We have had lots of calls from AT&T folks asking about the GATT rate. According to the CWA, the Pension Protection Act (PPA) Rate will be phased in 25% of the next four years until it completely replaces the GATT rate. If, however, during the life of this contract(until April 1, 2012), the GATT rate produces a higher lump sum than the combination of the PPA and GATT, then you receive whichever rate produces the highest lump sum for you.
Although this is a big change for you, you have the opportunity to see the difference the PPA rate produces without enduring its pain until 2012.
Please note, this post pertains to the AT&T Pension plan and contract. Verizon employees should not apply the information contained in this post to their own situation.