AT&T Inc. workers challenging how the company calculates certain pensions asked a California federal judge to certify their case as a class action covering hundreds of thousands of people.
https://news.bloomberglaw.com/daily-labor-report/at-t-workers-seek-massive-class-challenging-pension-calculations
Yep I think bellsouth employees saw the value of their pensions cut in half when AT&T bought them.
Proposed 500 Thousand pension increase.
https://www.cohenmilstein.com/case-study/att-pension-benefit-plan
Money grab. Gonna get some.
Yep I think bellsouth employees saw the value of their pensions cut in half when AT&T bought them.
Classic T, put less in the box and charge more! With every passing year, these companies with a defined pension benefit plan, learn how to payout less and less to the recipient. It's a good thing these plans are going the way of the dinosour.
Gosh, I wonder why almost no companies in the US offer pensions anymore. They're missing out on such great ligation and publicity!
What does the article say? Do not have a Bloomberg account to login to see the article but very interested in knowing the contents. As classic T, believe this impacts my pension. They put us on cash balance and lost over 10 years of severance. Good ol' SBC allowed us to keep the cr---y cT pension but put us on the cr---y SBC medical. arrrrrggggghhhh :(
1996 - not 2016 - sorry.
I went through this after 2016 and the old Toxic-T stole 10 years of my pension. This was the start of the "cash balance" rip off.
IBM started the trend. Then a few other big boys jumped on board.
There was a class action lawsuit back then and it took something like 15 years for it to come to fruition and the Judge ruled that Toxic-T and any other company can steal the pension from their workers.
Of course the C-suite kept the old pensions.
This is American justice.
If somebody can see the whole article, please post it here.