At&T Early-Retirement Incentive Plan Exceeds Goal
Seattle Times Staff: Seattle Times News Services
NEW YORK - AT&T's offer of early-retirement incentives for managers proved more popular than the company expected.
The nation's biggest long-distance-phone-service provider announced today that at least 14,000 managers will leave the company under the plan that included higher pensions and expanded eligibility for benefits.
When it made the offer in January, AT&T expected 10,000 to 11,000 managers would take the early retirement offer.
AT&T Chairman C. Michael Armstrong called the results good news and said it puts the company a year ahead of schedule on its plans to cut the total work force by 18,000 over two years.
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