BELLTEL RETIREE1H the Official Newsletter for All Union & Management Retirees and Employees of the Successor Companies and Subsidiaries of the Bell System
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2021 Belltel_Summer.qxp_12pages 5/17/21 5:13 PM Page 1 Service to the Verizon Retiree C Years of ommunity 25 H H1996H 202 BELLTEL RETIREE1H The Official Newsletter for all Union & Management Retirees and Employees of the successor companies and subsidiaries of the Bell System. Your newsletter is paid for by your contributions. Summer 2021 Volume 98 Retirees Impact VZ Shareholder Meeting Thinking About ellTel board members and senior Our second proposal, to strengthen executives at Verizon (VZ) once Clawback Policies, received 36.8% of the Retiring? again faced off at the 2021 virtual vote. B By Jack Cohen annual shareholders meeting with two Proposed by our Director of Union ecently, I read a post in a Ver- proxy proposals by your Association. Relations and Assistant Treasurer Tom izon Retirees closed Facebook Continued proxy activism is vital, as Steed, it seeks to eliminate wiggle room in 76% of our members report owning VZ interpreting the existing Clawback Policy. Rgroup from an active employ- shares, with 12% identifying as former To quote ISS: “The efficacy of a robust ee contemplating retirement. We’ve shareowners. clawback policy is only as good as share- all gone through this and it is arguably Our 2021 proposals—both endorsed holders’ ability to monitor its administra- the third hardest decision a person can by the influential Institutional Shareholder tion. The company’s current policy does make. Service (ISS)—were designed to act as a not include a requirement to disclose the A humanities professor once told valuable check against excessive senior circumstances of any recoupment in cases me that the two decisions a person can management compensation and gover- of misconduct by a senior executive.” make so vital to a happy life are nance practices not aligned with long term “The standards in the worker code of his/her line of work and his/her shareowner interests. conduct book we swore to uphold when spouse. His advice was that unless “In a year that has seen many lose their joining the company, should apply to all, you make them both correctly, you jobs and benefits, it is important that including those at the top,” said Mr. Steed. will not be happy. shareholders and retirees have come “Verizon is built upon a rock-solid I would add a third with the provi- together to ensure that reasonable limits foundation laid by fellow retirees, the cur- so that a correct decision here will lead are placed on the executive compensation rent workforce and investors. Executive to a more pleasant retirement. packages that have grown so considerably management must be accountable for Here are some tips from members in recent years,” said BellTel Chairman their actions. Rest assured, BellTel will of our Board of Directors as well as Jack Cohen. continue our proxy campaigns to keep Bob Rehm, whom many of you know The measure, targeting Golden Para- management focused.” as one of our seven founding fathers chutes, proposed by Mr. Cohen, received In a May member survey, a massive in 1996 – 25 years ago. 38.1% of the vote. 16.5% identified problems or an inability • Do I take the pension or lump It would require shareowner approval to vote their shares, and missing ballots via sum? - The answer depends on of new and renewed senior executive com- mail. Verizon switched to a new proxy your individual circumstance. E.g., pensation packages more than 2.99 times servicing vendor for 2021. base salary plus target short-term bonus. It Your Association plans to continue our If I know that I have health issues aligns with a formula from BellTel’s win- efforts into 2022 and adding to our 11 and might not last another year, ning 2003 proxy, which achieved 59% proxy measures that improved corporate why do I need a pension? The Pen- shareowner support. governance. sion Rights Center recommends against the lump sum for retirees and you can see their website for Leaders Wanted: Reasons to be Active details. t was Winston Churchill who said, a reminder of the important mission we “We make a living by what we get. started back in 1996, and our continuing If the decision is made to take the We make a life by what we give.” commitment to that fight. In that span, lump sum, make sure you have a I financial advisor whom you trust As retirees, we have all done our the Association of BellTel Retirees has decades of work and countless tens of run numerous victorious campaigns that and who has many years of experi- thousands of hours to make our living, so go back to our original ence (at least 10 years). I know of to speak. The next chapter founding, aggressively repre- a retiree whose son is a trader and following our careers comes senting NYNEX retirees. reportedly a financial genius, who at us quickly, as an over- Since that time, the Asso- turned out to be an ineffective whelming change of pace to ciation has had three pro- advisor. What started as his some, where we find our- posals receive a majority “lump,” became a “pimple.” selves with “more time” than shareholder vote and eight If you know a retiree who took the we have had before, to give bylaw changes have been lump and retired prior to the 2008 back and make a difference in negotiated off the ballot and crash, talk to that person and find the world around us. ingrained in company bylaws, resulting out how he did through the crash. Many retirees simply join the Associa- in real changes to corporate governance Our Association is more than tion and are exceptionally grateful for the policies. happy to speak with you. dedication of its leadership. And your What does it take to have such a win- • Misuse of the Lump Sum - ABTR gratitude is always deeply and graciously ning record? has heard stories from some retirees appreciated. There’s even another way to We have fellow retiree-volunteers who who took a lump sum. Their chil- show your thanks that can resonate with are willing to give of themselves and their dren and/or relatives tried to or did and reinvigorate the Association. time for an important cause that impacts “use” the sum to finance enterpris- Consider the opportunity to volunteer us all and our surviving spouses. es, financial needs that were very as a leader with the Association that has We have people who care and always poor investments. This left the dedicated 25 years to serving and fighting try to look at the issues affecting retirees, for the rights of its members. constantly asking themselves, “What are retiree broke or having little lump Celebrating our 25 year anniversary is (Continued on page 2) (Continued on page 3) 2021 Belltel_Summer.qxp_12pages 5/17/21 5:13 PM Page 2 2 BellTel Retiree Summer 2021 We Are Family They have made some minor ones of the pandemic, geography is superflu- too, leaving them with a heavy debt to ous. We have at least one vacant seat on cover under a new CEO named John our Board of Directors and we are hop- Stankey. ing to fill it with someone who is an So how did they “punish” the AT&T retiree, especially so if you departing CEO, Randall Stephenson? retired from HR. But all background Chairman’s Report He was CEO since 2007. He retired disciplines are welcome. with a staggering pension account AT&T will likely find that at their By Jack Cohen worth $64 million at age 59. This shareholder meeting in 2022, we will be means a guaranteed income of active participants and until then, we $274,000/month for the rest of his life. will be actively publicizing their despi- have a pretty close family. When a Does this sound close to what you’re cable behavior on behalf of those who cousin gets assaulted it is as if we all getting? Have you seen the lines in built the edifice called AT&T. Iwere assaulted. The Bell System communities across many states waiting As I stated earlier, we are all in this family is like that in many ways. Wher- for a box of food? I suspect Randall together. ever we might be, if other “children of Stephenson is not on that line. I sus- On a more pleasant note, I got the Ma Bell” are in attendance we seem to pect also not seen on that line would be idea from a Facebook friend to provide find each other and react like cousins senior management of Verizon. some insights for those contemplating getting reacquainted. AT&T is trying to clean up the mess retirement. With the help of those on Some people might find that and close the financial gap. One of our Board of Directors and even a strange…but not us. their methods is retired board member emeritus named One of our cousins is Make it known to to assault their Bob Rehm, an article (page 1) was com- being attacked and we retirees, whom piled which readers may want to keep. might be next. AT&T that the they evidently It is a good tool to help those plan- Frankly, it would be descendants of Mother Bell consider to be a ning what is arguably one of the most very frustrating to just soft touch…an important steps of their lives. stand by as a spectator are still a family! easy mark. This summer issue is of vital impor- and watch this happen. They are cap- tance and reflects our ongoing posture It is just not who we ping both their retirement insurance for this coming year.