I got my finances in order and ready for layoffs. Anyone know when is the next layoff storms? Or do you know if they are offering volunteer leave with severance?
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@m2 that is brutal. I’d rather go pay cash for medical expenses.
@k3 Per month! AT&T subsidized the payment like most employees do if they provide healthcare. I was able to find healthcare on the market for $1590 a month for my wife and I. Then signed up for the retiree dental and vision plan.
@em $1800 - $2000 for family. Is that for the year or per month?
AT&T laid off continually the entire time I worked there (2007 forward - was with BellSouth before that) so I figured out I needed to store as much cash as I could to be prepared as there was seemingly no one "safe" from being cut. My goal was to get to MR75 and Medicare and thank the Lord I made it before I was surplused last year. As it turned out, MR75 was meaningless. As a retiree I get nothing from AT&T except $30/month on fiber and a company paid $15K life insurance policy. They cancelled my Supplemental Life policy, which of course I was paying for! With all the compensation benefits dropped over the years, I didn't trust them to continue to make the AT&T Medical Plan for Retirees available and went straight Medicare and Supplement.
I encourage you to bank as much cash as you can to be prepared to be cut. And if you need to continue to work, prepare for that as well.
In my experience, life beyond toxic T is MUCH better! Leaving may create some short term pain but I think may be a blessing for most of you.
@d9 The insurance is the same coverage, but it no longer subsidized. Your insurance will be around $900 -$1100 for single and $1800 - $2000 for family. That does not include your dental or vision if optioned. If you meet MR75, you qualify for AT&T retirement insurance but it is about 2% higher monthly than COBRA. Marketplace insurance is worth looking into if you're a healthy person.
@d0 -you may be correct on that -though that insurance cost may not be the same as what you paid as an active employee.
Pro-Tip: -If you are surplussed and do have a balance on a Healthcare Flexible Spending Account-You do have the standard amount of time to submit for reimbursement -plan yesar /post plan year time frame.. HOWEVER the medical care you submit for reimbursemet had to have been done during the time you were activly employed
@a9 I thought through severance, management can keep their existing insurance cost for 6 months? Then it would switch to COBRA.
Off payroll end of Sept
@a9 "The best thing you can do is max out your 401K as much as possible, and figure out a way to balance your PTO"
Always use your Paid Caregiver time off before your vacation days.
Good on you to get your affairs in order! We all know it’s just a matter of time before the bell tolls for you.
It's difficult to tell when the next large surplus event will happen, We've heard rumblings that something will happen around the next 30-60 days. Keep in mind that there seems to be defined strategy as to who is being selected for surplus during the June-July lay-offs I was taken 100% by surprise when it happened to my team, 4 people were let go and 2 of those held top 10 rankings for YTD sales performance across the entire organization -the common denominator was that 3 of the 4 were the oldest and most tenured members of the team. The best thing you can do is max out your 401K as much as possible, and figure out a way to balance your PTO -as you'll be paid for any earned unused PTO, keep up to date on your health, medical, dental, and vision, and manage all the reimbursement and award account credits money you can in order to squeeze every dollar from T that you can. Also network internally and externally to help position yourself if you are surplussed, most of the people that I know who've been laid-off and found work quickly did so through networking, contacts and referrals rather than head-hunters, or resume blasts. The surplus model is to serve you notice with 12-14 or so days left in the month with a surplussed employee's last day on payroll being the first of that next month where you'll keep all of your insurances until the end of that month, then go on COBRA or Medicare if you have no other options. Any severance less about 30% in Fed, SS, Medicare taxes will be paid out around the closest pay-cycle date 45 days from when you sign your letter.
Always good to be prepared with T.
You can always ask to be placed on the next surplus list if interested.