Okay, I have 18 years with AT&T as of now and willing to take retirement option (tired of AT&T treatment for its employees) given that my severance package cut in half. My question is my retirement benefits for retirees would be the same as with employees?
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I'm still curious as to what job at AT&T leads to retirement benefits with 18 years of service, unless the employee is 65 years old. And if the new retiree is 65, Medicare will be primary health coverage, regardless of the job title.
People , if you are asking questions of the entire audience here and expecting to get an accurate response for your particular situation, based on the feedback from someone else who you know nothing about, you are horribly mistaken. Likewise, those of you that provide responses stating your particular situation as fact are not helping anyone.
I find myself wondering is people are really this clueless, or if this is all just troll like behavior.
There are so many variables. Go to HR One Stop. Check YOUR particular SPD's there. Call if necessary.
Stop being so helpless.
Anyone know how the bellsouth retirement benefits compare to the others like legacy t ,sbc, Ameritech etc
The other thing to note that even though retirees have the same bronze/silver/gold labels, the plan numbers are different. That means you can have different doctor lists that take the plan. As a specific example, the retiree dental list in my area is substantially smaller than for an employee in the same b/s/g category. The bronze vision plan, although free, is not at all like the bronze employee plan and is basically a discount card that's no different than one you could find online.
The best place to find this info is the Summary Plan Description or SPDs for your health coverage in HR OneStop. The SPD is a detailed PDF of your work groups coverage. In mobility group it’s nearly 250 pages. SPDs should have all the info you need to make an informed decision but its not alway easy to locate. The HR OneStop site will direct you to the “retirement Guide” and while that does have helpful links and phone bombers it didn’t give me the info I was looking for but kept sending me on a loop as I looked for specific info. I wanted to know if when I retire my insurance would continue to be subsidized or would I just have insurance access. Subsidized coverage vs Access coverage depends on Group hired into, hire date. I was able to find specific info for my situation in the SPD where as the Retirement Guide was mostly general info and helpful phone numbers and links.
Good luck.
I got surplussed in March. I was 1.5yrs from mod rule 75. Found out that mod rule of 75 got me nothing. Anyone who started with Ameritech after 8/1/97 gets no subsidized Med/Dent when they hit mod rule 75. So.....if you are in the same situation as I was they only only ONLY reason to stay is.....
- Good Salary
- Full Pension
I suggest you try to stay, play the game and try to make it to mod rule 75. Once you get to that date you can weigh pos/neg of the job. Then maybe consider hunting for a better job with good pay. Living in fear of loosing your job is never fun.
You need almost 22 1/2 years to get enhanced benefits so if you have anything less than that I wouldn’t give up half the sev.
Ditto same here, 21 yrs and still 20 years from " retirement age " which means nothing these days. We got pension and 401 and that's it. No medical. Try to make it to retirement age and not die in the process.
Legacy T mgt, 35 years service, pre-65, individual BRONZE BCBSIL is free. BTW you can continue to fund your HSA and reduce your income taxes. One time in your life you are allowed to fund the HSA from your pre-tax IRA as long as you will be on a high-deductible plan for the next 12 months. When you hit MEDICARE age 65, currently if you purchase your advantage or medigap plan through AON you get $2700 HRA to help pay for copays or premiums. If you only purchase a dental or vision plan, the HRA amount is $300. The cost for spouse or family on the pre-65 high deductible plans are more expensive for the medical plans and the HRA amount is only $1500/$200 for a spouse with AON medicare plans. NOTE the HRA is only funded through 2023, not sure what will happen after that.
Under my occupational contract, 18 years service doesn't get very much. The reason I say that is, retirement benefits are 30 years service, any age, or 25 years and age 50, or 20 years and age 55. So, 18 years of service means you have to be 65.
At 65, you are Medicare eligible. What we get under those circumstances is $2700 in a HRA for Medigap, dental and vision. It's the pre-Medicare benefits that cost the big bucks. Bu, I don't see where 18 years of service gets you that.
Anyone getting Medicare part B reimbursement over and above the $2700 HRA?
Hey vets , don’t forget your medical benefits of being one. May help you avoid high monthly costs.
I have 33 years with the company but left and returned to have my service bridged. Because of the timing my Bronze coverage is about $700 a month, Years of service matters but depends on other factors. Some people have great benefits but others do not. I know someone with 2o years of service who will retire and pay the same cost as mine. Until you inquire you will not know.
@ -cxv, thanks for sharing. BTW, you don't need any life insurance of any kind once you retire (if permanently retired). If you have a spouse that is still working then they would need to keep life insurance. Life Insurance policies are really only to cover you when you work and earn an income, and drop when you no longer work. I say this, as lots of people don't realize or think about dumping insurance then
After 37 years, I retired with retiree med/dental/vision benefits and the cost for me is reasonable (Silver in 2020). No life insurance for me, as I had a private term policy. WIll use the benefits as primary until I get to 65 and then use it as supplemental.
Retirement insurance for me is $600-800 per month and that's middle level that I currently pay less than $100 per month for. When I was offered MVO I looked and even COBRA was less by about $200 per month
Retirement Benefits are not very good unless you have been with the company for more than 25 years and even then it a lot of cases it is not good. However, I have not looked into this myself, I have heard that at 65 when you qualify for Medicare you may qualify for a supplemental payout to help with supplemental Medicare insurance.
OF course retirement benefits vary depending on your original hire company, however the cost is not anywhere near the same. Health insurance is right at twice what you pay as active, and discounts for AT&T products is way less. 30% off wireless,and 20% off all the other products, with some restrictions. You can model you retirement benefits in the benefits web site. Look for life events, and select retirement modeling from the drop down. You also have to have met the modified rule of 75 to be eligible. Age+service +> 75, and at least 55 years of age. I am legacy SBC and bronze for the wife is like $291/mo. Mine is $0, And they doubled the cost of life insurance this year, so I had to reduce coverage.
A lot of variables. You need to go on our Intranet and see what you qualify for. I have 21 years, starting with ATT Wireless and my retirement benefits are pretty much worthless. Would never take that option if I was severed.