AT&T Retirees affected by transition of Annuity Payments
IMPORTANT MESSAGE from CWA District 4 Administrative Director:
If you are affected by this transfer, please read this entire message and refer any questions to AT&T Benefits.
Anese B Nutall
CWA Local 4250 RMC President
---------- Forwarded message ---------
From: Michael Handley <[email protected]>
Date: Wed, Aug 16, 2023 at 6:00 PM
Subject: Retiree Survey on AT&T-Athene Pension Transaction
To: Michael Handley <[email protected]>
From: Michael Handley <[email protected]>
Date: Wed, Aug 16, 2023 at 6:00 PM
Subject: Retiree Survey on AT&T-Athene Pension Transaction
To: Michael Handley <[email protected]>
Local Presidents - AT&T Midwest,
This month, AT&T transitioned the annuity payments of 96,000 retirees and beneficiaries from the AT&T Pension Plan to a life insurance company called Athene.
We have serious concerns about transactions like this. Annuity benefits transferred to life insurance companies lose protection under the Pension Benefit Guaranty Corporation (PBGC) and are instead covered by the various state insurance guaranty associations, whose protection levels can vary.
In addition, we have specific concerns about the business practices of Athene, which is owned by a private equity firm called Apollo Global Management.
Headquarters has created this online survey in order to better ascertain the impact of this transaction among our retirees and to identify and connect with affected retirees.
We are asking that you please share this link with AT&T retirees in your Local. We will also share this link with our RMC leadership to aid in distribution across our retirees.
Please let me know if you have any questions.
In Solidarity,
Mike
--
Mike Handley
Administrative Director
CWA District 4
19176 Hall Rd., Suite 230
Clinton Twp., MI 48038
Office Phone: 440-333-6363
Office Fax: 440-333-1491
