Thread regarding AT&T layoffs

No subsidy for my bronze blue cross blue shield plan would’ve cost me $569/mo but I was lucky enough to be hired in ‘88 so I will pay nothing. Many others are not so lucky. Not sure what the cutoff date is but 75 combined is a must.

To OP: Bridging Time (from Modified Final Judgement) has nothing to do with taking severance in 2001. It is based on if you took the pension money and did not pay it back when you were rehired. The Mandatory Portability Agreement requires you pay back all pension money if you want your time bridged. Good Luck.

Talk to Fidelity Advisor about the IRS Tax Law that says if you are between 55 - 59 1/2 and you have been involuntarily separated from your employer, you may take out an early disbursement from your 401k, it will still be taxed but NO 10% FEDERAL PENALTY applies.

Here is some help. There is an AT&T Surplus Facebook group... Lots of information answered there. Search for this and join: AT&T Surplus/Networking Support. The medical is subsidized for six months after off the books and it is the same amount that you paid out of your check each month. after that, it shoots to the moon and not affordable by most. you will, however, be able to purchase insurance via the health market due to life change event. If you are vested you can take the lumpsum as soon as you are off the books. they tell you 45 days for severance, but mine took about 3 weeks. hope this helps.

Good luck talking to your ERM. Mine said don't leave a voicemail. Just email him. Nice. They didn't prepare AT ALL for this. SHocking, I know.

Are un-used PTO paid?

@tbh- "Severence (sic) will be reduced by 50%" Where do you get this information from?

Ask on next weeks call. It may be your retirement benefits don't start until you have reached the Modified rule of 75, which means you pay cobra rates until you would be normally eligible. Pension is yours. I wouldn't take it unless you really need it. Leave it until your retirment date and then roll it to an IRA if you have lump sum option. Severence will be reduced by 50% so you may only end up with 25% of 1 year's pay.

I made it through this round and I honestly do feel for you trying to wade your way through this stuff. I don’t know for sure but I cannot imagine that non subsidized medical coverage through T is worth considering or losing any sleep over. It’s expensive and sub par WITH their contribution.

I have the same questions. How much is the monthly insurance w/out subsidy and what is coverage like? Does anyone know?

Fidelity Pension rep ruled I cannot bridge my service having taken a 2001 severance package:

My eligibility retirement date of 5.6.2021 is based on my NCS date of 5.6.2002 and the Modified rule of 75. The 24-month window moves my eligibility retirement date to 5.6.2019. My off-payroll date is 3/29/2019 - 39 calendar days short of eligibility.

My original NCS date was 8/11/1986. I took a previous AT&T non-management severance package in late 2001 (off payroll Feb 2002).

I was rehired by Bellsouth 5/6/2002. Bellsouth merged into AT&T thereafter, wherein my “new” AT&T NCS date became 5/6/2002 (17 years), and I became subject to the Modified Rule of 75.

Can I bridge my services even though I took the 2001 severance by paying back, with interest, the previous severance? Has anyone attempted a similar tactic?

OP: What legacy company hired you in 98? Was it Legacy T?

I'm the originator. I started in June 98. HR One Stop person told me there was some cut off as of 8/1/97. I guess if you were prior to that you get better retirement. But still I'm wondering of others who were surplused are finding the MTP Retire option give you nothing in the way of AT&T paying for any part of your Retirement Med/Life Insurance.

There is a lot of fine print. Talk to FIDELITY to confirm everything.

Long story short, if you elect the MTP to close the gap and become eligible for retirement benefits, that does NOT mean that the company will subsidize those costs. You need to read medical plan SPD for retired employees. Any company subsidy will depend on your legacy company and your NCS date. As a general rule, employees hired after the cutoff dates would pay full cost for medical benefits (ie: the company doesn't subsidize the monthly premiums.)

Severance allowance is 50% max of your annual salary. MTP costs you 50% of the 50% SA, ...BUT...they take the full amount of taxes. Basically, your severance pay would be practically nothing. That's the cost of closing the 24month gap for ModRule75. Depending on what benefits you may or many not receive, the cost might not be worth it.

Again, talk to Fidelity and ask for your free Financial planner.

As long as the pension is vested (I believe 5 years) you can take the Lump Sum if you worked for legacy SBC, Legacy T (Since last June Lump Sum became available going forward) or Legacy Bellsouth (They always had lump sum). Good Luck

What was your start date? If you started before 96 then you should get full medical benefits, but you will need to call HR and have them open a ticket to correct the issue, and verify eligibility. A coworker of mine went through this last year when he was laid off