If you haven't figured out by now that all of us are on borrowed time here, then you need to open your eyes wider and really look at what's been going on. Nobody is safe. It's not just the reduction in the workforce, it's the overall "cheapening" of the workforce. Even if your position is not going to be eliminated, the final goal is to put somebody in that spot who will be paid less. Literally, nobody is safe.
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they are only replacing the relic heads that are getting overpaid to do a damn thing
Im not a fan of ELT but they have been very transparent about this for a almost 10 years now. They need/want fewer, better skilled employees. If you are a long time employee you can't say there hasn't been plenty of notice.
“I lived through two surpluses, two forced moves with one relocation and one force back to only have the company cut me loose three months shy of 25 years and retirement eligibility.”
Congratulations on 24 years!
Legit. If you continue the pace you are putting money in that's seems attainable. Well done on the good start.
- “Your 100k won't be $8 million by the time you are 65. And we have both a pension and a 401k with a match.”
Ok.
If I stay at AT&T probably not - lol.
Jokes aside, with an 8% average market return rate, and constant contribution percent at my yearly salary level, those are the numbers.
Your 100k won't be $8 million by the time you are 65. And we have both a pension and a 401k with a match.
- “Pension is FREE. You funded your 401K. In some cases, employees like me have both 401K and Pension at the same time. I’ll need it when AI replaces my job in Finance.”
Company stock too, which is immediately sold to purchase stock actually worth owning…
As someone from finance you should realize that the ceiling for a 401k vs a pension is higher.
I suppose you’re right, all things being equal, having both would be ideal - but I’d think you can’t get the pension AND the 401k AND get stock match & grants. Maybe you can.
I self manage the stock match portion of my portfolio (as in I sell all the T stock, and put that money into BrokerageLink) and it’s grown to $50k, half of my port in 4 years.
If you could, hypothetically, get both though, obviously that would be the best of both worlds.
Funny, just another day someone was asking why does everyone always hate of "the Union", to which I replied that no one thinks or cares about your precious union, until you union folks inject yourselves into a conversation and start bragging about how great your union is. And here you guys are:) Doing exactly that.
What I don't understand is why you, union guys, hate the management so much? Do you realize that 99% of "the management" are not their annoying supervisors at work? Just a bunch of people trying to make a living. Most never had or will have any direct reports. Really, no reason to always try to put them down, you know?
“How many years to get that $750k pension?
Doesn’t seem like much depending on years of service to me.”
Pension is FREE. You funded your 401K. In some cases, employees like me have both 401K and Pension at the same time. I’ll need it when AI replaces my job in Finance.
I am not worried because I have long term skills and continue to grow my skills. Not lazy like some who have outdated job skills.
- “Union member here. Crumbs? $120k per year. Retirees Healthcare. And about to walk away with a $750k lump sum pension.”
How many years to get that $750k pension?
Doesn’t seem like much depending on years of service to me.
I’ve been at the company less than 4 years and have accumulated over $100k in my 401k.
If you extrapolate that out with a conservative return rate of 8% you’re looking at north of $8 million at 65.
Absolutely still get retiree Healthcare on the union side.
Get out as soon as you can. Cancer culture will metastasize to you. So run!!!!
Retirees healthcare??? You don’t have that anymore.
Union member here. Crumbs? $120k per year. Retirees Healthcare. And about to walk away with a $750k lump sum pension.
I lived through two surpluses, two forced moves with one relocation and one force back to only have the company cut me loose three months shy of 25 years and retirement eligibility. My new hire class was 125 employees large and only about five of us still remained with the company after 10 years. Now that I’m out, only one employee remains from my original class. No, the company no longer wants long term employees. If you make it past 10 years, consider yourself lucky. If you make it to retirement, consider yourself exceptional. Plain and simple, the company does not want to pay increased wages and benefits to longtime employees. Thus, they begin a paper trail of nickel and dime write ups to justify letting you go before you cost the company too much. You would be amazed at what information you gain from talking to former management employees. Corporations no longer want employee loyalty. They want production at the lowest cost possible and when you become too expensive, the efforts to get you out begin.
The individual union folks desperately holding on to AT&Ts crumbs is truly pathetic.
34 years seems pretty long
Just paid my union dues.
Glad I've got job security language in my union contract.