Get your facts straight, the loss of 30 - 40% of pension applies to all management but only a few or maybe just legacy T Union contract(s). Union employees also will get their pension and severance based on years of service, per their contracts if terminated. Now one can see the value of a contract. It’s also one of the pros belonging to a union which is just a group of employees trying to get fair compensation and benefits so they don’t take it in the shorts when management runs amuck. SBC/AT&T is example A in that category!
As lower and middle management can attest the last few years, it’s a take what we give you, if you don’t like it then leave, despite policies when you hired on at the beginning of your career. They are changing it for many right before or near retirement. C-suite management and the board hasn’t had any accountability for all the poor and outrageous decisions. The new mission statement now reads, If you don’t like the policy changes and layoffs this month, wait till next!
SBC/AT&T has convoluted policies and contracts due to all the acquired companies during the reign of Whitacre, Stephenson and Stanky’s empire building. A historic lesson in how not to run a corporation!