Folks, I will be 17 years and 3 months with the company on Monday 01/28, does anyone know if I could get MTP (Management Transition Program) that is retirement eligible for someone within 24 months of modified rule 75? it is 18 years of service in another words. I feel strongly that I could likely receive the surplus notification this sh--ty Monday. Any ideas?
15 replies (most recent on top)
Ameritech prior comments are pretty accurate. If just short of MR75, the MTP does not get you to MR75 for pension.
I got outsourced in 2017 just short on MR75. The gave me MTP, but it means next to nothing for me. I was an Ameritech hire in 1998 so they let me have "access" to retiree health care at full price. I my case it was $2500 a month!! And MTP does not get you to the MR75 for pension, so I took a MAJOR hit on what I could have gotten ( like a 60% reduction! ). Basically all MTP got me was retiree rate on ATT services which ends up still more expensive than going with someone else. I had no severance when outsourced so MTP did not cost me anything, but it did not give me much either. I would suggest anyone that gets surplused and offered MTP for 1/2 the severance investigate it VERY closely before taking it.
Ameritech people - if you were hired after 8/1/97, you will not be eligible for the medical subsidy even if you have the Ro75. I have confirmed this multiple times with multiple people. They say you are eligible for Medical, but that is Access Only - meaning you have access to medical benefits, but you have to pay full price for them. You can call the Benefits Center and they can give you a quote on how much it will be. As someone else said - each company has different rules, so I'm only speaking from Ameritech perspective.
Even with MTP and if you are within 2 years of Rof75, if you take the MTP, you give up 1/2 of whatever your severance is going to be, but you still won't get medical benefits subsidized and you won't get the highest pension ban. Also - if you are just short of Ro75, even though you are eligible for MTP, it won't put you into the higher band for Pension. You must get to the Rof75 in order to get the highest pension band.
I hope that helps for clear things up for people that are within 2 years or less of Rof75.
Good Luck on Monday.
@XjymuJw-isv look again at open market prices. When I was nearing my severance end of 6 months employee pricing on health care I investigated open market vs cobra. For a single person in their mid 40s with no pre existing conditions monthly rates were close to $800 a month with a $3500 deductible and no pr-scrip-ion med plan.
Why do so many dummies talk about a pension as if it's the company's money? That's your money and you'll get it one way or another. If you choose not to take the lump sum, you may not be able to start drawing on it for a while (monthly), dependent on age and other factors, either way you're getting your money. Also, all of the handwringing about medical coverage...SMH. Maybe because I am management and bargained for folks have a far better plan...but our healthcare plan is horrible and expensive (not a great combo). Pretty sure you could do better or at least the same on the open market. I am fortunate to be on my souse's plan at her employer.
I been studying the SPD for Medical benefits. You can get to it via the web: att.com/benefitscenter.. log in and click on Plan Documents and Legal Notices...Click on plan Heath & Welfare Summaries..scroll down to Retirement Eligible SPD and chose the 6th item down ATT Mobility Eligible Former Bargined Employee Medical. Go to pay 14. If you were hired under SBC you get a much better deal. If you were hired under Bellsouth, its alright and if you were hired under ATT wireless, no medical at all. To be eligible for anything, you have to be with SBC or Bellsouth at least 5 years on December 31, 2001. The entire document is very confusing. So in most cases, if you were hired in 1997 or beyond, don't expect much for healthcare
Clarification...you are eligible to collect your pension, just not eligible for medical insurance at employee rates. Full price.
@XjymuJw-vyh that is incorrect. I have wireless tenure and when I got to Netbenefits I see I am eligible for mr75 this year. I turn 55 and.I have 25 years service this year. the problem with anonymous posting is BS can be stated with no way to hold the BS poster accountable. call HR and ask them or email them,
The rule of 75 is such age discrimination. I have 23 years of service, but because I’m young I’m not eligible until i hit 30 years.
Login to netbenefits, click on your pension plan > click on plan documents and search the document for the rule of 75 to see if it applies to your pension plan. For the Mobility plan it is in the area of page 20-22. With only 17 years of service, I think you have to be at least 65. As it has been stated on this board several times -- retiring from T has a different meaning depending on which companies you have worked for over the years that brought you to this point. About the only thing we all have in common are the wireless concessions -- beyond that your path to this point dictates what you qualify for. I think alot of us in the 18 year timeframe that came by way of Cingular will be shocked to find they are not getting anything of value when they retire.
Age?
Lordy i have been with the mobility side since it was Bellsouth mobility and have 19 yrs and sweat bullets everytime I read these threads🤷🏻♂️🤷🏻♂️
Asking such an important question on the layoff board is not the best idea. If you are management, it depends which company you were hired in at. Also, if you have 20 years, you have to be 55. Call benefits.
They use bands based on age first. Age is a gatekeeping criteria.
At least 65 with 10+ years of service.
At least 55 with 20 years service or more
At least 50 with 25 years service or more
If you are within 2 years of having the rule of 75 (age plus years service) they have offered it to employees that qualify in past RIFS. Qualification has changed based on your work history though. I read on here where if you had any wireless tenure you no longer qualify for rule of 75 at all.