I read up on retirement benefits should I be surplused at 60 having reached Modified rule of 75. I don't see anything worthwhile and also see under the involuntary package no healthcare subsidies whereas someone not retirement eligible would get it. What is the value of retirement eligible before 65?
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These discussions are kind of pointless anyway, as it all depends on management v non management, date of hire, and legacy company.
It’d help if posters creating these threads indicate where they fall in those differences.
“It's frustrating trying to find any documentation regarding retirement benefits and if you get an answer from HR One Stop ask them where it's documented because many people have gotten bad info from them.”
In my case, and should be for you to, there is an SPD on the Fidelity website. I recall it is a 298 page document and outlines what you are eligible for. Granted, it is a lengthy document and requires some time to step through to identify your “class”, but it does provide you the details needed. I expect the document is specific to your plan, so it may not be the same 298 page doc that is available to me.
Retired at 55 with 37 years. Outside tech.
Pay the same for health insurance.
Took the lump Doewatch and alarm clock retired the same day.
That’s the advantage.
50 year old manager that just hit 25 years and thus MR75. Legacy Cingular and SBMS. I don't see anything to get excited about. Medical costs would be prohibitively expensive (currently on my spouse's employer's plan anyway) and after that, meh, really nothing. You lose the $10 DTV employee benefit, the already not so great wireless benefit decreases, etc. etc.
These discussions are kind of pointless anyway, as it all depends on management v non management, date of hire, and legacy company. Generally speaking the bargained for folks will do far better when it comes to medical coverage in retirement (as they do as employees).
@vdz
…"Cingular (actually Southwestern Bell Mobile Systems) hired in 1998. She was 55 and had 20 years (rule of 75!) but when she called they said her medical was $800/mo. and started crying. I called benefits and escalated until I got a clown with the right number $40/mo. for silver coverage when she left..."
This is interesting but I find it somewhat hard to believe. I am in the same boat, same legacy company, L2 manager, still here. I am actually on my spouse's insurance through their employer as it's better and cheaper. When I model what my "retirement" health care cost might be with T, it's like well over $1000 a month. Even if (as in your example) this is incorrect, I am having a hard time believing there is something at $40 a month, as there is nothing offered even close to that as a management employee that is still working.
There is a tool in the benefit web site to model retirement healthcare. Under Life events. It will show you your cost of health and life insurance benefits. It all depends on original hire company and year of hire. Some get it, lots don't.
Discounts on AT&T products is a c-ap shoot, in today's competitive word. Other companies have more affordable services. However if you live in Uverse area, that $25/mo. fo 100MB internet is pretty good, and if you subscribe to AT&T TV Now you get unlimited data.
I am in D3 and was hired in as Bellsouth. The best info I have found is at https://beatriceco.com/bti/porticus/bell/pdf/att_retirement_check_list.pdf
I like the pre-Medicare health insurance. I was healthy, so I picked the plan with $0 premium. They make a point of letting us know how much it is worth: Annual Price $10,025.16 and a credit in the same amount.
The dental DHMO was $2.57 per month, vision $3.64 per month. If I didn't go DHMO on the dental, dental would have been a bit more. But I was DHMO when active employee (bargained) so dental was fine.
"I fixed that by moving to Spectrum cable which is about half the cost. It's a shame that our competitors have better pricing for ATT retirees. Best of all, their employees are ENGLiSH SPEAKING AMERICANS located in America!"
That statement right there alone speaks volumes. Att can't even take care of their own.
PSA: Its very important to talk to the benefits team before retiring. I am a supervisor. One of my employees was impacted by a surplus. We were both Cingular (actually Southwestern Bell Mobile Systems) hired in 1998. She was 55 and had 20 years (rule of 75!) but when she called they said her medical was $800/mo. and started crying. I called benefits and escalated until I got a clown with the right number $40/mo. for silver coverage when she left. She is happy. Make sure you get what’s coming - even if it’s c-appy healthcare plan until your 65! Make sure you call and/or get your supervisor to call.
ATT does not have standard retirement benefits across the company so what you are entitled to may depend on the original company that AT&T Inc acquired. If the OP was with legacy T and currently age 60 that would mean he had at least 20yrs NCS to meet MR75 and therefore qualified for subsidized medical until 65 as well as the rest of the retirement benefits. The Medicare supplement subsidy would kick in at 65.
It's frustrating trying to find any documentation regarding retirement benefits and if you get an answer from HR One Stop ask them where it's documented because many people have gotten bad info from them.
Medical retirement benefits depend on your legacy hiring company – I was hired by Ameritech in ’98 and before my hire date Ameritech did away with retiree medical
Unless you are a baby boomer that has worked in the bell system most of your life, retirement eligible does not offer much if anything for people who are younger and started working later. Only thing for younger people maybe retirement discounts on services but you can get lower prices from competitors.
Older people reading this need to know there are no more medical or pensions retirement benefits for the younger generations. Need to contribute to your 401K and at least get the maximum match for retirement savings. And Medicare will be the medical plan.
Also being retirement eligible does not mean you have to stop working, no law against that.
I was hired by ATT Wireless in 1998 and I get zero insurance supplements when I am retirement eligible next year. Insurance for me if I retire will be about $1k per month and that's only for me and this is a high deductible health plan. I agree with the OP that there's little benefit to retire unless you happen to be union or hired on long ago.
I retired at 62 and received full retirement with medical. The medical,dental and vision did increase from about $75 to $181 per month. The biggest loss is with DTV, $10 to $132 and phone 50% to 30%. I fixed that by moving to Spectrum cable which is about half the cost. It's a shame that our competitors have better pricing for ATT retirees. Best of all, their employees are ENGLiSH SPEAKING AMERICANS located in America!
Fly - how do you get Medicare at 62? It is 65 for most so why would you get the Medicare supplement at 62?
none really that is why I left my pension was big enough and now I am taking the buyout and very happy with a new company that pays more and gives bigger bonuses along with having direction.
gonna pay off my last wireless phone with att and I will be free of the att disease.
If you are 60, you're not eligible for Medicare until 62. Then the Medicare suppl benefit can kick in. Need to consider alternate healthcare insurance for two years.
The primary benefit is the Medicare supplement insurance subsidy as well as a larger pension.