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BELLTEL RETIREE The Official Newsletter for Union and Management Retirees and Employees of Bell Atlantic, GTE, Idearc/SuperMedia/DexMedia, NYNEX, MCI, Verizon and its Subsidiaries. Paid for by contributions from Verizon and Idearc/SuperMedia/DexMedia retirees.

Summer 2019 Volume 90 Association Featured in Wall Street Journal ust ahead of the 2019 Verizon share- Jholder meeting, one of the most respected and the most widely-read newspapers in the country, the Wall Street Journal, profiled the Association of BellTel Retirees. On Tuesday, April 30th, the Journal’s 2.3 million subscribers opened their newspapers to find a half page feature, “Retirees Seek Changes at Verizon,” penned by Pulitzer Prize winning journal- ist Gretchen Morgenson on page B2. The story characterizes the Association as a group of “unlikely activists” who have found great success effecting change at their former employer, corporate behe- moth Verizon, via shareholder proxy. proposals, we engage in this activism out spread our message, grow our member- In addition to spotlighting our latest of a genuine concern for Verizon’s success ship, and show that even after 20 years, proposals, Morgenson’s article outlines and our continued investment in its few do it better than your Association of the impactful history of our Association future as a company. BellTel Retirees. and explains what makes our activism It is because of this care and concern With this spotlight from a publication unique. that the Association, its composition an that boasts a 2.3 million reader circula- Not only is it unusual for retirees to even split between former management tion, 1.59 million digital subscriptions, band together to force change at their for- and union employees, is able to unify and 37 Pulitzer Prizes, we are confident mer employer, but the Association’s big behind a cohesive message. As Chairman Verizon will hear us loud and clear. win in 2003 limiting “Golden Para- Jack Cohen puts it, keep everyone “row- Now we need you to act: Today we chutes” for executives was the first time in ing in the same direction.” kick off our campaign to add and recruit the history of the Bell system that any Due in large part to this BellTel 10,000 fellow retirees to our ranks. shareholder proposal ever won by majori- Retiree newsletter, you are already aware ty vote, the article explained. of the hard work we put in advocating on See full WSJ article Importantly, Morgenson points out behalf of our Verizon retiree community. in our center spread, Third party validation like the Wall Street that although the Association has found pages 6 & 7 itself at odds with Verizon on our proxy Journal feature is wonderful, as it helps us 2019 Verizon Shareholder Meeting n Thursday May 2nd, Associa- the “Golden Parachute” proposal of both the Golden Parachute and our tion of BellTel Retirees Chair- received the highest percentage of any SERP proposal, which sought to pro- Oman Jack Cohen officially pre- shareholder proposal on this year’s bal- hibit above-market earnings for senior sented retirees’ two 2019 shareholder lot (36.8%). That translates to some executive retirement savings. proxy proposals before Verizon CEO 1.325 billion shares being voted along In the days leading up to the annual Hans Vestberg and a roomful of share- with us. Our SERP proposal succeeded meeting, the Wall Street Journal and its owners at the company’s annual meet- in achieving 26.9% of the share owner star economics columnist Gretchen ing in Orlando, Florida. vote. Morgenson did a spotlight feature story Our proposals garnered impressive While both of our measures fell short on YOUR Association of BellTel support considering they were strongly Association Chairman Jack Cohen spoke Retirees. We urge you all to read it. opposed, as usual, by Verizon – eloquently and passionately in support (Continued to page 9) 2019 Belltel_Summer_New.qxp_12pages 5/9/19 10:39 PM Page 2

2 BellTel Retiree Summer 2019 IF NOT US, WHO? My response is usually: “If not the when a group of retirees in mid-state Association, then who else is there to NY worked in conjunction with Veri- fight back? What is the alternative? If zon outside plant forces to provide not Us…who? direction to locate areas that needed fix- When Verizon spun off the old Yel- ing. Great job done by retired OSP low Pages forming IDEARC, and a guys called “The Geezers.” Verizon series of disaster companies that fol- now recognizes, we hope, that retirees Chairman’s Report lowed, when retirees lost their health can be either their avid advocates or benefits in the transition, we fought in their ardent antagonists. By Jack Cohen court. UMass Healthcare sent letters to our We fought for actual, real Verizon members that effective January 1, they ne of my favorite stories while retirees who had spent most of their will no longer take our Medicare growing up had to do with careers in what became Verizon, only to Advantage insurance. The problem was my dad. He was a laborer all O wake up one morning finding them- Medicare Advantage coverage from his life only achieving an eighth-grade selves as retirees of another company United Healthcare (UHc). We inter- education, like so many in his genera- with their benefits in jeopardy. ceded and brought it to the attention of tion, since he was the oldest son he had The pensions of 41,000 management Verizon higher management and as of to go out and earn money for the fami- retirees had been converted to insur- last report, discussions are continuing. ly. ance annuities. We again fought back Yes, we’re getting on in years, a little He did plumbing, steam fitting, and all the way to the steps of the United long in the tooth, but we still got some oil burner installation. My dad was States Supreme Court. There were so chops! We’ll continue to intercede and tough, and his hands were so calloused many times during more than two advocate for retirees as long as you con- and hard, he could practically hammer decades that we locked horns with our tinue supporting us with both your dol- a nail into a plank of wood with them. former employer on so many issues lars and your interest. In middle school I was one of the including Proxy Proposals. We didn’t It is up to our membership. If not shortest boys in my class. I was fre- always win. You…who? quently subjected to bullying, coming In fact, we lost more times than we Fraternally yours, home with various visible results. My had won. One thing is for certain, Jack dad took me aside one day and subject- however. The opposition knew very ed me to one of his lectures. well that they had been in a “knock He told me that I have to fight back down drag out” fight. I ask again…if OUR MISSION: when being bullied, even though I not Us…who? The Association of BellTel know that I will get the worst of it. He There are times that we jointly work Retirees Inc. is dedicated to promot- claimed, “A bully doesn’t expect you to with our past employer to accomplish fight back. That is why he picks on what ing the protection and enhancement miracles. One such happened recently he thinks is an easy mark. If you fight of the pensions and benefits for all back and he has to work a lot harder than retirees and beneficiaries of the com- he figured, the next time he might think panies and subsidiaries that make up twice about picking on you.” GO GREEN the Verizon and Idearc/SuperMe- I never forgot that lesson. It has This newsletter is available to dia/Dex Media Corporations. The Association will convince the served me well. you on-line. If you wish to The Association uses this same phi- company to properly care for its losophy. Many have accused us of play- receive ONLY an on-line copy, thousands of dedicated former union ing Don Quixote de la Mancha, in that please email us at and management employees. we are always “chasing windmills.” [email protected] The Association will conduct Why do you fight back when you see and put in the Subject line of activities designed to educate elected injustice to retirees by corporations in federal, state and local representatives general, and Verizon in particular? the email –GO GREEN. Please and promote the passage of legisla- What do you hope to gain? Look at the give us your name, mailing tion which will protect and guaran- enormous cost. “You’re too old to fight address and email address so tee, rather than invade our hard- these kinds of battles.” You’re way out- earned pension and benefits fund. matched! we can make the change. 2019 Belltel_Summer_New.qxp_12pages 5/9/19 10:39 PM Page 3

Summer 2019 BellTel Retiree 3 New Retirement Book Features BellTel Retirees cclaimed university sociologist Excerpt from Washington Post review of Downhill From Here Katherine S. Newman has been by Professor Cynthia Estlund: studying the plight of American A “Running through Newman’s wide-ranging narrative is a river of broken prom- workers for many years and has now ises. Take, for example, Lisa Hannigan, whose career began with the monopoly Bell turned her attention to the disastrous System, known as Ma Bell, and ended at Verizon. Shortly after nudging Lisa into state of retirement in the new early retirement, Verizon spun off her division — along with its $9.5 billion in pen- book Downhill From Here: Retirement sion liabilities — into a new company that seemed designed, or at least destined, to Insecurity in the Age of Inequality. fail. After it did fail just two years later, Lisa and her husband, who had left the com- Receiving a glowing review from pany on disability years earlier, found their pensions reduced and their retiree health the Washington Post, Newman’s thor- benefits eventually eliminated. Newman quotes John: “They said they were going ough analysis together with interviews of to take care of [me] for the rest of my life. They just lied. Totally lied. . . . They don’t real people, combines often dramatic sta- care who they walk on, who they step on.”” tistics with heart-wrenching personal accounts of hardship and suffering under tem retiree Lisa Hanni- ities and notes the trend has the American retirement system. Ulti- gan’s frustrating and continued with companies mately, the author connects retirement unjust experience with like General Motors, Motoro- insecurity to rapidly accelerating eco- Verizon, Newman dedi- la, Kimberly-Clark, and Bris- nomic inequality in the country as a cates a significant por- tol-Myers Squibb in recent whole and concludes that the ensuing tion of the chapter to the years. crisis touches us all, cutting across class issue of pension de-risk- Though the picture New- lines and generational divides. ing and heavily quotes man paints of the future of The book is divided into seven chap- our Association of Bell- retirement in America is ters: one spotlighting the Teamsters, Tel Retirees’ Special undoubtedly grim, the anger whose savings were tied up in a multiem- Counsel Eddie Stone and betrayal nearly every ployer trust; one about public sector and Chairman Jack retiree interviewed in the book workers; one on the “gray labor force” of Cohen on the topic. expressed presents an opportu- employees older than 65; one on the “A pension was once regarded as nity for organizations like our Associa- plight of younger workers (millennials something of a sacred bond between an tion. We will continue to harness and and gen Xers); one about the American employer and loyal employees…But as channel this into productivity, fighting city with the highest rate of elder poverty, the long-term consequences of deregu- for the rights of retirees and our earned Opelousas, Louisiana; and one about the lation and globalization take hold, the retirement benefits. small city of Ogden, Utah, which has the concept has undergone a metamorpho- The book is a worthy read and we narrowest wealth gap of America’s largest sis,” writes Newman. To illustrate the encourage our members to pick up a metropolitan areas. issue, the author cites Verizon’s 2012 copy and enjoy reading it. If you were counting, you know only spin-off of 41,000 pensions into annu- six chapters were named, you are right. Well the chapter we skipped mention- ing —Chapter 2: White-Collar Dam- age—focuses almost entirely on Verizon retirees and YOUR Association of Bell- Robert F. Manning, Sr. Tel Retirees, exploring the experience of skilled workers and technical employees caught in the retirement retrenchment. Professor Newman and her fellow aca- demic and researcher, Rebecca Hayes Jacobs spent weeks interviewing Verizon retirees and Association leaders, painting a vivid portrait of the human cost of companies moving away from defined- 215-854-6271 • 800-233-1414 benefit plans as a principal source of retirement income. As the book notes, half the defined- benefit plans in the United States van- ished in a period of just ten years. In addition to chronicling Bell Sys- 2019 Belltel_Summer_New.qxp_12pages 5/9/19 10:39 PM Page 4

4 BellTel Retiree Summer 2019 2019 Annual Meeting in Atlantic City, NJ: If You’re Reading This It’s NOT Too Late! n Wednesday, June 5th, 2019, Facebook page for your viewing pleas- regret staying informed about issues the Association of BellTel ure. impacting your retirement and get- Retirees will be returning to Whether you decide to attend the ting involved in your Association. Othe Golden Nugget Hotel and Casino meeting, or you follow along via See you in New Jersey (and on the in Atlantic City, New Jersey, for a pro- livestream, we can promise you won’t internet)! ductive, informative, and FUN annual member meeting. The good news: if you read this before June 5th, you can still attend the meeting as a walk-in! As soon as you decide to attend, please contact our office via email (association@belltelretirees.org) or phone (1-800-261-9222) to receive detailed meeting instructions. Just remember to bring $5 in cash or check. Even better news: since our members live all over the country and not everyone is able to travel to Atlantic City, we will once again be livestreaming the meeting on the Association Facebook page: https://www.facebook.com/asso- ciationofbelltelretirees/ Look out for an email on the morning of Wednesday June 5th with a direct link. Note that only viewers with Facebook accounts will be able to com- ment on the video and pose live ques- tions to the meeting’s speakers. If you already missed the livestream, fear not! The full video will be available on our New York CWA Members Fight to Save Call Center Jobs hanks in part to the hard work of centers in upstate New York, eliminating nies would lose all grants, loans, tax ben- Communications Workers of 850 jobs. efits and state contracts for five years. America (CWA) members, the While some of these jobs are lost due Additionally, the bill would also ensure Tstream of call center jobs leaving New to technological advancements that all state business-related call York may slow to a trickle. and automation, many were center work is performed by This is because after several years of also shipped to states with New York State companies. lobbying by the union, to which many of weaker worker protection The CWA helped get our Association members belong, the laws and lower wages. the same bill passed in New York State Senate has finally passed To combat this grow- the New York State the New York State Call Center Job Act ing issue, the Call Center Assembly in 2017 and in a 58-3 vote. Job Act would require call 2018, only to see it die in The situation is getting dire: over center employers like the NYS Senate, making 40,000 New York call center jobs have AT&T and Verizon with 50 2019’s result a big victory. been cut since 2006, with AT&T recent- or more workers to notify the The CWA estimates there are ly announcing plans in Syracuse to slash Department of Labor if they wish to about 260,000 call center workers left another 150 despite a $20 billion tax relocate 30% or more call volume in a to protect in New York, with the CWA windfall. year. representing about 5,000 of them, most- In 2017, Verizon also closed two call If they choose to proceed, the compa- ly at Verizon. 2019 Belltel_Summer_New.qxp_12pages 5/9/19 10:39 PM Page 5

Summer 2019 BellTel Retiree 5 Appeal to Retirees from a Granddaughter - "(,- ! - &+)#+- +)#- $, *%- '!(&*+)*- (&- *$+* $+*-'%-,& -%+#-'%-*$+*-*( "(,%-!,-- ,-()" -"',%-+(* *$, -#(--$, -+)*-*(-!+, ,,-*$,-(& +)'+*'()-&))') +- $+"$(&- &(!- ! - $(!, %&,- *$+*- (*$,&- %,)'(&%- "', *+,%- !(), - *(- + - (& +)#- ,- ,*- *(- %,,- $'!- +)# ! - &+)#+-+)#- &+)#!+-+) "+ ,&%- +)#- ')*,&,%*') &+)#!+-'*,-+-"(*-- ,)( - *$,'&- ("#- + , ),%",**,&%-*(-&')*--( -)(-$,-'%-+-,& -% !+) - (*$,&- *$') %- (%* !+)- +)#- %,)#%- +- &,+* !(), - *(- ,,- - *$, #,+"- (- *'!,- '*$- $'% &,+*- *$') %- *$+*- *$, (& +)'+*'()-$'$-$+%-+ (& +)'+*'()-#(,%--- "() - )+!, %%('+*'() ,- '%- ,& - $+ (- ,"","-,*'&,,%-)--- $,)- ()*&'*'()% *- $,- +"+ % (!,- ')- %(- *$+* !+,%- *'!,- *(- %,)# !(&,-+)-,-#(), '*$-%--,-+&,-,& $,)- ()*&' *$+)"-(&-*$+* *'()%- #(- )(* ,- +"%(- %,)#%- + (!,-')-%*-"', "(*- (- *'!,- '*$- $'% !,- '*$- ! (& +)'+*'()- --$, +""(+),- - $+,- *(- * (*$,&- &+)#!+%- &+)#+% (*-%(!,-%*--"',-*(-#(--- +)#- &,+*-+)*%-+)#-)",%-') +)#-)(*-$+,-*(-(&& -+(* -&,+"" -"(,-'*-$,)- &+)# $'%- &(-%,)#-"(*%-(-$(&% %,)#') -+-"(*-(-!(), -$,) +- '%- $+ - - - $,)- $,- '% (&') -()-%(!,*$') -+"",# *$, - ,*-%'-- $+ -,-$+,-%(-!$-) ,*'&,!,)*- ,),'*% -- $, - +"%(- (&- $+&#- *( (--&,+"" -$(,-*$+*-!(&, $'%-'%-,& -'!(&*+)*-*(-+"" ,)%&,- *$+*- ,)%'()%- +)# +)#-!(&,-,(",-'""-#()+*, (- *$,- (*$,&%- "',- &+)#+ %(!,*$') - +"",#- +))'*',% *(- *$,'&- (& +)'+*'()- +)# $(- +&,- )(- ')- %(!,*$') #()*- ,*-*+,)-++ -%(-*$+* ,,- &+)#+-&(!-(&& ') +"",# -,*'&,!,)* -- *$, -+)-$,"-+ -(&-'&*$#+ - &+)#+-+)#-$'%-&',)#% '*%-+)#- $&'%*!+% $+)+$ The author is the oldest

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ASSOCIATION OF BELLTEL RETIREES INC. P.O. Box 61, Glen Head, NY 11545-0061 Yes, I want to support the Association of BellTel Retirees Inc. in our fight to protect the pensions and benefits of all retirees and active employees. Enclosed is my tax-deductible donation: J Other $______J $100 J $75 J $50 J $36.50 J $30 We appreciate any amount you can donate $______Or use your credit card. Visa Discover Amex MasterCard Credit Card Acct.#______/______/______/______Expiration Date_____ Security code on card: _____ Name______Address______City/State/Zip Code______

E-mail______Telephone #______I am a: Management retiree _____ Union retiree ______Other _____ Company Retired from:______You can also donate online by going to our web-site www.belltelretirees.org and click on the DONATE NOW button. Consider a recurring donation—which is an easy and safe way to budget your contribution. J I am interested in learning more about Planned Giving. Please contact me. The Association of BellTel Retirees Inc. is a 501(c)3 tax-exempt organization representing retirees and active employees of Verizon, its subsidiaries and retirees who were transferred to Idearc/SuperMedia/DexMedia. Summer 2019 2019 Belltel_Summer_New.qxp_12pages 5/9/19 10:39 PM Page 6

6 BellTel Retiree Summer 2019 REPRINTED WITH PERMISSION FROM: THE WALL STREET JOURNAL Verizon Retirees Urge Change to Executive Pay Unlikely activists want the wireless carrier to end an investment option the company doesn’t offer to rank-and-file employees By Gretchen Morgenson April 29, 2019 An effort by former Verizon Com- munications Inc. VZ 0.90% employees to push for governance changes at the wireless carrier will face another test this week, highlighting the retirees’ reputa- tion as unlikely corporate activists. Since 1998, the Association of Bell- Tel Retirees, a group of former Verizon employees and current shareholders, has used the proxy voting process to effect 11 major changes in the company’s corporate-governance practices. These have included trimming the use of so-called Golden Parachutes for executives, allowing holders to nominate directors and putting pay practices to an annual investor vote. Now, Verizon shareholders will vote at the company’s annual meeting this Thursday on a group proposal that the retirees hope will persuade Verizon to stop offering executives an investment option in their company-sponsored savings plans that generates above-market Robert Rehm, a co-founder of the Association of BellTel Retirees, at his home. PHOTO: returns. Verizon doesn’t offer this SASHA MASLOV FOR THE WALL STREET JOURNAL option to rank-and-file workers. This is the second year the retirees Bob Varettoni, Verizon’s director of force such shifts, said Ken Bertsch, have asked shareholders to vote against corporate communications, said of the executive director at the Council of what it calls Verizon’s above-market BellTel retirees: “We value their input Institutional Investors, a nonprofit retirement-savings plan. At last year’s and appreciate all that they do just as organization that focuses on corporate annual meeting, the proposal won a we value the input of all of our share- governance and shareholder rights. respectable 28% of the votes cast. holders.” The practice of providing executives “This is not a vendetta on the part of Proposals aimed at bringing about above-market earnings on investment irate ex-employees,” said the associa- change in a corporation’s governance options is uncommon, according to tion’s chairman, Jack Cohen, 74 years practices are generally put forward by Institutional Shareholder Services, a old, who spent 26 years at Verizon. activist investors or big institutional proxy-advisory service. At Verizon, it “We try to focus on what is beneficial shareholders, such as public pension added $73,949 to the $13 million value to all shareholders. We want the com- funds. It is unusual for former employ- of Chief Executive Lowell McAdam’s pany to succeed.” ees of a company to band together to retirement-plan assets in 2017, the Summer 2019 BellTel Retiree 7 association said. The company’s proxy reported no above-market earnings for executives in 2018. Mr. McAdam retired from Verizon at the end of last year. Verizon has urged shareholders to vote against the retirees’ proposal on above-market earnings, regulatory filings show. The company says it is inac- curate to characterize the investing option available to executives as “above- market” because it tracks the long-term, high-grade corporate bond yield aver- age. It also says the investing option doesn’t increase the cost of executives’ retirement plans. The idea for the association grew out of Verizon’s refusal to increase pension payouts to retirees in the mid-1990s, said Robert Rehm, a co-founder along with three other retirees. They formed a corporation, wrote bylaws and received a nonprofit designation. “We each threw in $350 of our own money,” said Mr. Rehm, 78. “We start- Jack Cohen, chairman of the Association of BellTel Retirees. ‘We try to focus on what ed going around to luncheons we knew is beneficial to all shareholders,’ he says. PHOTO: SASHA MASLOV FOR THE people were having and within about WALL STREET JOURNAL six to eight months we had 1,500 retiree names and addresses. By the end of the second year we had 10,000.” in 2003 when a proposal to limit gold- ruled that 10 should be included on the The retiree association’s more than en parachutes—payouts for departing proxies and two excluded. The associa- 134,000 members are split evenly executives when control of a company tion withdrew the other two proposals. between former high-ranking execu- changes—passed with 59% support. At Verizon’s annual meetings, repre- tives and lower-level union workers; the “This was the first time in the history of sentatives of the retiree group present group is overseen by a 10-person volun- the Bell System that any shareholder its proposals, often with support from teer board that keeps members up-to- proposal ever won by majority vote,” outside shareholders. Verizon agreed to date with quarterly newsletters. Mr. Rehm said. make three of the 11 changes after a The former union and management Securities and Exchange Commis- majority of its shareholders favored the employees might have been adversaries sion rules allow any holder of at least association’s proposals. Verizon made during their work years, but in retire- $2,000 worth of a company’s stock or the other eight changes suggested by ment they “are all rowing in the same 1% of the company for one year to sub- the association before the proposals direction,” Mr. Cohen said. “We’re a mit a proposal to be included on its went to a shareholder vote. very cohesive group, which was totally annual proxy statement and put to a Among the proposals that won out of character when we were active vote of shareholders. The SEC requires majority support: one in 2007 called for employees.” companies to include such proposals on a shareholder vote on pay practices and In the early days, Verizon executives proxies unless it permits the company another in 2013 allowed shareholders ignored the association’s inquiries, Mr. to exclude them based on regulations. to nominate company directors. Rehm said. Now, company officials Since 2005, Verizon has asked the “Verizon certainly doesn’t love us respond quickly to the association’s rep- SEC for permission to exclude from its and they don’t agree with us, even resentatives, he said, and meet with proxies 14 of the association’s 26 pro- though they’ve accepted 11 of our gov- them each fall to discuss issues. posals, said Cornish Hitchcock, a ernance changes,” Mr. Rehm said. “But The association’s first big win came lawyer for the association. The SEC we’ve found they do respect us.” Reprinted by permission of the Wall Street Journal, Copyright © 2019 Dow Jones & Company, Inc. All Rights Reserved Worldwide. License number 4587071159740. Dow Jones & Company’s permission to reproduce this article does not constitute or imply that Dow Jones sponsors or endorses any product, service, company, organization, security or speciﬁ c investment. 2019 Belltel_Summer_New.qxp_12pages 5/9/19 10:39 PM Page 8

8 BellTel Retiree Summer 2019 2018 FINANCIAL REPORT By Don Kaufmann, organization’s unusual and long-standing contributions, as well as donations via the Chief Financial Officer success. Others recently featuring our AmazonSmile program, represent our n overview of your Association’s efforts include Crain’s New York Business, ONLY sources of income. Your year-end financial data is presented Bloomberg, PlanSponsor, Pensions & enthusiasm and support at our mini Abelow. Contributions from you, Investments, and more. meetings has been tremendous. our members, have continued to decline, Maintaining a visible presence in Thank you for your financial and moral and despite significant cost reduction online, broadcast and major news outlets support. efforts, we have been unable to avoid a highlights the considerable efforts and negative net income balance for the year progress we achieve on your behalf and 2018. serves a very valuable role in keeping the With your help we can address this Association highly visible about the moving forward. Despite declining excellent work we do. contributions and belt-tightening that we The BellTel newsletter, published have put in place, the need for our quarterly, has been a key vehicle to keep advocacy on behalf of the active workforce you, our members, up to date on our work and our fellow retirees has not abated. and the efforts by Verizon to silence us. Association of BellTel Retirees Inc. 2017 2018 Lobbying or consulting expenditures UNITED, TO PROTECT OUR FUTURE Total Income $785,472 $568,138 reflect contributions to federal lobbying in Published by: Association of BellTel Retirees Inc. Total Expense $760,061 $677,280 pursuit of legislation for healthcare P.O. Box 33, Cold Spring Harbor, New York 11724 • (631) 367-3067 Net Income $25,411 ($109,142) protection and state by state Pension de- website: www.belltelretirees.org Risking protection. Virginia legislation E-mail: [email protected] REVENUES passed and signed into law in 2018 was a Hotline: (800) 261-9222 A 501 C3 IRS tax-exempt corporation Contributions in 2017 were notable victory. Circulation Exceeds 134,000 significantly impacted by a generous Professional fees encompass legal and donation made by the Estate of a long- accounting services. Legal fees are involved Senior Staff Manager time member. Without this thoughtful in our proxy initiatives and in efforts to Stef Baker (631) 367-3067 donation the Association’s contributions protect members from Pension de-Risking Board of Directors: would have declined by roughly 9% from In addition to responding and assisting Jack K. Cohen, Chairman 2016 levels individual members with Verizon issues, (914) 245-3129 our staff and accountant must process and Lionel Brandon, Executive Vice President (607) 656-7971 EXPENSES record all the financial transactions of the Donald R. Kaufmann, CFO (717) 398-2423 Total operating expense for 2018 Association. Financial reports are reviewed Una Kelly, Treasurer represented a 10.9% reduction compared with our board at each meeting and are 516-729-5787 to 2017. Key expense categories were: subject to a detailed, yearly external audit Thomas M. Steed, Assistant Treasurer Media & Publishing $108.7K by BDO Inc. & VP of Union Relations (914) 213-5909 John Kolimaga, Secretary (215) 675-5992 Printing and Postage $118.9K The data then becomes the basis of our Robert Gaglione, Director (516) 676-0937 Consulting $119.0K financial 990 filings with the IRS and our Pamela M. Harrison, Director (845) 225-6497 Salaries $122.2K state filings. We must file reports in every David J. Simmonds, Director (732) 636-4847 Professional Fees $88.5K state in which we solicit contributions, John W. Hyland – Director (845) 490-0713 currently 48 states. Louis Miano, Board Member Emeritus (781) 444-8080 The Association’s media communi- The Association ended 2018 with pre- Robert A. Rehm, cations efforts have continually provided a audit total assets of $98,428. A copy of Board Member Emeritus (516) 827-0801 large footprint and spotlight highlighting the Association’s tax return, once filed, will Eileen T. Lawrence, our record as one of the most successful be available on line. Board Member, Emeritis (718) 229-6078 C. William Jones, advocacy groups, including our success in Our budget for 2019 reflects further Board Member, Emeritis (410) 310-8533 proxy campaigns. reductions in lobbying expenses as well as As many of you may have seen, the wages and accounting expenses which we HAVE A QUESTION? Wall Street Journal—one of America’s hope will eliminate the negative net Call 800-261-9222 or Email: [email protected] largest and most prominent news outlets income balance. did a major feature story on our We need your continued help. Your Advertising Information 2019 Belltel_Summer_New.qxp_12pages 5/9/19 10:39 PM Page 9

Summer 2019 BellTel Retiree 9 Retiree Chosen as Memorial Day Grand Marshal By David Simmonds After his discharge from ichmond County, the service in 1946, Rogers New York—better first went to work for Con Rknown as the New Edison, and in 1948 start- York City borough of Staten ed with NY Telephone in Island—has chosen an Asso- Manhattan as a splicer’s ciation of BellTel Retiree helper. Through the years, member named Ed Rogers as he worked in various roles: their 2019 Memorial Day as a cable splicer, wireman, Parade Grand Marshal. The frameman, installer and parade, which is celebrating repairman. its 100th anniversary in Staten Island, After working in both Manhattan and will be on May 26th. Brooklyn for N.Y Tel., Rogers trans- Retiree and Veteran Ed Rogers is leading the Chosen for this honor by the Rich- ferred to Staten Island in 1973 to be clos- Memorial Day Parade march in Richmond mond County American Legion, Rogers er to home, working out of the Arthur County, NY is a proud U.S. Navy veteran as well as a Kill Garage and finally at the Bay St. BellTel Retiree. Garage. well as nine grandchildren and five great- Rogers was born November 7th, 1926 At the time of divestiture in 1984, grandchildren. in Brooklyn, New York, and graduated Rogers received orders to move to Though he now says he’s “getting a lit- from Brooklyn Tech High School. A few AT&T, but was granted permission to tle tired,” Ed Rogers is the current treas- days after his 18th birthday, Rogers stay with NY Tel. He then started a new urer of the Staten Island Telco Retirees enlisted in the armed forces and served job in Coin Repair and stayed there until Club, of which he has been a member with the U.S. Navy Construction Battal- finally retiring in 1989. since it was formed in 2001. He has been ion—"The Fighting SeaBees”—as an In retirement, Rogers has stayed a member of your Association of BellTel EM3/C Electricians Mate 3rd Class. He dynamic and active through golf, softball, Retirees since 2008. served the duration of his Navy service in and the Drum and Bugle Corps. It is From all of us at the Association, a Pearl Harbor, Hawaii, and currently through the latter hobby that he met his well-deserved Congratulations and holds the distinction of being the oldest wife, Helen Kubinak, who he was mar- Thank You For Your Service to Mr. surviving WWII Seabees veteran on Stat- ried to from 1953 until her passing in Eddie Rogers! We urge those nearby to en Island. 2002. They had four children together, as turn out for the parade. (Continued from page1) 2019 Verizon Shareholder Meeting As of the printing of this newsletter, The preliminary findings showed it compensation. Of course, they conve- Verizon had yet to publish final results, receiving better than one out of every niently omitted that they are not actu- which are tabulated and certified by three shares and performing better than ally changing the policy. independent inspectors of election. The any of the other shareholder proposals Last year, the SERP proposal attract- preliminary statistics based on 3.6B this year. According to Cohen, this ed 28% of the vote, more than tripling shares--approximately 87%--of the development is encouraging in a mar- the support from 2017. total are broken down in the below ket that recommends Verizon as a Also of note, Cohen got in some chart. “buy.” facetime with Verizon CEO Vestberg, and the two made plans to sit down Item # Measure % FOR % AGAINST together in the near future to discuss 1 Election of the Board of Directors ALL VOTED IN - retiree issues. 2 Election of the Auditors (Management proposal) Accepted - Though we did not get the exact 3 Executive Compensation (Management proposal) 90.6% 9.4% results we desired at the shareholder 4 SERP 26.9% 73.1% 5 Independent Board Chairman 34.8% 65.2% meeting, the overall prospects are still 6 Online Child Exploitation 33.7% 66.3% quite bright for 2020! Thank you to all 7 Cyber Security & Data Privacy 12.5% 87.5% our members who own Verizon stock 8 Golden Parachutes 36.8% 63.2% and voted with us on the proxy ballot this year. The Golden Parachute proposal, The voter-shareholders’ response to We hope we can count on you to which sought shareholder approval of the SERP proposal was disappointing continue standing in our corner as we “Golden Parachute” payouts to senior to Cohen. He suspects some sharehold- take on our former employer to fight executives exceeding 2.99 times salary ers were taken in when Verizon came for our earned retirement benefits. and bonus, had more promising results. out saying they “capped” the deferred 2019 Belltel_Summer_New.qxp_12pages 5/9/19 10:39 PM Page 10

10 BellTel Retiree Summer 2019 Congress Considers Retirement Reform ince the 116th Congress con- tions, removing some restrictions on being popular. Modifications in the vened on January 3rd, both automatic enrollment in 401(k)s, and 2019 version include updating the Schambers have introduced bills easing the path to use lifetime income effective dates, modifying the exception that aim to make retirement an attain- options inside a qualified retirement to the required minimum distribution able goal for more American workers. plan. rules, and providing for an acceleration In the House, a bipartisan group of In the U.S. Senate, the chairman and of Pension Benefits Guaranty Corpora- Ways and Means Committee members ranking member of the Finance Com- tion (PBGC) premiums. introduced H.R. 1994, the Setting mittee introduced the Retirement Together, the proposed legislation in Every Community up for Retirement Enhancement and Savings Act of 2019, the House and Senate is hundreds of Enhancement Act of 2019, or the or RESA. RESA is almost identical to pages long, with many different strate- SECURE Act. The bill passed the com- the House’s SECURE Act, though the gies that aim to improve coverage, mittee on April 2nd and as of the print- House bill allows retirees to wait until access and savings opportunities for ing of this newsletter is scheduled to be age 72 to take mandatory distributions American workers looking to retire. If brought to the full House in May. from a pension plan, while the Senate’s you would like more information, we Key provisions include expanding bill leaves the threshold at 70 1/2. encourage you to go to websites of the access for workers in multiple employer A version of RESA was first intro- House Ways and Means Committee defined contribution plans, removing duced in 2016 and most recently failed and the Senate Finance Committee and the age limitation on IRAs for contribu- to pass in the last Congress, despite read the legislation yourselves. We Require You to Make an Impact e would be nothing without Planned giving is a way otherwise be saddled the support of our wonderful to support key non-profits with. Wmembers! At the same time, like the Association. Not only does it we’d ask you to reflect on the value of These plans use estate make financial sense, still having our employer-sponsored and tax planning to provide but it is a wonderful healthcare in retirement, and the means donations to charities—as opportunity to support to provide for your spouse, children, well as heirs and education- the Association’s mis- and grandchildren, because of your al institutions—in ways sion. As members age, earned pension or retirement savings. that maximize the gift and the ranks of BellTel Thousands of our peers across many minimize its impact on the retiree widows and wid- industries have been less fortunate and donor’s estate. owers grow every year. have lost their retirement future forever. Donors can use cash, By leaving a bequest, We believe the aggressive and some- stocks, real estate, artwork, you will insure that our times, litigious willingness of YOUR partnership interests, per- Association will carry Association of BellTel Retirees to go sonal property, life insur- the important effort to out on a limb and fight for our fellow ance, or even a retirement aid surviving spouses retirees, tell your story in the media and plan to donate in planned and current and future be ever-present at the shareowners giving. retirees. meeting, makes a difference 12-months Were it not for a gener- Please consider us a year in protecting and preserving what ous bequeath from one of our retirees in when writing remembrances in a will, you earned. her estate, the Association would have making living donations of stock, ask- If BellTel was not here fighting for been hard-pressed to have as active a ing for memorial contributions in lieu you, how much of those pensions and presence for retirees this past year. of flowers, or in a loved one’s memory. benefits would be left? Donors also have the option to make For more information about how to It is so critical that we are all connected their gifts payable upon their death, like include us in your estate planning and because once a family, always a family. a bequest or a beneficiary designation in planned giving, please visit BellTelRe- In this light, we are asking mem- a life insurance policy or retirement tirees.Org/Planned-Giving/ or call our bers to please ponder leaving a legacy account. These do not generate a life- office at 1-800 261-9222. We also to the Association in any planned giv- time income tax deduction for the encourage you to discuss planned giving or estate planning you might be donor, but they are exempt from the ing with a licensed financial or retire- doing in 2019. estate tax, which family members could ment planner. 2019 Belltel_Summer_New.qxp_12pages 5/9/19 10:39 PM Page 11

Summer 2019 BellTel Retiree 11 New 2019 Mini-Meetings Announced All Are Welcome to Attend! n addition to our annual member meeting in Thurs. July 18 Wed. September 18 Atlantic City on June 5th, the Association of Bronx, New York Northern New Jersey IBellTel Retirees is continuing with our aggres- American Legion Post Elks Post #2290 1 Patrolman Woods Lane sive regional mini-meeting schedule in 2019. 1456 Shore Drive Bronx, NY 10465 New Milford, NJ 07646 If you’re able to attend any of the below meet- Noon - 2PM 1PM - 3PM ings, please RSVP by emailing association@belltelretirees.org or calling our office at 1-800-261- Thurs. August 22 Tues. October 8 9222. There’s no such thing as too early! Long Island, New York Staten Island, New York If you don’t see a meeting near you and want to Hauppauge Library All Saints Church change that, we are ALL EARS and encourage you 1373 Veterans Highway 2329 Victory Blvd. to reach out with a suggested location. Hauppauge, NY 11788 Staten Island NY, 10314 11AM - 1PM 10AM - Noon These meetings are a great chance to reconnect with old friends while learning about all the Wed. November 13 important issues surrounding your retirement and Hudson Valley, New York health benefits. If you know any non-Association Highland Falls Library 298 Main Street member retirees or soon-to-be retirees, we highly Highland Falls, NY 10928 encourage you to bring them along. time TBD MEMBER Amazon Smile Gets Association Easy Cheddar MAILBAG s spring’s rain showers give way not seem like much, but we promise it to summer’s long, warmer days, adds up. $1,000 worth of purchases I’m proud to be kept informed by many of us will scramble to over a year can mean $5 extra for [the Association]. I never hear any- A make new shopping lists of items for the YOUR Association to advocate for the thing from the company. Never incoming season. Whether you need protection of our collective pensions hear anything about a cost of living new pool sandals, a Super Soaker for and benefits. increase. It’s like we don’t exist your grandchild, large quantities of sun- To get started, copy the following -J.N. via Facebook screen, or a wedding gift for your niece, into your web browser: *** most of these summer essentials are https://amzn.to/2LxsamF Keep up the good job that you are often purchased on Amazon.com. A prompt should appear that says doing for all. Greatly appreciated. Luckily, the shopping all of us ‘Would you like to change your charity Thank you! already do on Amazon can lead to some to Association of BellTel Retirees Inc.?’ funding support for the Association of Click ‘YES’ and you’re all set! -J.M. BellTel Retirees! We also recommend adding a book- *** All YOU have mark to smile.ama- Thank you for all that you do for us. to do is designate zon.com on your My small contribution each year us as your charity internet browser as makes me feel that I am part of the of choice on Ama- a reminder. team, making [Verizon] keep its zonSmile and the AmazonSmile Foun- An exuberant, hearty thank you to promises to us. dation will donate 0.5% of the purchase all who have already been helping raise -E.R. via Facebook price every time you shop, at NO extra a few dollars extra here and there for *** cost to you—a true win-win! As a the Association through AmazonS- If you’re a retiree, [the Association 501(c)3 non-profit, we are eligible to mile. Every little bit helps when we is] looking out for your best interests participate in this great no-cost pro- are fighting for your retirement future gram. and we are fortunate to have this easy- and they’re very informative. Half a cent on every dollar might to-use tool at our disposal. -C.S. via Facebook 2019 Belltel_Summer_New.qxp_12pages 5/9/19 10:39 PM Page 12

12 BellTel Retiree Summer 2019 A Refresher on the Pensioner Sickness/Death Benefit By Thomas Steed t almost every regional member NY/NE Management Mid-Atlantic Management mini-meeting we host, the most • Eligible if hired before June 30, 1985 • Eligible if hired before March 31, 1991 Acommon question we get from • One-year’s pay benefit (pay frozen at • One-year’s pay benefit (pay frozen Association members is about the sick- June 30, 1985) including bonus Dec. 31, 1991) including bonus ness and death benefit. • Benefit eliminated for retirements after • Benefit eliminated for retirements after While this may sound a tad depress- Dec. 31, 2001 Dec. 31, 2001 ing, knowing and understanding your rights and the rights of your beneficiar- • Mandatory beneficiary includes surviv- • Mandatory beneficiary includes surviv- ies is extremely important! ing spouse, dependent child or ing spouse, dependent child or Many of our members are entitled to dependent parent dependent parent a death benefit, also known as the Sick- • Paid as lump sum • Paid as lump sum ness/Pensioner Death Benefit, which is payable to certain beneficiaries at the NY/NE Associate Mid-Atlantic Associate time of the retiree’s death. Here’s what • Eligible if hired before Dec. 31, 1986 • Eligible if hired before Aug. 9, 1986 you need to know: • The amount of the benefit varies and • One-year’s pay benefit (pay frozen • One-year’s pay benefit (final pay with is based on an employee’s title and Dec. 31, 1986) including differentials differentials and awards, but capped at annual salary. and awards $39,000) • The benefit can only be paid to a sur- • Benefit currently available for future • Benefit currently available for future viving spouse who is living with you, retirements retirements or a dependent child or parent. • Mandatory beneficiary includes same • Mandatory beneficiary includes same • Beneficiaries only have one year household surviving spouse, depend- household surviving spouse, depend- after a death to claim the benefit or ent child or dependent parent ent child or dependent parent it reverts to Verizon by default. • Additional beneficiaries available as • Additional beneficiaries available as • The benefit is an addition to an long as dependent on participant long as dependent on participant employee’s life insurance. • Employees and retirees may obtain a • Paid as lump sum or up to 5 annual • Paid as lump sum verification certificate by calling 1- installments 855-489-2367. Verizon Workers Exposed to Toxic Dust after 9/11 Attacks Eligible for Healthcare, Compensation The Verizon community was significantly impacted by the 9/11 terrorist attacks on New York City and played a crucial role in the recovery efforts by restoring communications for all of Lower Man- hattan as well as getting the Verizon Building at 140 West Street back online. If you were working south of Canal Street on September 11, 2001 or at some point during the 8 months that followed, you are eligible for federal health screenings, healthcare and compensation, but you must apply. 68 cancers and many respiratory illness- es have been linked to World Trade Center toxins. The federal government also has earmarked $7.3 billion for compensation to individuals with negative health effects. We can help! Barasch McGarry PC has advocated for more than 10,000 individuals impacted and secured over $1 billion for those who turned to us. See a 4 minute informational video: http://tinyurl.com/y8geb4wq or call us www.wtclawyers.com BARASCH MCGARRY P.C. 212-385-8000