Last 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.
CWA has 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.
We have 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.