Up to 6 month voluntary surplus package for management is a JOKE. Only if you were going to retire in the next 6 months is it worth it.
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Many business units already had a pension structured to allow for a lump sum distribution. For those not of retirement age, that is essentially a moot point. For the person that commented below that you MAY not be eligible for unemployment if you voluntarily leave...rest assured you will definitely NOT be. Folks that voluntarily resign from their job are not entitled to unemployment benefits in any state. There is no incentive to leave voluntarily. Even for those who have mentioned many times, "if you were going to retire anyway" ...why do it (leave voluntarily)? Why not take the extra time on payroll with a surplus and be eligible for unemployment after you're laid off?
Take it from someone whose been there, done that...
If T is offering a voluntary pkg now I guarantee you the involuntary pkg is coming in a few months. They are not seeing how many volunteer before deciding whether to do an involuntary pkg. They ARE going to do an involuntary pkg as well. As they say hind sight is 20/20 vision. If i knew then what i know now I would've taken the voluntary pkg.
First of all, I think I would've liked the cash buyout of my pension. I am now stuck with an AT&T pension which is not all that bad right now but I don't know if AT&T's deficit problems will affect my pension. I would feel safe if my money were elsewhere.
Second of all, that business about finding a job within AT&T in order to stay in the company is a hoax. Very few people are able to do that and the few who do could face another layoff again months later. I've seen it happen.
I'm just saying this based on my experience, that was 2 yrs ago, things could be different now. But if they are offering a voluntary pkg consider taking it. Even if you don't take it I would suggest brushing up your resume and start seriously looking for another job (either inside or outside of AT&T, preferably outside). Because if you wait too late you might be unemployed before you find anything.
Good luck everyone.
T employees belong in burgrr king
No you wouldn't have. Shut up....
Can you people find another job, somewhere else?, UNREAL
Agreed on waiting to get surplussed for additional time on payroll as well- been looking for a job but 3 weeks is a tight window. A Technical Director in my group stated if they don't get enough volunteers- September will be the next round. He also stated this was supposed to be a layoff and Arnoldi insisted on a voluntary offer. "Declining business" in a booming economy and favorable tax climate has been mentioned by multiple executives. Well who can we blame for that? FANG? I don't think so.
Folks read the FAQ and information carefully. If you take the offer you MAY not be able to file for unemployment. There are several “poison pills” or traps IMHO, they either think we are stupid/desperate that we will take the offer or we wont read the FAQs. Arrogant IMHO.
To the person asking about why the lump sum is attractive. If gives you control of your money. You can roll it to another more attractive annuity. I do FS on the side and I have numerous annuities that beat ATT’s annuity hands down if you want to wait until 65 to get. I have not been able to get what the accumulation is from the ATT annuity if you leave prior to taking it, but while att is adding to it, its growing at 2 or 3 percent which is great for “free” money. But even if it continues at that rate after ATT stops adding to it, i can do MUCH better safely in my side business if you are not ready for 5 years a or more, plus some of the annuities we do can even have a payment doubling if you have to go to nursing home. If you cannot handle money then leave it with ATT, just remember to let them know when you move!!! To echo an earlier post, if ATT had offered 12 months I would have taken it. Taken my 401k and cash balance and kiss them goodbye.
Another way to look at this: If you take the annuity then you are betting that you will live for a long time, if you take the lump sum then you are betting that your remaining years will be few.
A lump sum may be attractive or it may not; One deciding factor is dermined by your age.
If you are, say, age 58, then the pension buyout will be something like 22 times the annual return offered by an annuity. If you are, say, age 74 then the pension buyout will be something like 9 times the annual return offered by an annuity.
I left last November and volunteered for the Surplus.
It’s worth it, first off in spite of Ts fault they do have good perceived training. In addition if you know surpluses are coming I would start applying on LinkedIn.
I was lucky enough to have a job lined up which gave me a 30% bump and use my package which will be going as a down payment to my new house.
Lump sum pension is attractive because you can then take the full vested amount and roll it into what ever financial vehicle that you want. (IRA/Roth/CDs/Bonds, etc) It gives you control over the money and how to invest/save/distribute it.
So why is the lump sum pension so attractive. Please excuse my lack of knowledge. What would be a good example?
12 mos is a pipe dream.. why would T pay for you to job search for a yr? yea right
i guess the big thing about the package was lump sum pension or the threat to cut the package in half before the next layoffs, but i otherwise agree.