I have been told that there are some benefits that hen you reach age plus years of service=75. What are they. I have tried to find out from HR but they won’t say what they are or provide any documentation that this system exists. So I am asking here. What benefits do you get?
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@Yl9ajqz-4wap Assuming you are vested in the pension plan, which is a big assumption, you will get a pension based on 12 years of service at 65. Your 401k if you have one is yours to keep. Rollover or cash out. Your choice.
To the person with 12 years of service and 30 years old. No you are not pension eligible if you in the SE. If you get laid off all you will get is your termination pay. 12 weeks pay for 12 years of service. That's if you are union. not management. Look in your union book its defines it well,
So you are telling me that if I am 30 years old and have 12 years of service, I will not get any pension if I get surplussed?
In the SE and you are a union person, The rule 75 is if you are pension eligible, When you turn 50 and have 25 years of services you can get your full pension, The golden age is 50 if you don't have 30 years of service, if you have 30 years of service you are retirement eligible at any age. at 55 you can retire with 20 years of services at 60 you can retire with 15 years of service, all of these apply to the 75 rule.
I just rolled off 3/29/19
MR75....This was my option
Figure out your MR75 Date. Go into Fidelity. Click Pension, Estimates Tab. 1/2 way down the page input your MR75 date for when you will stop working. Input very next day for when you take the pension and calculate. For me hired into Ameritech it made a jump from of almost $300K.
You can then do it all over again and input 1st date as the day prior to your MR75 date. You may see that your pension is much lower. Overall for me there was a BIG jump. Note....You MUST be working for AT&T until your MR75 date to get the bump in the pension. MTP 24mo early does not get you there.
Benefits: I was hired on to Ameritech 6/1/98. Had a conf call with Benefits people to find out what I qualify for as Benefits. Basically there is Subsidized and Access Only. I was hired in too late so I only qualify for Access Only. It was a joke. $1675mo for UHC Gold Family. Access Only stinks. Call Benefits people and they can tell you what you qualify for or they can get you a special conf call.
Good Luck
log into Fidelity and click on the Pension information. Put in your info for before you get to the 75 number then compare it to after you get the 75 number. Mine was dramatically different.
Age plus service is NOT the modified rule of 75. There are break points that must be met. Consult the pension rules intranet page. Don’t assume you know the formula!
What are the benefits for Legacy T hires?
Rule of 75 is simply a calculation to determine one’s eligibility for retirement benefits. From healthcare to discounts on wireless service. All of which will vary dependent on what company you came from. Of course most folks concern is primarily healthcare. Frankly you’ll do better without the wireless discount at another carrier. All of the SPD’s are linked and available via HR One Stop.
I met the Rule of 75 when I was surplussed last year.(SE Region) I kept my 50% wireless discount, but they dropped the DTV discount. I pay $100/month for Blue Cross which I use as a backup to Medicare. Cobra is much higher(around $500/month for a single person) Again,this is for the SE region.
Depends on when you were hired and which company hired you. Also union vs management. In Ameritech, they stop offering management new hires any benefits sometime in 1997. So id hired after that date, MR75 won't help.
Be aware that even though the plans are "gold/silver/bronze", they are not necessarily the same gold/silver/bronze that you might have as an employee. I know people who retired and found out their doctors and dentists are no longer in the retirement plans they offered--the plan number could be different and they simply map retiree plan numbers to "gold/silver/bronze" as they do for employees. The bronze vision plan for some is essentially a $25 off coupon--might be different in different parts of the country and you might find the same deal in a penny saver mailed to your house.
Unfortunately it is hard to find out details like these until you retire and see the plan.
To add to what others have said, it also depends on what you actually get.
Retirement benefits depend on original hiring company. If your from and old SBC company, there is subsidy for health,vision,dental insurance. Along with discounts on company products and services. Wireless goes to 30%, Uverse and Internet is 25%, Directv is 20%. Some companies that were bought get no benefits at retirement. If you have met the 75 rule, you can go to the benefits web site and under Life Events model retirement and see your health and life insurance cost.
OP, the information is readily available on the Fidelity website. It is A 289 page SPD that guides you through the process to determine what benefits you are eligible for. Your NCS date is also available on the site. I would give you the specific path to the doc but not at work now. In the meantime, as I recall, logg to net benefits and choose retirement. At some point there will be a tab labeled either plan documents or other documents. It will bring you to a page with a a lot of links to docs. I think the name of the doc is a good reflection of its content so u should be able to find the one I am referring to.
Like poster @Yl9ajqz-amf stated, it all depends on your unique case. When your NCS date was (verified by Fidelity, oddly enough), which original company you came from and how it was rolled in to AT&T. I was lucky enough to meet MR75 (considered management, not bargained-for) and I do get a good discount (MUCH less than COBRA) on retiree healthcare which is good to age 65 when everyone goes on Medicare. And by "healthcare" I mean health/vision/dental as in the company plan you wish to choose, Gold/Silver/Bronze plan. There are potentially other discounts for, say, life insurance, etc., but you have to contact those agencies directly to find out those costs. It was worth noting to me that you can choose to roll on and roll off the plan when there is a life-change event. For example, I asked about signing on and then a few months later I got a job and their cost was less, could I suspend? Yes! And then if I lost that job or coverage later could I re-up with retiree plan? Yes! And would I have to wait until next "open enrollment" season?" No! start of the next month. So that was comforting. Yeah there is the 30% discount on wireless plan, etc. I didn't really care about that though. But you have to get your NCS Date from Fidelity and if you make an appointment with a Benefits Counselor and they will tell you all this. But again, it all depends on your unique case. -- Mobility, 32 yrs, eradicated 29-MAR-2019
It depends completely on which company you started with as to what benefits you get when you hit MR 75 and retire. I was affected by the recent surplus (last day was this past Friday), and I qualified for being within 2 years of MR 75 and could have “bought into” retirement by giving up half my severance. But I came from the Cingular part of the company, so the only health insurance I could get was the normal COBRA rates. The only real benefit I would get if I chose to retire would be 30% discount off AT&T products instead of the active employee 50% discount...totally NOT worth giving up half my severance. But, there were people who came from SWBT and other parts of the company who had really good retirement health and life insurance benefits, so it was more of a decision for them if they were within 2 years of MR 75. (Of course, if they already met MR 75, they got their retirement benefits regardless). You just really have to find out what your specific case is. If you call benefits and tell them you are thinking about retiring and doing some financial planning and tell them you want to find out what your specific benefits will be at retirement, they should be able to tell you. I have heard it is hard to get them to give you any specifics if you are not in the active process of retiring, but you might get lucky. If not, I would ask other people who have had similar paths as you (as far as what company you came from, etc.) who have retired recently or are about to retire. You could get an idea what you can expect that way. As always with this company, there never seems to be a direct answer to anything...the answer is, it depends.
I have see articles generally saying they provide benefits mentioning healthcare, discounts life insurance etc. But I have also heard for healthcare they essentially provide Cobra rates. You get in Their group but You pay the ATT part of the cost as well. So set Me straight - what are the benefits?