AT&T pension buyout history
AT&T transferred about $8 billion of pension obligations covering 96,000 participants to Athene in 2023. What the deal means for AT&T retirees and former employees.
Timeline
2023
AT&T transferred approximately $8 billion of pension plan obligations to Athene Annuity and Life Company, covering about 96,000 plan participants.
What this means for you
Participants covered by the Athene transaction receive unchanged benefit amounts from Athene rather than the AT&T plan. As with every risk transfer, PBGC coverage ends for transferred benefits and state guaranty association protection applies instead. See how risk transfers work and who stands behind your pension.
Athene is one of the largest players in the pension risk transfer market. If your certificate names Athene, it is worth noting the insurer's financial strength ratings as part of your normal annual review, the same proportionate diligence any annuity holder should apply.
If you are a participant and receive a new offer letter, the analysis is the same as for any buyout: request the calculation worksheet, run the numbers in our calculator, and work through the 12 questions before the deadline. Declining always leaves your benefit in place.
Sources
Deciding on a AT&T pension offer?
Run the exact numbers from your offer letter, then get an independent second opinion before the window closes.