If not ZERO, very very near zero, certainly nothing to stick around for.
28 replies (most recent on top)
yeah in D3 the old union heads in charge negotiated away the next generation pensions so they could get theirs. most of those old complainers got out with $250-400k lump sum.
yep and if anybody is offered a pension buyout I would take it and get the money away from att.
Yep.... AT&T no longer has any Coupe De Ville's to put at the bottom of the retiree Cr--ker Jack Box. The only thing that matters now is how much money you make during your productive years and how well you invest for retirement. Gen X, Y and Z; make the most you can, wherever you can (probably not AT&T). Good luck, God speed.
Be sure to stick around for MR75 for the Retiree Mobility Discount benefit. 30% off! LOL
Thing is, even the Employee Discount of 50% is beat pretty easily as a customer off the street
Why are some of you so simple that you cannot understand that there are many different types of pensions? Some directly correlated to interest rates and service milestones, and others not. You need to understand what category you fall into. Hint: if you're in Mobility and were pension eligible... you have a cash balance pension.
Educate yourselves, you sound foolish.
" For many tho it's essentially nothing more than a separate small 401k match that goes into a HYSA."
Very true, for those cash balance pensions. Still glad to have it. But it's no reason to stay. The cash value is the cash value and that's it. When I go it's just going to get direct transfer rolled into 401K or IRA.
Your favorite union member here. We still get retiree Healthcare amongst other perks. Su-kers.
T offers pretty much a run of the mill benefit offering for larger companies. The pensions are where the differences are, and it's important to know how yours works. Depending what you have, it may be worth sticking around. For many tho it's essentially nothing more than a separate small 401k match that goes into a HYSA.
For a Bellsouth bargained employees pre 2009, the modified rule of 75 still matters to reach service pension eligibility before reaching 30 years of service. So if one decides to retire early or is involved in a layoff they get their full pension and medical benefits. It’s nothing to write home about, it was drastically changed after 1998 when the 401k/cash balance was introduced. Pre 1999 pension vs post pension amount is a difference of double the amount that the company contributed. The company used to match the yearly raise but post 99 it’s capped at 1% @ year.
In D3-SE, AT&T only contributes a max. match of approximately $2k in the cash balance account yearly for top titles and worse for lower levels. it’s a terrible match compared to other companies so, take note youngsters, either self-fund as much as possible or leave for a better alternative ASAP. Get some experience then take wing.
@1thi+1r3uSBsM ATT hung on longer than Vz. The pensions there for mgt were frozen 6/30/2006 just before the MCI merger. And they slashed the retiree healthcare at the same time.
Pension stopped being offered in 2015. There’s a lot of us with one! It’s worth it to hit rule of 75 for Legacy SBC employees.
What was the last year ATT offered pensions? Those folks have got to be close to the end of they're careers.
“ What are you talking about? Reaching MR75 is a significant jump in pension. Run the numbers. Most people hired in 2000 are well aware of this and it’s certainly enough to stick around for”
Correct. Seeing your pension more than double overnight is significant. And if you hired on in 2000, that will absolutely be the case. The thread says “…ZERO retirement benefits.” and it’s just not true.
Anyone heard of any companies looking for those with AT&T experience? Have 1.5 till hitting 50 in order to get higher retirement payout (is more if you wait til 50 years old per Fidelity) but might not be around that much longer....looking for options?
What are you talking about? Reaching MR75 is a significant jump in pension. Run the numbers. Most people hired in 2000 are well aware of this and it’s certainly enough to stick around for.
"Reaching MR75 is a significant jump in pension." True for some, False for others.
Yeah...former BellSouth people didn't realize that they are a corporate bargain. Sure, the pension is cash guaranteed without regardless of bond rates, but that's it. No magic multiplication factor for sticking around.
Looking for a handout.
37 minutes ago by Anonymous | 2 reactions (+0/-2)
Post ID: @1ver+1r3uSBsM
You call it a handout. I call it the conditions and benefits I considered when I accepted employment with AT&T.
I understand that you may not have it, but that doesn't mean mine is no good.
Now go get your shinebox!
Re:
But so many insist the Rule of 75 is a still a thing.
I think there is truth that Rule of 75 does help
Pension amount increase but still no medical benefits. They were taken away.
Terrible / so sad but still
Rule
Of 75 helps increase the lump sum.
Looking for a handout.
As others have said, having reached MR75 doesn't impact all pensions. For me, it means nothing (management cash balance pension). The group Medicare Advantage plan sounds good on the surface, but I will not choose this plan since it is not the best one for my circumstances. (I did investigate this plan in depth to determine if it is worth sticking around for) I can do without the retirement gift/dinner and honestly, T-mobile is less expensive for me, even with the retiree discount.
Four years shy of reaching MR75, I decided against relocating to Dallas last July and instead found a new job locally that pays 35% more. It’s important to note that the pension doesn’t increase as significantly as before, and as of the end of 2022, it’s 40% lower because the lump sum payout inversely correlates with interest rates. Having experience with a company other than AT&T on your résumé could enhance your overall career journey. Many companies are wary of integrating individuals with a strong AT&T ‘Bell Head’ background, concerned it might adversely influence their own corporate culture.
"Reaching MR75 is a significant jump in pension." True for some, False for others.
What are you talking about? Reaching MR75 is a significant jump in pension. Run the numbers. Most people hired in 2000 are well aware of this and it’s certainly enough to stick around for.
Yup. That’s the AT&T culture. No need for a survey. It’s the middle finger culture! Thanks to Stink, favorite son in law Randy and Mr Ed.
Sadly, rule of 75 means nothing these days,...the only thing you get is a 30% att mobility discount....but Verizon and T-Mobile are less expensive even after the discount....reduce costs, take away medical and other meaningful benefits.....that's what the big Stinky has done......John its time to go...
It is zero for me. I opted out of their Medicare Advantage plan because their one size fits all plan didn't fit me. I could do better elsewhere.
They have a good 401k match. But yeah, no retirement pension for any of the younger workers.
But so many insist the Ruke of 75 is a still a thing.
Agreed! If you do not have a pension worth the annuity payment then you have no reason to stick around for retirement "benefits". Cash out and move on. And remember, the corporation can change the rules any time they want.