The company is sending letters demanding the return of the money, and if those don't work, it calls in a collection agency. (Photo: ALM)
AT&T made some mistakes in calculating pension benefits for some of its own workers.
But, as the Wall Street Journal reports, it didn't attempt to correct its mistakes until years later, when those pension benefits had long since been paid and spent. So it's turned loose the dogs of collection on its own retirees.
We're not talking about small amounts of money, either, that might be within a retiree's ability to repay—one retiree received a letter asking for more than $32,000 (he was contacted by a collection agency within weeks of telling AT&T that he couldn't repay it), while another was targeted for more than $58,000 and a third more than $45,000.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
