In writing this article, we meant to be broad regarding the details that we shared and misspoke when doing this. Therefore, click here for a few corrections.
Recently, AT&T and the CWA reached an agreement to surplus some job titles in this area. At first, this will be a voluntary surplus that allows for those ready to make a career change to earn some extra dollars on their way out.
These are the key points as we understand them:
- Currently, this is only offered to certain job titles: Communication, Digital, Facility Service, Outside Plant, Systems, and certain Electronic Technicians will have the opportunity to indicate an interest in a voluntary severance package.
- This voluntary offer is similar to SIPP/ESIPP plus $50,000. There are some exceptions to this offered amount. And this is taxable.
- Offers may be granted on seniority.
- Who receives these offers will be announced after July 1 and the off-payroll date will be no later than September 1 and possibly earlier than July 31.
What should you do?
First, if you are thinking about this, consider if you are ready to retire or move to another career. This is a big step. Please keep in mind that economically the nation is in a tough position and unemployment is very high. This does not necessarily deter you from retiring, but if you are looking for another career, please make sure that you have a job in hand. In other words, look before you leap!
Are you financially able to retire or move to another career? How much is your pension, 401k, and other retirement savings? What are your expenses? How much is your health insurance? By the way, retiree health insurance is probably changing next year. Simply put, are you prepared? Do you have a plan that can be executed?
What are your next steps? Let’s meet and talk, as it always helps to have someone to bounce ideas off of. Let’s make a plan, don’t just dive in. You should consider your financial tools and expenses, then fit these all into one big plan that fits you. The steps following this will be due to your goals and plans. You may be turning in the volunteer offer paper and carrying out your financial plans, or you may do nothing. Either way, you will know that you took the time to consider this offer, you did not miss an opportunity, nor did you jump on an opportunity that was not best for you.
Please call us if we can help in any way at 601-856-3825, or email Tonia at tray@soundfsg.com.
The information above was obtained from sources deemed to be reliable. Sound Financial Strategies Group takes no responsibility for incorrect information. This is presented as an informational article only.
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Chris McAlpin
Managing Partner and CEO
With over a decade and a half of helping clients manage their finances and move from a life of work to retirement, Chris has helped his clients align their purpose with their profit in their financial plans. Chris has a Master of Business Administration from Mississippi College and a Bachelor of Accountancy degree from the University of Mississippi.