From a recent a Analyst meeting:
Stankey said AT&T’s labor costs have declined by about 6% each year. “We are going to step that up a bit,” he said.
One area where AT&T can save is employee benefits, he said. “It’s not about reducing benefits,” he said. “It’s about using the most effective way to serve them.”
2 weeks later:
Eliminating a $4200 a year (for life) HRA for a 65 year old married retiree is not a reduction? Pitiful.
Once again.. You still get Retiree Medical Benefits??
Interesting that morality is cheap when you only have to spout it to the employee base and public... with no dollar amount to it. Stephenson gets up and talks about his great support for racial diversity, the company line supports LBGTQ rights, it implements its own form of affirmative action, the whole "Believe" program... and then turns around and screws the people that have worked for years building the company and expecting the benefits they have been promised by cost shifting more and more health care costs, implementing a $1500/year "cover your spouse surcharge", and now canceling the medicare supplement (at a time and age when people need it the most) while cowtowing to a measly 1% stock holder activist investor. That's morality for you...
An engineered hard line 8 week strike would save 8%!!
The HRA will be eliminated, higher employee insurance premiums, spouses will be dropped, higher parking and other employee fees, elimination of cafeterias, lower concessions, the elimination of some paid holidays and the reduction in overtime pay for management employees!!
I guess he chose the most effective way to deliver them and that is not at all. That is pretty effective just don’t have it anymore.
It should be in the spd - summary plan description. Did att reserve the right to change the plan?
COBC is only applied when it's convenient... Period
Only thing I have in writing is this:
The experience within the Exchange plans has been positive and we are able to keep your HRA crediting amounts through 2023. Beyond that, future changes in HRA crediting amounts, if any, will be based on several factors. These factors may include business conditions, government actions, marketplace changes and the general consumer inflation rate.
In other words, anything is possible.
Where does it say in writing that in 2023 it goes away for everyone?
There is no COBC, it’s only for the lower level employees to keep them in line!!
And that HRA right now goes away for everyone in 2023. Companies are working real hard to get the liability of retiree's off the books. It's expensive. If you look at all companies AT&T has bought in the past, most have no retiree benefits. Only those of us who were legacy T or Legacy SBC really get any benefit. Everyone else is on their own. The old adage of work your life at AT&T and retire, you will be taken care of for life are well in the past now. They have fallen into the money, where shareholders are more important than the people delivering those results.
Your not going to see the Retiree Med Benefits anyway. Here is Chicago area if you started with the company after 8/1/97 you get no subsidized Med/Dent. Call Benefits people and ask about what you qualify for when you get to Mod Rule 75 and.................Good Luck. If you don't already have 23yrs with the company right now you most likely will get no retiree Med/Dent.
You ain’t seen nothing yet. Just wait. It’s gonna get even better.
You mean Stankey lied and didn’t follow the cobc? Shocking but it is ok he doesn’t have to follow the cobc only when it is convenient.