof....any at all!
Time to move on Grasshopper.
To the poster who keeps asking for proof. Many management employees got this email, including myself. Most likely only management that is eligible for a pension received this email. I had a mind to post it, but decided that there is reason to provide proof to anyone. You can believe what you want. Those of us who received it understand what the meaning was.
Would like to see this mythical email.
No evidence = no proof = empty words
Not saying this email doesn’t exist, but like other poster are saying, "if you got the email, then prove it by posting it here."
"Where’s The Beef?" Otherwise ourmessage to Trolls, please apply elsewhere.
A co-worker is retiring early cause of it....her financial advisory has recompensed it.
i got it also
OK, if You got the email, then prove it by posting it here.
The same email also came out to our org yesterday and I’m in Sales Mgmt. It’s odd that every org did not receive it.
Right...good point.
Wanted to add to keep in mind interest rates only impact pension LUMP sum figures, not your pensions amounts as an annuity (monthly payments). Not everyone takes their pensions as lump sums.
As requested earlier, post the email You received; otherwise, everyone should ignore this thread.
If it's not fake news, then prove it by posting the email.
If You can't produce it, then quit spreading false news.
That is the last thing we need here.
Are You a Management or Occupational employee? Has your Group been targeted for cut-backs?
Yes....interest rates during the month of November 2018 (used for Lump sum calculations normally for all of 2019) are significantly higher now than they were during the month of November 2017 (used for lump sum calculations for all of 2018).
A Higher discount rate is bad for retirees taking a lump sum. A Lower discount rate is good for retirees taking a lump sum.
So an extension of the lower rate through April 1st is something that would be very beneficial to those taking their lump sum prior to that date.
Will You please post the email received? I did not receive any such email and have heard nothing about it.
I don't think there is any way they could target such an offer to only a select group of people while not offering it to everyone; because it does have a significant effect on your lump sum calculation.
Please post the email here.
The interest rate can effect your lump sum payout. I think it works in reverse though. If the interest rate goes up your lump sum payout will go down and vice versa. So if they are willing to extend the interest rate it may be another way to get people to accept to retire. They might think that the interest rate is going up again. I know some 1st levels through the years retired because the rate was going up, which resulted in their pension going down. I don't think it effects it a lot but why stay if you will get less. I was laid off on 10-9-18 and took the lump sum. If you are not retirement/pension eligible then it doesn't really matter.
I got the same email yesterday.
Tell me more.
Where did You find this information?
Document your post.