Article 43

 

Tuesday, March 01, 2005

SBC AT&T Merger

The SBC/AT&T merger should not affect the cash balance class action lawsuit adversely in any way. The merged company will retain all of AT&T’s existing responsibilities and liabilities (My advice is worth every penny you paid for it.  If you’re facing this decision, hire a financial planner! ).

The ACER website has links to more info on the lawsuit - http://att.nac.net . Major updates are in the works for this site.  The name will be changing from ACE (AT&T Concerned Employees) to ACER, to include retirees.  Changes are scheduled for the next few weeks.

SBC recently discontinued its cash balance formula and returned exclusively to a traditional pension formula (unlike AT&T, SBC never completely abandoned the traditional pension formula; it continued to exist as an alternative to the cash balance formula). Some people have speculated that this has favorable implications for how AT&T employees who are still active after the acquisition may be treated. But neither SBC nor AT&T has made any announcements about this to date.

Credit: pension_watchdog

Posted by Elvis on 03/01/05 •
Section Pension Ripoff
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