https://www.plansponsor.com/att-sued-calculation-early-retirement
Here is info on class action lawsuit for folks.
Att needs to start doing the right and legal thing otherwise they will pay the consequences.
7 replies (most recent on top)
When you are deciding when to start receiving retirement benefits, one important factor to take into consideration is how long you might live.
According to data we compiled:
A man turning age 65 on April 1, 2019 can expect to live, on average, until age 84.0.
A woman turning age 65 on April 1, 2019 can expect to live, on average, until age 86.5.
And those are just averages. About one out of every three 65-year-olds today will live past age 90, and about one out of seven will live past age 95.
https://www.ssa.gov/planners/lifeexpectancy.html
I know my lump sum was way short compared to what I was suppose to get when I turned 65.
During the offer I kept calling and they had no explanation on how they calculated the lump sum figure.
yep I can attest to the tables not being updated. with the payout I got and what I was suppose to get every month starting at 65 they had me not living very long and was short according to the social security actuary tables.
I think this case is not that complicated. Reading this part of the case from the amended complaint:
"17. To the best of Plaintiffs’ knowledge based on the available information, the Early Retirement Factors and the Joint and Survivor Annuity Factors in the AT&T Plan generally applicable to the Class have not been updated in over a decade, despite dramatic increases in longevity amongst the American public. Because the Early Retirement and the Joint and Survivor Annuity Factors have not been updated to be in line with reasonable actuarial assumptions, they do not yield actuarially equivalent payments to Class members as required by ERISA. As a result, Defendants have improperly reduced Class members’ pension benefits"
That seems pretty simple. Either the factors should have been updated, or they shouldn't have, and depending on that, either the early retirement reductions is correct, or incorrect. I don't see a lot of room for a judge's discretion here.
As opposed to a judgement call, it would seem that this case can be figured out to a mathematical certainty.
I wish the older folk would start winning these lawsuits but it will never happen in this county.
ATT has NEVER done the right thing as much as they claim they do, and never will. And the worse their financials get, the more Ratty will screw over his people while enriching himself and his cronies.
All law suits against T are fruitless. I do not ever recall one being successful. The one department that had no job cuts is legal. They have endless $ budgeted to fight in the courts and the don't go cheap and hire lawyers from Mumbai U unlike for every other department! T fights these suits until the plaintiffs die.
Here's the lawyer's site.
https://www.cohenmilstein.com/case-study/att-pension-benefit-plan
On December 2, 2019, Defendants filed a Motion to Dismiss or, in the alternative, Transfer Venue to the Northern District of Texas. Plaintiffs filed an Amended Complaint on December 23, 2019. Defendants’ response to the Amended Complaint will be filed on January 29, 2020. Any new motions will be heard before the Honorable Sallie Kim on Monday, February 24, 2020.
On the left hand side are links to the case documents. There is currently the initial filing, AT&T's motion to dismiss/transfer venue, and an amendment complaint that probably makes a better case for venue in the current court.
Old news covered before. Multiple law firms attempting to sign people up for this. It’s really going nowhere any time soon.