" 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.