1 year from rule of 75 I won key contributor award multiple years have done it all in construction but recieved the scripted call yesterday. Seems fishy I'm so close to retirement. I'm management but everyone do what has to be done for you even if its walking! We are all a number not a human. No care in the voice at all!
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MTP is great but I don't think it applied if outsourced right?
Age discrimination blantant it’s right in the matrix in my SNL.
All my modeling with pension didn’t change that much whether I made 75 rule or not. It increased some but nothing really worth staying there and putting up with all the nonsense especially when I went to a company that is growing and respects their employees.
I can relate as I was 2.5 yrs from MR75. on losing over $400K+ in pension when you meet MR75. I know a LOT of people who all seemed to have a lot of years with the company in this last round from July. Sure seems like there is some age discrimination going on.
@1aff
LEGACY T/MANAGEMENT
@1asf
"If you were smart, you'd be one of us without defined pension benefits, without medical retirement benefits, without phone concessions retirement benefits, so the 'rule of 75' doesn't get you squat extra. Therefore, you'll be the last to be laid off. "
What does being "smart" have to do with it? That all depends on date of hire and legacy company. I have been here 25 years and MR75 doesn't really do anything for me other than allow me access to expensive medical, group life insurance, and cellular and TV plans. I wouldn't be keeping any of them. I guess I was unfortunate enough to come up through the wrong company.
If you were smart, you'd be one of us without defined pension benefits, without medical retirement benefits, without phone concessions retirement benefits, so the 'rule of 75' doesn't get you squat extra. Therefore, you'll be the last to be laid off.
Same for me, my numbers are so high it's not worth it.
@1aff
"For my situation, subsidized pre-65 high deductible PPO healthcare for self (silver BCBSIL), gold dental, careplus and vision care is less than $120 a month"
Can I ask what legacy company, and bargained for or management? Those are nothing like the numbers I am seeing when I model them at the Benefits Center.
Don’t need a data science micro degree to see a pattern that has formed and keeps on growing.
You can only sit around doing nothing and talking on the phone for so long before they decide to get rid of you.
hev 1pmh - "a little bit of a lump sum? " - did you just take only a "little bit of math" before you flunked out of 7th grade math class?
For my situation, subsidized pre-65 high deductible PPO healthcare for self (silver BCBSIL), gold dental, careplus and vision care is less than $120 a month. Currently, post 65, AT&T provides $2700 a year HRA if you purchase your medicare supplemental or advantage plans thru AON. AT&T provides a $50,000 life insurance policy and for now you get retiree discounts on AT&T products which are not as good as you get while employed.
You give up a little of the lump sum - you get full benefits - and are able to now go to work for a better company...Whats the issue???
@ icw
"can you clarify 'benefits web site'? i can't find model retirement"
He is talking about the "AT&T Benefits Center"...form there you click on "Life Changes" and then "Prepare for retirement". This allows you to model the retiree cost of benefits. Brace yourself. Top tier medical plans for non bargained for folks like me approaching $1300 a month. Glad I am on my spouse's medical plan.
"Legacy SBC management here, just made MR75 May of this year. Unlike others comments, MR75 milestone increased pension by 55%. Had I not made MR75 and took pension (lump or monthly) immediately I would have lost 55%. "
I am one of the others. I am not lying, I model my pension on the Fidelity site and don't see it. Are you legacy SBC/ landline ? Guessing it may be different for SBC/Cingular Mobility types.
Legacy SBC management here, just made MR75 May of this year. Unlike others comments, MR75 milestone increased pension by 55%. Had I not made MR75 and took pension (lump or monthly) immediately I would have lost 55%. If I waited to age 65 I would have received 100% as well. Waiting for surplus and I am out of here taking the lump. Mai Tais and little umbrellas in my future.
@pkz
"Do you know if there are other things that do come into play for us in making MR75? For example, keeping our mobility or tv discounts? thanks. "
Yes there are...the "discounts" you mention are available to retirees, though they aren't as good as they are for employees. For most of course, healthcare is the biggest factor, but as I understand it that gets significantly more expensive as well. So for me at least, there is nothing particularly compelling or any cause for celebration about hitting MR 75 next month. I am on my spouse's healthcare plan (better and cheaper), I pay about $160 a month now for the Mobility discount plan (4 lines, all phones are paid for) and I could do better with Xfinity Mobile or T Mobile with no discount. And will probably just switch back to Xfinity cable as well once DirectTV is no longer $10 a month. I'm out of region, so no internet discount.
It is difficult to understand what and how impacts you will have when you are surpluses and close to retirement. Everyone comes in under different companies/bargained vs. non- bargained, etc., and therefore, everyone ends up different benefits upon retirement. And of course, the company changes whatever they can for their benefit.
I came in under ATT Mobility/Wireless company (merged with Cingular before SBC/ATT merger) as non-bargained and what benefits we had under the first, is not what we have at this time ... it's been reduced to essentially nothing. A peer of mine came in under PacBell as a bargained for employee and one of the retirement benefits is that the pension reaches a milestone in a year or so where the company matches it (doubling it).
My point on all this is ... everyone falls under a plan but not all fall under the same plan.
Cp-jon....you can use MTP to by benefits and discounts but you are hosed on the pension.
: @10iZOGcp-icw From one Stop to Benefits where you look at health insurance, there is a menu option on top row for life events. Under that is model retirement.
Also for another....discounts for tv and wireless are not always worth it. 30% off wireless, and 20% off top 3 tiers of Directv, and 20% off Uverse 400 package. Internet discounts are OK. $25/mo up to 100MB.
MANAGEMENT TRANSITION PROGRAM
Employees who have not yet reached eligibility for retiree benefits but are
within 24 months of eligibility for retiree benefits under the health and life insurance benefit plans
in which they participate at termination, however, may elect either (1) eligibility for retiree health
and life insurance benefits, retiree discounts on AT&T products/services, and 50% of the severance
pay for which they would otherwise be eligible, according to the provisions of the Management
Transition Program (MTP) OR (2) 100% of the severance pay for which they are eligible based upon
the provisions of the AT&T Inc. Severance Pay Plan, but not both. Additional details regarding MTP
are provided in Section 1.8 of the AT&T Inc. Severance Pay Plan.
Hi 10iZOGcp-xvl,
I'm in the same exact status as you with being non bargained for SBC/ Cingular and having the MR75 really not making any difference pension wise.
Do you know if there are other things that do come into play for us in making MR75? For example, keeping our mobility or tv discounts? thanks.
It is my understanding that if you are within 24 months of MR75 you can give half your severance to get the pension you would have gotten had you made it to that date at AT&T. Check with someone to verify. It should be in the documentation you received.
Go to the Fidelity website and model your pension.
@nqv
"My understanding from people who have talked to Fidelity is that they can't take your pension...? "
If you are vested, the pension money is yours, and they cannot take it. What someone below and many are talking about is the pension money savings the company realizes when they lay someone off before MR 75. Many folks pensions jump up significantly at certain points, MR 75 being one of them. This is not the case for everyone though, it depends on your legacy company and how the fund is managed. For instance, I am non bargained for SBC/ Cingular. I hit MR 75 next month. There is no significant jump in my pension amount.
My understanding from people who have talked to Fidelity is that they can't take your pension...?
What group?
Watch the movie “The Company Men”. It’s available on Netflix. All the grief starts with the top person’s greed.
They got me in 1Q2019 just 32 days short of MR75
@10iZOGcp-cuc, can you clarify 'benefits web site'? i can't find model retirement.
Management Transition Plan (MTP) only covers the health insurance. But, here's the bottomline: AT&T saves several HUNDRED THOUSAND DOLLARS in pension costs per surplused person, that is why management is so brazenly callous to cut people off especially when they are close to hitting MR75 ... that is why they are just doing this on a massive scale now.. It is a despicable act of greed and highway robbery in my opinion...
What V.P. do you report to?
Look at the severance policy you may be eligible for management transition plan, You give up 1/2 the severance pay, for retirement benefits when you reach that point. Now you need to verify benefit eligibility. Health insurance is only thing worth it. Benefits depend on your original hiring company. Some have no eligibility, go to benefits web site under life events and model retirement, you can select a retirement date within your 75 number and it will tell you how much health insurance will cost. other benefits for like Directv, and wireless can be beat at other providers.