Due to mistakes it made in pension calculations, AT&T is now suing people who cant afford it to get its money back. Sad state of affairs. Is this what Randy has devolved too?
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I have also been trying to get a breakdown on my pension. I feel that there is an error somewhere over the years, probably when we switched over to the cash balance years back. Fidelity gives me a song and dance every time I call. Interesting they are able to go back and find overpayments (and underpayments which they don't mention). Now that I know the records exist, does anyone have any suggestions how I would get them.
Here's a RIF MESA non-bargained topic. The full retirement benefits such as concession & medical subsidies (ex-COBRA) are not paid out for those near but shy of the completion of both the age and tenure items of the rule-of-seventy-five. Even if you total seventy-five points, AT&T does not grant the full pension. If you are within 24 months of completing both milestones, then you can buy your full retirement by sacrificing 50% of your severance pay which at that point is probably three months pay & except for some unique cases, it's not nearly worth it. AT&T could have easily funded this for those within 24 months of satisfying the Ro75. Leadership ought to revisit this and grant FRB concession and medical subsidy for those impacted under MESA. This is a humanitarian and a good-will gesture. I know people in this near-full-retirement situation who were alienated by this shabby treatment and instead would have been cheerleaders for the products & services.
ref: Mechanized Employee Surplus Administration
The board keeps him on because the board makes money. I don't mean legitimately. On the back end. It's the back office stuff you never see.
"yet the board keeps him.... Why"
The shareholders have a say. If they don't want him, they can vote him off the board of directors. Like an incumbent congressman, he keeps wining elections.
Shareholders ought to sue Mr Randall Stephenson for the $4 BILLION he lost trying to buy T-mobile!!!
Biggest bone head decision in corporate history, yet the board keeps him.... Why - who the heck knows. AT&T board is clueless.
What is the relationship between the balance and the annuity payments? I have never understood whether the account draws down to zero, or if it is just the amount I would get in a lump sum situation.
Cannot see why all this confusion, like I did a couple years ago just call Fidelity and you will get the balance in your account.
The rep may be as kind to you as the one I had who advised to move he pension as there is no guarantee at&t will pay it.
No, your wrong. Try to get a statement showing all the deposits into your pension for the last 20-30 years. Of course they will give current balance and future projections, that is also available on Fidelity’s web site.
Fidelity does indeed not only provide the actual pension balance today but will project future balances.
I checked often.
You are wrong.
Randy could step up and volunteer to use his lunch money for the next two weeks to settle the financial discrepancy. He would be a hero and for once(!) do something good for the people who have built the company he is destroying.
The bookkeeper will not supply pension balance statements to pension eligible recipients. Last time I requested a pension statement the bookkeeper told me they are not required to keep the records as per federal law. They should not be able to sue for overpayment if the records are not available to recipients!
How many pensioners have been shorted on what they should be receiving? How would one even verify? Seems one sided as to the checks and balances.
When Dandy Randy gave the company over to a bunch of Stanford bean counters, the company lost its compassion ,heart and soul. We are adrift and lost.God help us !
http://fortune.com/2018/08/04/att-pension-overpayments/
"The IRS requires that companies make serious efforts to recover excess pension payments, which reduce funds available to other recipients. Failing to recoup overpayments, some pension lawyers told the Journal, could threaten pension programs’ tax benefits"
On the other hand ...
"However, the IRS says missing funds can also be replaced by seeking restitution from plan administrators who caused the errors the first place"
I think the administrator is culpable in this matter.
No one can understand the pension calculation. If AT&T or Fidelity made the mistake they should eat it.
Fidelity pays out the pension and I can guarantee there was no mistake made. It's just a smart way of getting back.
I empathize with the pensioners but if they were overpaid AT&T has a legal right to collect just as if there was a miscalculation in your employment pay. It s---s, but it’s legal.
I have to believe, that Randall has some redeeming qualities. He may be indeed, positioning this company, for the future. But he is an a--hole. Our legacy POTS and DSL customers are suffering. We are failing them big time. It is sad. POTS is no longer being taken care of. s---c-de hotlines, domestic abuse hotlines, alarm systems, business lines, medical alert lines, police dispatch in small towns etc. Real people are being hurt. But the big prick does not care.
Randy is a prick. He is a vandal.