The offer was sent to about 47,000 participants in the AT&T Pension Benefit Plan and about 12,000 participants in the Warner Media LLC Pension Plan. AT&T purchased the former Time Warner Inc. in 2018.
As of Dec. 31, 2017 the AT&T Pension Benefit Plan had $54.85 billion in assets, according to the company's most recent Form 5500 filing. As of the same date, the plan reported 109,273 retired or separated participants entitled to future benefits.
Also as of Dec. 31, 2017, the then-Time Warner Pension Plan had $2.2 billion in assets and had 16,543 retired or separated participants receiving benefits, according to Time Warner's most recent Form 5500 filing.
AT&T in its most recent 10-K filing reported a total of $51.681 billion in global defined benefit plan assets (which included Time Warner's assets for the first time) as of Dec. 31, 2018, and $55.439 billion in projected benefit obligations, for a funding ratio of 93.2%. AT&T contributed a total of $9.3 billion to its plans in 2018.