DOL Mulls AT&T Loophole: Bending Rules for Big Telecom
Published Date: 3/17/2026
Notice
Summary
The Department of Labor is considering a special rule change for AT&T and its affiliates in Dallas, Texas, that would adjust some financial transaction restrictions from 2013 through 2023. This change could affect how AT&T handles certain employee benefit transactions, with a chance for the public to comment or request a hearing by June 17, 2026. If approved, it updates past rules to better fit AT&T’s business needs without harming workers’ benefits.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Trust Received $13.06 Billion From Preferred Interests
Between November 1, 2013 and February 1, 2023, the SBC Master Pension Trust received a total of $13,062,600,000 in cash from the Preferred Interests (including $4,747,600,000 in dividends). The Trust's total cash receipts from the Preferred Interests exceeded their initial valuation by $3,852,260,000.
Amendment Does Not Change Participant Benefit Amounts
The proposed amendment explicitly states that it does not affect the amount of benefits that participants are entitled to receive under the AT&T Pension Benefit Plan. The Department and Applicant represent that the amendment is intended to align exemptive relief with modifications while preserving participant benefit entitlements.
Amendment Covers Specific Past Date Range
The Department is proposing to amend PTE 2014-06 so that Sections I–III apply from September 9, 2013, through October 14, 2018, and the new Sections IV–VII apply from October 15, 2018, through April 5, 2023. If the amendment is granted, the exemptive relief and conditions in those date ranges would apply to the transactions described in the application.
Independent Fiduciary Secured $80M Cash Payment
As part of the October 15, 2018 Modifications, the Independent Fiduciary negotiated an additional $80,000,000 cash payment from AT&T to the Plan to coincide with the changes. The Department cites the Trust's receipt of this $80,000,000 as part of the basis for proposing the amendment.
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