Thread regarding AT&T layoffs

@hyt speaking the truth brother

RE: "The real losers in the battle of the generations will be the genxers. Everybody forgets about us. The damn old boomers and young punk millenas s--- up all the oxygen. Spoken like a true cynical genxer. We make the best employees."

BS. Everyone is entitled to a job, not just the genxers. Don't be so bitter. Spend more time working on improving yourself.

"Why the Boomers Don’t Leave Voluntarily?"

Some of us have not left because we have worked for decades and finally the kids are gone, college, weddings and other things have been handled. Now it's time for us to make some money that we can use to enjoy things that we went without while the kids, etc were a priority. Sorry but I guess it s---s to be you, but be secure in the knowledge that one day this will be you.

@1cuk

There is a way to withdraw from the 401K at any age without penalty, and that is by electing a Substantially Equal Periodic Payment (SEPP) plan if the employee separates from AT&T.

One has to read the directions and think that one over, particularly if one is well below age 59½, because the plan goes for at least 5 years, or until one reaches age 59½.

I never used it. But I suppose under some circumstances, that this approach might be feasible for some.

https://www.investopedia.com/articles/retirement/02/112602.asp

https://smartasset.com/retirement/what-is-a-sepp

Boomers work because we are knowledgeable, we can and want to work. Some have to work due to unexpected life challenges that you didn’t anticipate. Be careful you’ll have 12th graders doing your jobs pushing for you to leave. Become humble and less selfish. You reap what you sow.

@1kcb - Folks should also be aware that there is a "55 rule" for 401K withdrawals...that is, Internal Revenue Code 72(t)(2)(A)(v( states the 10% additional tax for early distributions does not apply to any distributions that are “made to an employee after separation from service after attainment of age 55.” A couple points of clarification: First, it doesn’t matter how/why the separation from service occurred. Quitting counts. Getting laid off counts. Getting fired counts.

Second, it is the separation from service (not just the distribution) that must occur at the age in question. For example, if you left your employer at age 53, even if you are now age 55, distributions from your 401(k) with that employer would still be subject to the 10% penalty.

59.5 and 62. If you are retirement eligible you have to meet the 59.5 threshold before you can start drawing money out of your 401K without substantial tax consequences. 62 before you can start to draw Social Security to supplement your pension if you in fact have one. Lot of folks don’t get much of a pension benefit because the company stopped contributing to the Mgmt pensions years ago. You were vested with what was in there when they stopped contributing. Know quite a few folks who are trying to hang on until 62 to get the income to retire. They would love to be surplused at that point and get severance on top of it.

@hyt right on man

AT&T is not self insured when it comes to healthcare...

Obviously a troll post by someone who doesn't work at AT&T. AT&T provides a form 1095-C to employees and retirees which proves health coverage for the tax year. Part III contains a box that is checked if the insured is enrolled in self-insured coverage. My statements both as employee and retiree have the boxes checked for all 12 months. So, AT&T, like most large employers is self-insured. It would be an anomaly for a large employer to not be self-insured (never heard of it.) AT&T pays companies like UHC, Blue Cross, Cigna, etc to administrate benefits, but they don't pay a risk premium.

AT&T does pay an insurance premium instead of being self-insured if an employee is enrolled in certain HMOs. In that case, the boxes in Part III may not be checked. But, there are some HMOs that AT&T pays the claims, instead of the premiums. But, I never went the HMO route.

Turning 50 this year, 25 years service...I feel for all the folks that need to stick around in hopes or dire need of being able to keep this high deductible medical insurance T offers. I am fortunate in that I (along with the rest of the family) have been on my wife's for several years. She works for a large corporation as well, and they offer similar PPO plans, but family and single deductibles as well as monthly premiums are significantly lower. This does give me a modicum of comfort as I try and avoid the axe along with my peers of similar age and tenure.

I am the married boomer. I married the right person, he just does not have benefits now that he is laid off. I didn't marry him for his paycheck or his insurance. I was a contributer as well. So don't ASSume something you know anything about.

To the married boomer. Sounds like you married the wrong person. My husband and I both work so when I get laid off his benefits will replace my T benefits. So glad I was a contributor to our amazing life.

AT&T is not self insured when it comes to healthcare, and if you want the old people to hang around until their death then just support a single payer system. We'd all need that extra money to pay Doctors under the table to get our heath care needs met. Socialism has never worked.

Many of us boomers would gladly

leave if insurance costs were out of the equation. My COBRA after the first 6 months will be 1700 a month for spouse and me. So yes age is a huge factor and Medicare is a goal.

Genexers just keep their mouth shut and work. Boomers ruined our country. Look at the debt accumulated by families, companies, ATT, and the USA. If boomers lead it, it’s spent into oblivion and they somehow think their p--p don’t stink. Milleny’s are the spoiled youngest kid the boomers spit out last when they didn’t expect to. Everything handed to them since birth in society and their household. When the going gets tough they quit, turn and run, or expect someone else to take care of their problems because that’s all they’ve ever known. They sure do know how to express their opinions and throw tantrums if you don’t agree though.

The real losers in the battle of the generations will be the genxers. Everybody forgets about us. The damn old boomers and young punk millenas s--- up all the oxygen. Spoken like a true cynical genxer. We make the best employees.

If AT&T subsidized my medical I would retire but because I am from one of the legacy companies that does not get that benefit in retirement I hang on, waiting for the Medicare promised land to arrive. I would love to make room for a younger, smarter guy to take my place.

The elephant in the room is the cost of health care. After age 40, premiums go up drastically. Even though AT&T is self-insured, they can see where their health dollars are going.

I was whole hog for single payer health insurance like other countries have, so as to not have to cling to an employer for health care reasons. I am surprised that every baby boomer didn't have similar viewpoints.

Take health care out of the equation, and a prospective employer would be much more receptive to an older worker. But, when health care is part of the deal, the older worker costs more.

Well, I hung in there and locked my post-retirement health care, and can sleep soundly at night. But, I don't appreciate having to do it. The U.S. goes around the world, imposing regime change, flushing 100s of billions down the toilet, while all the European countries take health care out of the scope of employment decisions.

“Age is an issue of mind over matter, if you don’t mind it doesn’t matter.” Mark Twain

Hoping many employers adopt a philosophy similar to that for the sakes of the older T layoffs.

I am glad I am gone as well. I am a boomer who was just laid off...I will collect my T pension, social security, an almost 7 digit 401k and company subsidized insurance. I am 62 years young and the fun is just getting started. I guess I was too old , lazy and didn't know anything....NOT.

@zuf, it’s good to know you rejoined the human race. Even more encouraged that the employers, who showed interest, were intelligent enough to realize your worth. I am curious to know the ages of the people who reached out to you and if you think that may have been ‘the swing vote.’

An older employer understands so many facits of the older applicant and also knows that most new young hires use them as a stepping stone to a better, higher paying job and would not remain more than a few years anyway.

As to the “irony” of Millennials being the cause for Boomers staying put at T, I’m grinning ear to ear!

age is a state of mind. I kept all my skills updated outside of the big T and I was born at the end of the baby boomers and when I got sick of be treated sub-human at the big T I got two offers on the first two resumes I sent out both jobs pay more with a tad less bonus. And I am learning industry standard stuff that will allow me to be marketable till I decide it is time to retire. It was work to keep my skills from deteriorating at the big T.

I am happy I am out of the sess-pool. I didn't really learn anything there anyway other than how to avoid layoffs and act like a - well - att employee. The jobs I have now the people are real human beings and it is fun to go into work. Att culture is like a funeral home.