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AT&T, Inc. Message Board

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  • cto20882 cto20882 Nov 26, 2012 12:36 PM Flag

    Pensions

    They didn't exactly treat you fairly if you were w/ATT when the pensions were converted to cash-balance accounts.

    Interestingly enough, back when Mike Armstrong was CEO, AT&T was overfunded in their ERISA funds (my recollection was that it had +13 Billion overfunded). That overfunding was skimmed off to help purchase two cable companies at a combined cost of over 100 Billion $'s. In very short order those same two companies were sold off for pennies on the dollar, and the retirees took it in the pants. It's nice to see that the current version of AT&T is stepping up to the plate to bring their funding up to snuff.

    Heh, by the way, What flavor is that Koolaid?

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    • " pensions were converted to cash-balance accounts. "

      That was why I left AT&T after more than 20 years service. BECAUSE THEY SCREWED
      LONG TERM EMPLOYEES WITH THAT CASH BALANCE GARBAGE. At the time, I read that the ceo was given a 2ndary pension to make up the difference ...but the emps got shafted.

      I decided to roll my pension into an IRA but have to 'retire' out to do it...which i did.

 
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