DOCSLIB.ORG

Winter 2012-2013

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Winter 2012-2013 BELLTEL RETIREE The Official Newsletter for Union and Management Retirees and Employees of Bell Atlantic, GTE, Idearc/SuperMedia, NYNEX, Verizon and its Subsidiaries. Paid for by contributions from Verizon and Idearc/Supermedia retirees. Winter 2012-13 Volume 64 Spotlight: Verizon Retirees Under Economic Assault Retirees Mount Legal Challenge Against Former Verizon Retirees Verizon Transfer of 41,000 Pensioners Transferred To Idearc/ Supermedia Lose Healthcare n a financial bait and switch more are being given no choice, no voice and typical of a used car lot, Verizon no protection in the transfer of their Benefits & Life Insurance Iblindsided tens-of-thousands of its pension assets, we are calling upon the By Curtis L. Kennedy own retirees on October 17th when it company to reverse this action and halt Attorney-at-law disclosed the sale of 41,000 management this predatory business transaction that ffective January 1, 2014 Verizon retirees pensions to Pru - will impact many retirees who were transferred dential Insurance Com - retired Americans, Eagainst their will to a new under - pany of America in who labored a life - nourished company will lose healthcare exchange for $7.5 bil - By transferring and time to fund their and life insurance benefits. ALL lion in pension assets. earned pension bene - OTHER VERIZON RETIREES Following the pension converting the 41,000 fits.” COULD BE NEXT. This article by the spin off announcement, The Association of Association’s special legal counsel Curtis the Association immedi - pensions to an BellTel Retirees Inc. L. Kennedy breaks down the issues you ately sought the counsel has retained experts need to be aware of and concerned of insurance and annuity insurance company, and counsel and is about. industry experts for their moving forward with What Was Idearc Truly analysis of the plan. We Verizon retirees lose legal action on behalf Worth When the Spin-Off from asked, “is this change of the tens of thou - Verizon Occurred? good or bad for retirees?” their Pension sands of impacted We all know about the pitiful conse - The experts’ response retirees. If this trans - quences that have been bestowed on the was not reassuring. Benefit Guaranty action is completed retirees who had been involuntarily If the plan transfer is before the New Year, transferred from Verizon to Idearc/ not halted, beginning in Corporation as Verizon expects, SuperMedia as part of the 2006 Spin- January 2013, Prudential retirees will be left Off transaction. In no other business will provide retirees with protections with the short end of transaction has Verizon transferred insurance annuities – not the stick. retirees. In the Murphy, et al., v. Verizon pensions — that will eliminate Verizon’s The transaction would involve Veri - Communications Inc., et al. , case, the ERISA mandated fiduciary responsibili - zon, a fortune 5 company transferring its Class of 2,750 persons retired before the ties to retirees. This transfer will also fiduciary responsibilities to over 41,000 November 17, 2006 Spin-off of Idearc wipe out the federally insured pension retirees to a single entity, Prudential, in seek to be restored into Verizon’s spon - safety net provided by the Pension Bene - exchange for $7.5 billion in cash. Should sored retiree benefit plans. fit Guaranty Corporation (PBGC). that insurer experience a default or asset Presently, there are two court cases Association President C. William short fall, the 52 state insurance guaranty pending in the Dallas federal court Jones said, “On behalf of 41,000 Verizon associations would serve as the only attacking the Spin-Off transaction. Of retirees scattered across the country, who (Continued on page 6) course, one case is for the benefit of all transferred retirees. The other case that all retirees ought to pay attention to is SAVE THE DATE! the major creditors’ lawsuit against Ver - The Association of BellTel Retirees will host its 2013 izon. The Spin-Off transaction not only annual member meeting in Annapolis, MD eventually led to the creditors’ signifi - on Friday, April 19, 2013. We hope to see you there. cant financial losses, it caused retirees to (Continued on page 5) 2 BellTel Retiree Winter 2012-13 motto, “Own a Piece of The Rock” management retirees are being thrown would never go bankrupt. Remember out with the trash, by their former that when disasters like the recent Hurri - employer. Given the company’s track cane Sandy hit, the payouts from insur - record, more bad news is likely to occur. ance companies are enormous. At the Who’s next? end of October, MetLife, another so- Some members use the automatic called too big and secure to fail insurance monthly or quarterly payment system to firm posted a $954 million 3 rd quarter make donations. To those who have loss “to reflect the damage being done to been generous in the past, we must insurers’ annuity businesses by ultralow appeal to you to make another generous interest rates,” according to the Wall contribution now. President’s Message Street Journal ( MetLife Posts Loss on Remember, the Association of BellTel Annuity Charge 10-31-2012 ). Retirees is the only organization that is by C. William Jones A recent investigation by insurance willing and able to protect your financial and annuity industry experts consulted future. Please make sure that you do by the Association of BellTel Retirees your part to stop this impending disaster. am sure that you have heard that regarding the financial viability of this Verizon plans to sell off the pen - transfer raises serious issues. There is a Isions of 41,000 management long list of once prominent insurers who retirees to Prudential Life Insurance have gone under: AIG, Kentucky Cen - Company of America during December tral Life Insurance Company, Executive 2012 converting those ERISA protected Life, The Equitable Life Assurance Soci - pensions insurance annuities. This is ety (Equitable Life), and too many to Association of BellTel Retirees Inc. one more assault on the benefits that all list. That’s not the end of the bad news. UNITED, TO PROTECT OUR FUTURE of us worked a lifetime to secure. Published by: Association of BellTel Retirees Inc. It is possible that Prudential could then P.O. Box 33, Cold Spring Harbor, The major problem with this annu - transfer our pension annuities to another New York 11724 • (631) 367-3067 ity transaction is that once the transfer firm that might not be as robust as Pru - website: www.belltelretirees.org is complete, those 41,000 retirees will E-mail: [email protected] dential, leaving us hanging on by a Hotline: (800) 261-9222 lose both federal ERISA law protections thread. A 501 C3 IRS tax-exempt corporation and the safety net that the federal Pen - Your Association decided to take legal Circulation Exceeds 128,000 sion Benefit Guaranty Corporation action against Verizon before the annuity President and Executive Director: (PBGC) provides, should a pension C. William Jones (410) 310-8533 transfer is consummated. We will be Senior Staff Manager plan be terminated. The PBGC is a facing a huge up-hill battle and Verizon Christina M. Kruger (631) 367-3067 safety net that, presently, protects a 65 will spend many millions of dollars to Assistant Manager year old pensioner in the amount of defend their position. We have seen Susan Donegan (631) 367-3067 almost $56,000 per year. Board of Directors: them in action in the Murphy v.Verizon John M. Brennan, Chairman Once the annuity transaction is com - case wherein we contest the transfer of (201) 666-8174 plete, the only protection retirees will retirees to Idearc/SuperMedia. Verizon’s Jack K. Cohen, Executive Vice President have is a state-by-state patch-work of lawyers are paid over $600 per hour, per (914) 245-3129 unfunded “guarantee” organizations Eileen T. Lawrence, Chief Financial Officer attorney! (718) 229-6078 that would pay a lifetime benefit rang - This effort to defend our retirees will Robert Gaglione , Treasurer ing from $100,000 to $500,000, with be costly and we are depending on our (516) 676-0937 considerable small print, legal loopholes membership to step up to the plate and Pamela M. Harrison, Secretary and exclusions attached. After analyz - V.P. Union Relations (845) 225-6497 increase contribution levels. We need all Donald R. Kaufmann, Director (717) 398-2423 ing past claims we have determined that of those folks who have not financially David J. Simmonds, Director (732) 636-4847 those actual payouts are never close to helped in the past – and there is a lot of Charles F. Schalch, Director (610) 399-3626 the advertised level in each state. you — to join the thousands of faithful John Studebaker, Director (610) 296-0281 Some believe that a company, like John W. Hyland – Director (845) 490-0713 contributors and write that check or Thomas M. Steed – Director (914) 213-5909 Prudential with a secure sounding donate via our secure website. Vincent J. Maisano, Director (610) 872-9242 In 2006, it was 2,750 existing retirees Louis Miano, Director Emeritus (781) 444-8080 — Advertisements — of the former White and Yellow Pages Robert A. Rehm, Director Emeritus (516) 827-0801 All representations made in advertisements are Directory Division who were spun-off HAVE A QUESTION? solely the responsibility of the advertiser. The along with their pensions and benefits Call 800-261-9222 or Email: [email protected] Association of BellTel Retirees is not responsible to a doomed to fail company IDEARC. for any such representations. The Association Fast forward to 2012, and 41,000 Advertising Information does not endorse any advertiser. (631) 367-3067 Winter 2012-13 BellTel Retiree 3 Association Co-Founder and CFO Retires After 17 Years fter 17 years, Association Over the past 16 years, Bob of BellTel Retirees co- Rehm has personally logged tens Afounder and Chief of thousands of miles visiting Financial Officer Robert A.
Load more

Recommended publications
  • Ver170n 125 High Street Room 1555 Boston
    ver170n 125 High Street Room 1555 Boston. MA 021 10-0721 March 3 1,2003 Ms. Kathryn M. Bailey Telecommunications Director New Hampshire Public Utilities Commission 8 Old Suncook Road Concord, NH 03301 -73 19 Re: NHPUC Annual Report for Year Ended 2002 Dear Ms. Bailey: Enclosed please find the 2002 Annual Report of Verizon New England Inc. These schedules reflect results for the Year ending December 3 1,2002. All amounts are on a MR combined basis and are accounted for as prescribed under the Uniform System of Accounts. This Annual report is also being submitted electronically as an Excel file, VZ-nhpuc-ar.xls, to Ms. Jody Carmody and Ms. Mary Hart as requested. Copies of the ARMIS 43-02 reports for Verizon-New England and Verizon-New Hampshire as well as the ARMIS 43-08 report will be delivered to the Commission soon after the reports have been officially filed with the FCC on April 1,2003. If you have any questions please feel free to contact me at (617) 743-1 186. Sincerely, ~irector~~e~ulator~Accounting enclosure STATE OF NEW HAMPSHIRE PUBLIC UTILITIES COMMISSION Concord, New Hampshire Telecommunications Companies Incumbent Local Exchange Carrier ANNUAL REPORT OF Verizon New Enaland Inc. (If name was changed during the year, enter the previous name and date of change below) FOR THE YEAR ENDED DECEMBER 3 1, 2002 year FEDERAL TAX ID# urricer or otner person to wnom corresponaence snoula be addressed regarding this report: Name Kevin J. O'Quinn Title Director-Reaulatorv Accountina PUC Rule 407.10-This annual report is due at the Address 125 High Street Room 1542 Commission offices no later than March 3 1 of Boston, MA 02110 each year.
    [Show full text]
  • Notice of Annual Meeting of Shareholders and Proxy Statement 2016
    Notice of Annual Meeting of Shareholders and Proxy Statement 2016 May 5, 2016 Albuquerque, New Mexico Corporate Responsibility at Verizon Power of connectivity The Internet of Things creates even more Verizon leverages its technological expertise to create real, positive change opportunities in the world. Whether we are introducing children in underserved communities to the Integrating data and technology excitement of coding by helping them seamlessly into people’s lives has create their own mobile apps, or enabling tremendous potential in addressing small fleet operators to monitor their significant societal challenges. Verizon vehicles remotely, or showing cities how has taken the lead in exploring IoT’s to use data to manage traffic flow more capabilities to help farmers remotely efficiently, we work for better answers and monitor soil conditions and energy better ideas. utilities to modernize their grids, facilitating smarter, more sustainable communities. Education: The classroom Environment: Technology is everywhere is essential to a low-carbon future Technology is changing where and how we educate our young people, providing new Verizon understands that a connected ways to engage, motivate and teach. world is a more sustainable world. Verizon’s solutions and programs empower Internet and communications technology schools to address global trends like the is essential to improving resource homework gap, the STEM skill shortage efficiency and reducing global carbon and the shift towards hands-on learning to emissions. Verizon has set public goals prepare students to succeed in jobs of to reduce our environmental impact, and the future. we are leveraging our core capabilities to help our customers reduce their resource consumption and carbon footprints.
    [Show full text]
  • Verizon Communications Inc.S Request to Exclude Proposal Submitted by the AFL-CIO Reserve Fund
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C 20549-3010 DIVISION OF CORPORATION FINANCE January29 2008 Mary Louise Weber Assistant General Counsel Verizon Communications Inc One Verizon Way Rm VC54S440 Basking Ridge NJ 07920 Re Verizon Communications Inc Incoming letter dated December 21 2007 Dear Ms Weber This is in response to your letter dated December 21 2007 concerning the shareholder proposal submitted to Verizon by the AFL-CIO Reserve Fund We also have received letter from the proponent dated January 29 2008 Our response is attached to the enclosed photocopy of your correspondence By doing this we avoid having to recite or summarize the facts set forth in the correspondence Copies of all of the correspondence also will be provided to the proponent In connection with this matter your attention is directed to the enclosure which sets forth brief discussion of the Divisions informal procedures regarding shareholder proposals Sincerely Jonathan Ingram Deputy Chief Counsel Enclosures cc Robert McGarrah Jr Counsel Office of Investment AFL-CIO Reserve Fund 815 Sixteenth Street N.W Washington DC 20006 January 29 2008 Response of the Office of Chief Counsel Division of Corporation Finance Re Verizon Communications Inc Incoming letter dated December 21 2007 The proposal relates to conflicts of interest policy There appears to be some basis for your view that Verizon may exclude the proposal under rule 14a-8e2 because Verizon received it after the deadline for submitting proposals We note in particular your representation
    [Show full text]
  • STATE of MARYLAND OFFICE of PEOPLE's COUNSEL January 13
    PAULA M. CARMODY STATE OF MARYLAND ASSISTANT PEOPLE’S COUNSEL PEOPLE’S COUNSEL WILLIAM F. FIELDS THERESA V. CZARSKI GARY L. ALEXANDER DEPUTY PEOPLE’S COUNSEL RONALD HERZFELD JOSEPH G. CLEAVER MOLLY G. KNOLL JACOB M. OUSLANDER JOYCE R. LOMBARDI OFFICE OF PEOPLE’S COUNSEL MIKHAIL RAYKHER 6 Saint Paul Street, Suite 2102 Baltimore, Maryland 21202 (410) 767-8150 (800) 207-4055 FAX (410) 333-3616 WWW.OPC.STATE.MD.US January 13, 2017 David J. Collins, Executive Secretary Maryland Public Service Commission 6 St. Paul Street, 16th Floor Baltimore, Maryland 21202 Dear Mr. Collins: Enclosed for filing, please find an original and seventeen (17) copies of the Petition Of The Maryland Office Of People’s Counsel For An Investigation Into Verizon Maryland’s Provision Of Basic Local Phone Service Over Copper Or Fiber Neworks. Should you have any questions or concerns, please feel free to contact me. Sincerely, /electronic signature/ Joyce R. Lombardi Assistant People’s Counsel JRL/bl Enclosure cc: Suzan D. Paiva, Assistant General Counsel - Verizon Leslie M. Romine, Staff Counsel – Maryland Public Service Commission Annette Garofalo, Staff Attorney – Maryland Public Service Commission Vincent Trivelli, Counsel – Communications Workers of America BEFORE THE PUBLIC SERVICE COMMISSION OF MARYLAND PETITION OF THE MARYLAND OFFICE OF PEOPLE’S COUNSEL FOR AN INVESTIGATION INTO VERIZON MARYLAND’S PROVISION OF BASIC LOCAL PHONE SERVICE OVER COPPER OR FIBER NETWORKS Dated: January 13, 2017 Contents I. SUMMARY ...........................................................................................................................
    [Show full text]
  • Verizon Privacy Policy
    Privacy Policies | Verizon Full Privacy Policy Español Protecting our customers' privacy is an important priority at Verizon and we are committed to maintaining strong and meaningful privacy protections. The privacy of your information is a significant responsibility and we value the trust you place in us. Our Privacy Policy is designed to inform you about the information we collect, how we use it, and your options regarding certain uses of this information. This policy also describes privacy rights you have under certain federal laws. This policy applies to website visitors, app users and Verizon customers in the United States. It applies across the Verizon family of companies and the products and services we provide. The Verizon family of companies includes the companies and joint ventures controlled by Verizon, including the Verizon telephone companies, Verizon Enterprise Solutions, Verizon Wireless, Verizon Online and Oath. Certain services we offer such as go90, MapQuest and Verizon apps have additional privacy practices that are presented separately. Verizon has acquired Yahoo and combined it with AOL to form a new company named Oath. Oath consists of over 50 digital and mobile brands globally, including HuffPost, Yahoo News, Yahoo Sports, Tumblr and AOL, as well as advertising platforms such as ONE by AOL, BrightRoll, and Gemini. Oath and Yahoo each have their own privacy policies. In the event of a conflict between the Verizon privacy policy and the Oath or Yahoo privacy policies, the Oath policy will control when you use a site, product or service that links to the Oath privacy policy and the Yahoo privacy policy will apply when you use a site, service, or technology that links to the Yahoo policy.
    [Show full text]
  • Exhibit a Before the Public Utilities Commission of the State of California
    EXHIBIT A BEFORE THE PUBLIC UTILITIES COMMISSION OF THE STATE OF CALIFORNIA Order Instituting Rulemaking to Evaluate Telecommunications Corporations Service R.11-12-001 Quality Performance and Consider Modifications to Service Quality Rules EMERGENCY MOTION OF THE UTILITY REFORM NETWORK (TURN) URGING THE COMMISSION TO TAKE IMMEDIATE ACTION TO PROTECT VERIZON CUSTOMERS AND PREVENT FURTHER DETERIORATION OF VERIZON'S LANDLINE NETWORK William R. Nusbaum Managing Attorney [email protected] Christine Mailloux Staff Attorney [email protected] Regina Costa Telecommunications Research Director [email protected] The Utility Reform Network 785 Market St., Suite 1400 San Francisco, CA 94103 Tel: 415-929-8876 Fax: 415-9291132 Filed: March 17, 2014 I. INTRODUCTION ..................................................................................................... 1 II. SUMMARY OF VERIZON’S ACTIONS TO DEGRADE SERVICE QUALITY................................................................................................................... 1 III. SUMMARY OF REQUESTED RELIEF ................................................................ 5 IV. THE RECORD TO DATE ALREADY SHOWS THAT VERIZON HAS FAILED TO MEET IT'S STATUTORY OBLIGATIONS TO PROVIDE ADEQUATE SERVICE. ........................................................................................... 6 V. NEW EVIDENCE CONFIRMS THAT VERIZON IS ACTIVELY IMPLEMENTING A STRATEGY TO FORGO NECESSARY MAINTENANCE AND, INSTEAD, FORCE CALIFORNIA PHONE SERVICE CUSTOMERS TO MIGRATE TO NON-COPPER SERVICES. ......................
    [Show full text]
  • Verizon Communications Inc
    VERIZON COMMUNICATIONS INC FORM 10-K (Annual Report) Filed 02/15/19 for the Period Ending 12/31/18 Address 1095 AVENUE OF THE AMERICAS NEW YORK, NY, 10036 Telephone 212-395-1000 CIK 0000732712 Symbol VZ SIC Code 4813 - Telephone Communications (No Radiotelephone) Industry Integrated Telecommunications Services Sector Telecommunication Services Fiscal Year 12/31 http://www.edgar-online.com © Copyright 2019, EDGAR Online, a division of Donnelley Financial Solutions. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, a division of Donnelley Financial Solutions, Terms of Use. Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-8606 Verizon Communications Inc. (Exact name of registrant as specified in its charter) Delaware 23-2259884 (State or other jurisdiction (I.R.S. Employer Identification No.) of incorporation or organization) 1095 Avenue of the Americas New York, New York 10036 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (212) 395-1000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, $.10 par value New York Stock Exchange The NASDAQ Global Select Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]
  • Verizon Poor Customer Service Complaints
    Verizon Poor Customer Service Complaints Toby scandalise darn. Sturgis monkey obediently while peachiest Reid rumpuses aflame or instruct obscenely. Primed Edouard deducing her pulverisation so phonemic that Flin allegorise very adagio. When verizon service quality support representative told me over i only. You money discussions on one of these fields of service i was. The comments in psc order no contracts with no on the details have to deal with a forest and correction of? When customer service he believes that complaint or a poor service for sharing your attitude and videos, and after contacting jones to. If verizon customer service and poor customer service at least. That verizon services did give their logbook issues in a poor service, your cable or had met in any party may produce the. In verizon complaints about verizon purchased. Millions of verizon to eligible current month ago and the plain dealer and tablet. The customer service started a verizon for my complaint. Next thing is verizon service after hours of its processes that my service to day with us, i realized that you want your account had to? How verizon complaint the poor technical support people and to a big providers offer for the executive office at fleetmatics it? This complaint to customers, a bunch of your options at any more articles, messages could get through verizon customer service. Three consecutive pay off verizon customer service in his pin number in the poor customer service representative came out of the. How verizon customer service issues raised in seven years and poor. You for is simply rely on my wife is handling inbound calls to zero accountability and call from.
    [Show full text]
  • 2017 Proxy Statement and 2016 Annual Report Are Meeting Available At
    Building a connected world 2017 Notice of Annual Meeting of Shareholders and Proxy Statement Our innovations are building a connected world – a better future for everyone. Notice of Time and date Thursday, May 4, 2017 Annual Meeting 8:30 a.m., local time of Shareholders Place Dallas Marriott Las Colinas 223 West Las Colinas Boulevard Irving, Texas 75039 How to vote Items of business • Elect the 12 Directors identified in the accompanying proxy statement Online Phone Mail In person • Ratify the appointment of the independent registered public If you are a registered shareholder, you may vote online at accounting firm www.envisionreports.com/vz, by telephone or by mailing a • Approve, on an advisory basis, proxy card. Verizon’s executive compensation You may also vote in person at the annual meeting. If you hold • Vote, on an advisory basis, on the your shares through a bank, broker or other institution, you will frequency of future advisory votes receive a voting instruction form that explains the various related to Verizon’s executive ways you can vote. We encourage you to vote your shares as compensation soon as possible. • Approve Verizon’s 2017 Long-Term Important Notice Regarding Availability of Proxy Incentive Plan Materials for Verizon’s Shareholder Meeting to be • Act on the shareholder proposals Held on May 4, 2017 described in the proxy statement that are properly presented at the The 2017 Proxy Statement and 2016 Annual Report are meeting available at www.edocumentview.com/vz. • Consider any other business that is Verizon Communications Inc. properly brought before the meeting 1095 Avenue of the Americas New York, New York 10036 March 20, 2017 By Order of the Board of Directors, William L.
    [Show full text]