Thread regarding AT&T layoffs

11moC3Tf-3f–, good. The guy was obviously spamming, posting the same thing on all threads.

That's actually really good for age 52. You are drawing about 15 years before full retirement age. Social Security penalizes you about 8% for each year you retire early. If you waited until retirement age you would probably draw more than Social Security.

I see they have removed all the posts on here about how great it is being surplused to IBM and expectation is folks there will be there 5 yrs at least without worry.....LOL

Who keeps posting this fake cra* in every blog...It is so not true it is laughable at best....Folks at IBM are depressed and worried about their job security on a daily basis as I hear it daily from friends as I had the good sense to move on...… BS "It appears the AT&T employees that were in the Tech/Dev group who were outsourced to IBM with one year contract seems to appear secure with there future. They seem to be under the impression their jobs will extend for the five year contract."

"Just take the lump sum"

When the lump sum is spent there is nothing left for you or your heirs. There isn't a single right answer so everyone should evaluate their own situation. If one's family has a history of a long life expectancy or one has a much younger spouse then the annuity could be the better option. If life expectancy is lower than average then the lump sum could be the better option. Don't base your decision on advice from someone that doesn't fully understand your situation

With the pop-up option if the spouse dies first then the retiree annuity begins paying out at 100% of the individual rate.

Just take the lump sum. The annuity disappears when the second person dies. The money doesn’t go to any beneficiaries like the lump sum rolled into an IRA would.

PBGC website says that they have 100%, 75% and 50% spousal payouts, but pop-up is not mentioned. Pop-up only seems to be mentioned in a separate statement for the 50% option. The AT&T plan that I have provides pop-up with all of the spousal options. With the pop-up option if the spouse dies first then the retiree annuity begins paying out at 100% of the individual rate.

Regarding the PBGC, Keep in mind that only the 100% Single Annuity & 50% Spousal payouts exist, no 75% Annuity category is available. Also, the dollar totals in each category are only the top range of what an employee could get, everything is rated according to what their pension total was at the time a company declares bankruptcy.

Everyone who is worrying about the, "what happens to my Pension, (now or in the future) if T were to go belly up before I get to it," should take a walk out to PBGC.gov (Pension Benefit Guaranty Corp) read and take a breath.

For those who are nearing retirement, or will do so one day, the PBGC was set up by the government in 1974, and every single company that has ever had a Pension plan pays into this agency every year. If you go to this site you will see a table of $$ payouts (by year of your retirement ) which is not unlike the Social Security method.

First the bad news, if T ever does go "belly up" the PBGC will step in to protect your pension....but, your payout would be as a Monthly Annuity, the Lump Sum would no longer be on the table.
Now except for the exceptionally well paid most pension payouts would be covered.

Speaking for myself, the Annuity as it stands with AT&T, is fine with us. Our Social Security checks will flank that Annuity for years to come. But each picks their own destiny, just don’t let the chatter of what you "might" lose get lost in the reality of what is the truth.

don't bother saving anything but base 401k match

Worst
Advice
Ever

“ The trolls who are taking joy and the time to attack this gentleman are clearly miserable in their own real lives. It takes a very small individual to kick a fellow human being who is already down.”. Yep that is the type of people that work at att.

Op keep your head up and there are jobs just keep taking day by day and take small steps that are easily achievable. Try not look at the big picture. You will be better off in a year are two and will be glad you are not the cesspool anymore.

As far as OP's comment about being lied to regarding the stability here, he is right on point. they always use the excuse that "well it was not up to me, this order came from way up above." Moreover in every town hall thy make it seem like everything here is rosy cheeks. it's just total bull c-ap here.

The people saying $1500 a month is better than getting nothing are people who've work for this company and hired on when there was no more pension. I can understand their frustration. I am at the tail end of pension eligibility and I will be lucky to get $900 when I retire after 25 years if I make it that long.

"yea I have been surplussed into a different job here myself, so not just trolling" I hope the pension is worth all your surpluses. No way to live, work, and run a company IMO. But good luck

Pensions should go way back up when PPA rates go back down next month ... but 90% of the whiners on here are too lazy to learn about how their pension actually works, best time to leave, don't bother saving anything but base 401k match etc .... and yea I have been surplussed into a different job here myself, so not just trolling .....

Can't you defer taking the pension until age 55 and get a lot more?

It can be deferred but it’s not going to grow much. Pensions don’t typically invest heavily in equities.

OP can take the $1582 or preferably the lump sum and invest at least half into equities and make more.

Sorry OP but at 52 you need to go find another job.

Should’ve got a state of Illinois Government job.

And just wait until their pension system goes belly up. It’s not sustainable. I’ll be laughing when that happens sitting pretty with a large 401k and IRA boosted up by the huge lump sum.

Good deal on the pension that’s a good amount for an annuity payment as part of your overall retirement. How much in your 401k and Roth?
At 52 you have a lot more years to work so keep saving for your retirement.

Sorry for your misfortune, but Permslaves can only dream of having a pension that generous. Maybe if we got a union that could represent our interests...

Every year the Union gets me a raise, every year the Union takes away my raise to pay for negotiated increased Health Cost...,haven't had a raise in 10 years...inflation continues to grow. We have been slowly screwed

The trolls who are taking joy and the time to attack this gentleman are clearly miserable in their own real lives. It takes a very small individual to kick a fellow human being who is already down.

Should’ve got a state of Illinois Government job. Starting pension of 85% final salary with 3% guaranteed annual cost of living raise. Plus lifetime no cost retiree healthcare. Some make the wrong life choices

we get mad at the worker who gets a bit more than we do

$1582/month is actually QUITE A BIT MORE than the folks who aren’t getting a pension at all.

Curious did you meet MR75? I am not logged in right now so cannot check the SPD – but I recall you have to be minimum age 55 if you have less than 30 years of service - at least that is what my SPD states – ATT by way of Cingular, Management ATO, non union.

Can you tell me a little about "slashing of pensions" – I assume they can change the amount they agree to put in the pension - is that what you are referring to or something else, possible union related?

What vile negative comments.

You responders in this thread are just d—s. This poor person gave their entire career to this company and your response is they should have saved more and $1500 a month is better than those who get no pension??? That’s what’s wrong with this country....we get mad at the worker who gets a bit more than we do instead of getting mad at the corporations who hoard the money and leave many without anything.

You are young enough to get another job

Can't you defer taking the pension until age 55 and get a lot more?

should’ve saved more

You are responsible for how much you make in retirement. You should’ve saved more and been more financially frugal.

Quit your whining. That’s $1582 more than new hires with NO PENSIONS.