ATT Plans To Contribute $9.5 Billion In Pension Plan

ATT Plans To Contribute $9.5 Billion In Pension Plan – ATT as the largest mobile company in U.S announced that it seeking government approval in order to contribute a stake $9.5 billion worth of the wireless business to pays pension benefits for 360,00 retirees carrier. The Announcement by ATT pension plan comes when many companies have moved in the opposite direction and will put retirement security at risk through the pension plans, Communication Workers of America said.

ATT Pension Plan

AT the end of last year, ATT pension plan was underfund about $10.2 billion and that is unusual strategy and need approval by Department of Labor. According to a regulatory Friday, ATT hopes the pension plans getting approval by Department of Labor before the end of 2013.

ATT now employs about 240,000 workers and provides pension benefits to about 600,000 employees and retirees. ATT has the right to repurchase the preferred shares after five years, if the plan is fully funded in the future or if there is a change in control of ATT Mobility or the pension plan itself.

Source: The Hawk Eye


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