S.R.A. News

Volume 22 · Issue 2 SNET RETIREES ASSOCIATION, INC FALL 2019 AT&T’s Business Plans Are Challenged

In a fast moving world AT&T was some- other stakeholders. end of 2021, prior to any strategic actions what taken aback when investment firm Over the past decade, AT&T’s share- regarding the portfolio. Beyond delivering Elliott Management sent an extensive letter holder returns have underperformed the a higher stock price for its shareholders, to the AT&T Board of Directors outlining S&P 500 by well over 100 percentage both institutional and employee, the letter changes that they believe would bring points. This share-price underperformance states that a more focused and efficient higher returns for shareholders in the future. has occurred as AT&T’s M&A strategy has AT&T would deliver far-reaching benefits . This is big news in the business while taken it into multiple new markets over a to other stakeholder groups as well. several high level executives at AT&T also series of deals totaling nearly $200 billion, The letter concludes by calling for announced retirements that were unex- and as its operational performance has constructive engagement on a mutually pected. It seems that there will be more measurably declined. As a result, AT&T agreed-upon plan to realize this unique to come based on the news reports some today is deeply undervalued, trading at just opportunity for all AT&T stakeholders.” of which are reprinted in our newsletter over half the multiple of the S&P 500 – by DALLAS, September 09, 2019 for your information. far its biggest discount yet. AT&T Statement on Despite these setbacks, Elliott believes September 09, 2019 07:34 AM that AT&T possesses a world-class collec- Elliott Management Letter Eastern Daylight Time to Board of Director NEW YORK--(BUSINESS WIRE)--El- tion of assets, each with a leading mar- “Our management team and Board of liott Management Corporation (“Elliott”), ket position, priced today at historically Directors maintain a regular and open which manages funds that collectively discounted levels. The letter notes that dialogue with shareholders and will review beneficially own $3.2 billion of AT&T this irreproducible collection of leading Elliott Management’s perspectives in the Inc. (“AT&T” or the “Company”), today businesses includes a well-performing context of the company’s business strategy. released a letter outlining a compelling wireless business poised for future growth We look forward to engaging with Elliott. value-creation opportunity at AT&T. The and market leadership in 5G, the premier Indeed, many of the actions outlined are letter, addressed to the Company’s Board, global enterprise connectivity solution, ones we are already executing today. noted that the opportunity could lead and one of the world’s most successful AT&T’s Board and management team AT&T to a $60+ per share value by the media franchises. firmly believe that the focused and suc- end of 2021, representing a 65%+ upside Elliott’s letter outlines a four-part plan cessful execution of our strategy is the to today’s share price. – the Activating AT&T Plan – that would best path forward to create value for According to the letter, Elliott made the improve AT&T’s share price and its business. shareholders. This strategy is driven by investment in AT&T – among its largest The Plan recommends increased strategic the unique portfolio of valuable businesses ever – because it exhibits a unique com- focus, improved operational efficiency, a we’ve assembled across communications bination of historical underperformance, formal capital allocation framework, and networks and media and entertainment, a depressed valuation, well-positioned enhanced leadership and oversight. The let- and as Elliott points out, is the foundation assets and a clear path forward to generate ter states that the Plan could enable AT&T extraordinary value for shareholders and to achieve a value per share of $60+ by the See “AT&T” On Page 3 Page 2 S.R.A. News Catastrophic Prescription Drug Benefit

Catastrophic prescription drug need to: Complete all required benefit was established by AT&T fields in the Catastrophic Prescrip- to offer additional protection to tion Drug Credit Request Form; S.R.A. News AT&T retirees and dependents available through AON. Gather This is the official publication enrolled in coverage through the your Monthly Prescription Drug for SNET Retirees Association, Aon Retiree Health Exchange. The Summary showing your actual out- Inc. members. It contains timely news and feature items of AT&T Medicare-Eligible Health of-pocket expense for the year. You interest to all SNET retirees. Reimbursement Account Program can request this summary from your S.R.A. is a nonprofit Summary Plan Description (SPD) prescription drug carrier. Note: this organization. Readers are provides complete details regarding summary is also known as an Expla- encouraged to send or phone who is eligible for the catastrophic nation of Benefits (EOB). news tips. prescription drug benefit. Generally, Send the form and Prescription www.snetretirees.org retirees, eligible dependents, and Drug Summary to Your Spending surviving spouses of AT&T retirees Account (YSA), per the instructions are eligible for the catastrophic pre- on the form. After YSA reviews scription drug benefit if they: (i) Are your form and documentation, if eligible to obtain reimbursement approved, your HRA will be cred- from an AT&T Medicare-Eligible ited with the amount spent for Health Reimbursement Account actual out-of-pocket prescription and receive an HRA credit. drugs in excess of the $5,100 indi- You must be enrolled in a Medi- vidual threshold, up to $100,000 care Part D plan (or a Medicare per individual. How frequently can Advantage plan with Prescription I request credits? You can request EXECUTIVE BOARD Drug component); and (iii) Incur credits under the catastrophic pre- President actual out-of-pocket expenses for scription drug benefit all at once JoAnn Alix-Gagain eligible prescription drugs that or throughout the calendar year. exceed $5,100 (per individual) in However, all credit requests for Secretery the calendar year as shown on the 2019 must be submitted by March Mary Fontana Monthly Prescription Drug Sum- 31st of 2020. Keep in mind, that mary, also known as Medicare Part if you want to use the additional Treasurer D Explanation of Benefits, received credit for other health care claims Claudia Zerella from the prescription drug provider. incurred in 2019 you need to apply (iv) Actual out of pocket expenses for the additional credit in advance Founding Treasurer are costs that you pay. They do not of the March 31st deadline so you Bob Archambault include amounts your plan covers have time to submit your claims or any discounts received through per the usual YSA claims submis- Membership your plan. sion process. As requests are pro- Harry Green Once an eligible person’s actual cessed, your HRA will be credited Frank Pagerino out-of-pocket expenses for eligible with the incremental amount that prescription drugs exceed $5,100 you paid out-of-pocket over the in a calendar year, they are eligible $5,100 individual threshold for for incremental HRA crediting. To eligible prescription drugs under obtain additional credits, you will your Medicare Part D plan. S.R.A. News Page 3

“AT&T” From Page 1

for significant value creation. We believe S.R.A. RESPONSE TEAM growing and investing in these businesses The S.R.A. Response Team is active and ready to assist our is the best path forward for our company members with problems relative to Health Benefits and and our shareholders.” Pension items. AT&T hires Goldman Sachs to Before placing a telephone call to a member of the Response defend against activist hedge fund Team, for assistance, be sure you have contcted the AT&T By Josh Kosman @ NY POST Benefits Cetner. September 9, 2019 | 2:50pm Billionaire activist Paul Singer reveals The S.R.A. Response Team Members ready to assist you are: $3.2B stake in AT&T Activist investor ques- JoAnn Alix-Gagain 203-758-2409 ([email protected]) tions AT&T-Time Warner deal, calls for asset sales Frank Pagerino 203-929-7487 AT&T has hired Goldman Sachs to defend itself against activist investor Paul Singer, whose hedge fund is calling on the company to sell assets, including its Fraud Alert: Genetic Testing Scam DirectTV satellite service, The Post has The U.S. Department of Health for the entire cost of the test, which learned. The telecom company only and Human Services Office of could be thousands of dollars. learned on Friday that Singer’s Elliot Man- Inspector General is alerting the agement Corp. had taken a $3.2 billion public about a fraud scheme involv- PROTECT YOURSELF stake and would be pressing for change, ing genetic testing. If a genetic testing kit is mailed a source close to the situation said. On Genetic testing fraud occurs to you, don’t accept it unless it was Monday, Elliott called on AT&T to shed when Medicare is billed for a test ordered by your physician. Refuse fat, including DirectTV and its Mexican or screening that was not medically the delivery or return it to the sender. wireless operations, and questioned CEO necessary and/or was not ordered Keep a record of the sender’s name Randall Stephenson’s acquisitions strategy. and the date you returned the items. Goldman in 2018 hired AT&T’s former by a Medicare beneficiary’s treating Be suspicious of anyone who banker, Kurt Simon, away from JPMorgan, physician. which Stephenson hired in 2016 to lead Scammers are offering Medicare offers you “free” genetic testing and the company’s $85 billion deal to buy Time beneficiaries “free” screenings or then requests your Medicare num- Warner, as well as a 2011 failed attempt cheek swabs for genetic testing to ber. If your personal information is to buy T-Mobile. obtain their Medicare information compromised, it may be used in for identity theft or fraudulent billing other fraud schemes. WSJ purposes. Fraudsters are targeting A physician that you know and By Drew FitzGerald beneficiaries through telemarketing trust should assess your condi- Updated Sept. 17, 2019 10:27 am ET tion and approve any requests for AT&T Chief Executive Randall Stephen- calls, booths at public events, health son defended his strategy and likely suc- fairs, and door-to-door visits. genetic testing. cessor in his first public remarks since an Beneficiaries who agree to Medicare beneficiaries should be activist hedge fund challenged the com- genetic testing or verify personal or cautious of unsolicited requests for pany to change direction. Medicare information may receive a their Medicare numbers. If anyone Speaking at a Goldman Sachs confer- cheek swab, an in-person screening other than your physician’s office ence in New York, the telecom boss said or a testing kit in the mail, even if requests your Medicare informa- newly named chief operating officer John it is not ordered by a physician or tion, do not provide it. Stankey was the right pick to make the If you suspect Medicare Dallas company’s telecommunications, medically necessary. If Medicare denies the claim, the fraud, contact the HHS OIG Hot- beneficiary could be responsible line. See “AT&T” On Page 4 Page 4 S.R.A. News

since renamed WarnerMedia. DirecTV’s former owner Hughes Electron- “AT&T” From Page 3 Mr. Stephenson, who has been CEO ics Corp. tried to merge in 2001, regulators media and advertising businesses work for a dozen years, didn’t address his time- ultimately blocked it on antitrust grounds, together more effectively. The chairman line for handing over the top job at the worried that many rural Americans would and CEO said his board considered a short company, though he said Mr. Stankey has be left with only a single option to get list of potential candidates who could turn enough experience in both media and their television service. More recently, around divisions with old business models, telecom to do the job well. Mr. Stephenson Dish Chairman Charlie Ergen held talks succeed in telecom and manage a media has privately discussed retiring as soon to combine with DirecTV in 2014, but division. as next year, according to people familiar lost out to AT&T. “As we thought about who’s going to with the matter. On the idea of merging the two satellite run this play for the next couple of years, “The board hasn’t informed me I’m retir- providers, AT&T finance chief John Ste- it was a very short list and John Stankey ing yet,” Mr. Stephenson said, adding that phens said, “From a regulatory perspective, quickly rose to the top,” Mr. Stephenson Mr. Stankey is “in pretty good position” it hasn’t been successful and I don’t know said on Tuesday. to take the top job if he does well in the that there is any change in that regulatory The AT&T CEO’s response came a week new post. perspective.” He added, speaking last week after hedge fund Elliott Management Corp. at an investor conference, “I understand revealed a small stake in the telecom giant By Shalini Ramachandran and the industrial logic, but quite frankly it’s and called on the company to consider Drew FitzGerald been tried and has been rejected.” shedding several of the businesses it took Sept. 18, 2019 8:48 pm ET Jettisoning DirecTV would be an about- AT&T Inc. is exploring parting with its on during a five-year acquisition spree. The face for Mr. Stephenson, who billed the DirecTV unit, people familiar with the activist investor saved special criticism for acquisition of the company as a bold move matter said, a sharp reversal from Chief AT&T’s purchase and integration of satellite to diversify beyond the wireless phone Executive Randall Stephenson’s strategy to provider DirecTV, which has been losing business and tap into a growing media make the $49 billion bet on the satellite subscribers. It also questioned whether the industry. The deal made AT&T the larg- recent $80 billion-plus acquisition of Time provider a key piece of the phone giant’s est distributor of pay TV channels, ahead Warner made strategic sense. future. of Comcast Corp. DirecTV is now part of “From our view it’s a mixed bag,” Mr. The telecom giant has considered an entertainment and consumer wireline Stephenson said of the Elliott comments. various options, including a spinoff of unit that made up 27% of AT&T’s $173.3 “There are some things in the letter that DirecTV into a separate public company billion 2018 revenue. we look at and say, ‘makes a lot of sense.’ and a combination of DirecTV’s assets AT&T executives have argued that ” It’s unclear how other suggestions make with Dish Network Corp. , its satellite-TV DirecTV’s millions of subscribers, com- sense for the company, he added. rival, the people said. bined with fiber-optic TV customers and Mr. Stephenson said executives were AT&T may ultimately decide to keep cellphone users, give the telecom giant initially wary of discussing repurchasing DirecTV in the fold. Despite the satellite the scale it needs to compete with the stock, for instance, as the company focused service’s struggles, as consumers drop their likes of Netflix Inc. and Walt Disney Co. in on using extra cash to pay down debt from TV connections, it still contributes a siz- entertainment and Alphabet Inc. ’s Google its acquisitions. AT&T’s finance chief last able volume of cash flow and customer in advertising. week said the company is on track to meet accounts to its parent. Mr. Stephenson deepened AT&T’s bet its debt repayment target, making share AT&T acquired DirecTV in 2015 for on media with the purchase last year of buybacks a viable option. $49 billion. The company’s shrinking satel- Time Warner Inc., after prevailing in an “Now that we’re seeing that, I think the lite business is under a microscope after antitrust battle. He refused to have AT&T Elliott recommendation actually makes activist investor Elliott Management Corp. divest itself of DirecTV when the Justice sense,” Mr. Stephenson said Tuesday. disclosed a $3.2 billion stake in AT&T last Department suggested that as a condition Elliott had studied the company for week and released a report pushing for of approving the deal. The government months but was spurred to action by Mr. strategic changes. Elliott has told investors lost the case. Stankey’s promotion, according to people that AT&T should unload DirecTV, The For Mr. Stephenson, who has helmed familiar with the matter. AT&T earlier this Wall Street Journal has previously reported. AT&T for 12 years, parting ways with month said Mr. Stankey would take the There could be regulatory hurdles to DirecTV would be an acknowledgment No. 2 job under Mr. Stephenson while any deal with Dish, which has about 12 that a major cornerstone of his diversifi- keeping his title as CEO of the Time Warner million subscribers. When Dish’s predeces- business, a collection of film and TV assets sor EchoStar Communications Corp. and See “AT&T” On Page 5 S.R.A. News Page 5

questioned whether the numerous execu- American unit public but shelved the initial “AT&T” From Page 4 tive departures at DirecTV compounded public offering amid tepid interest from cation strategy hasn’t gone as planned. It AT&T’s integration challenges. Elliott said investors. also adds pressure for AT&T to deliver on that poor results at DirecTV “and general the promise of the Time Warner deal. Mr. concern about the company’s ability to Stephenson has signaled he is prepared execute” were obscuring stronger results WSJ to step down as CEO as soon as next year, at AT&T’s core telecom businesses. By Joe Flint the Journal reported last week. One reason AT&T may ultimately Sept. 24, 2019 4:08 pm ET This month, Mr. Stephenson elevated decide to keep DirecTV aboard is AT&T’s AT&T Inc chief operating officer his longtime lieutenant John Stankey towering net debt load, which stood at defended the company’s strategy in the to become chief operating officer, a move more than $160 billion earlier this year. media business and said it doesn’t plan to that sparked Elliott’s decision to go public The cash generated by the pay-TV giant sell its DirecTV unit, viewing the satellite with its grievances about AT&T’s yearslong has helped pay down that debt and fueled TV provider as central to its ambitions in empire-building strategy. Mr. Stankey other investments in the rest of the com- streaming video. was put in charge of DirecTV after AT&T pany. In an interview, John Stankey said, acquired it and later moved to head up Any spinoff of DirecTV would be “DirecTV is an important part of what we’re WarnerMedia, the renamed Time Warner unlikely until mid-2020 at the earliest, five going to be doing going forward.” unit inside AT&T. He is widely viewed as years after the deal closed, to make it a The Wall Street Journal reported last the heir apparent for the CEO job. But tax-efficient transaction for AT&T, a person week that AT&T was examining whether Elliott viewed his recent promotion to familiar with the matter said. to part ways withDirecTV, and that the COO as hasty, people familiar with the Dish, which is also struggling in the company had considered options such as matter have said. pay-TV business, would be a logical part- a sale or spinoff. AT&T had 26 million U.S. pay-TV cus- ner for DirecTV. People close to Dish said Mr. Stankey said AT&T has studied its tomers after it bought DirecTV, but sub- there are obvious synergies that would options for DirecTV as part of broader port- scribers have declined at a brisk pace as come from combining both the national folio reviews. “We’re constantly looking at cord-cutting drives them to other entertain- satellite-TV operators, including stronger the portfolio,” he said. “That’s the normal ment options. Its pay-TV business, which leverage in programming negotiations, a course of business and it’s not unique to includes satellite TV, fiber-optic video single control center and shared customer- DirecTV.”Elliott Management Corp., an service and online channels, ended the support operations. Dish also sees value activist investment firm that disclosed a second quarter with under 23 million cus- in the cash that the satellite-TV business significant stake in AT&T this month, has tomers. Mr. Stephens warned earlier this generates, which could help fund its diver- called on the company to shed assets and month at an investor conference that it sification into wireless, the people said. reassess its plans to transform into an enter- would lose more customers in the third Speaking Tuesday at an investor con- tainment colossus. AT&T bought DirecTV quarter. ference in New York, Mr. Ergen said the for $49 billion in 2015 and last year pur- AT&T’s DirecTV disappointment fol- question remains whether such a union chased Time Warner Inc. in a deal valued at lows a long line of ill-fated deals in media would pass regulatory muster. “We look $81 billion. Mr. Stankey said asset reviews and communications, dating to AOL-Time at everything,” he said. had been done before Elliott went public Warner. AT&T’s wireless rival, Verizon It is “a unique time in Washington D.C.,” with its concerns. Communications Inc., has struggled to said AT&T’s Mr. Stephens, the CFO. Fed- Although DirecTV has hemorrhaged integrate media into its DNA as well. After eral agencies earlier this year said they subscribers as consumers cancel their TV spending more than $9 billion to acquire will approve the merger of T-Mobile service, Mr. Stankey said it would play AOL and Yahoo, Verizon booked a $4.5 bil- US Inc. and Sprint Corp. , the third- and a significant role when the company lion accounting charge related to its Oath fourth-largest wireless carriers, but the launches a subscription video-streaming media business last year, conceding that deal is now being challenged by a coali- product next year that brings together con- the company’s bet on high-profile internet tion of state attorneys general. That merger tent from its WarnerMedia unit, which properties hasn’t worked out. also involves Dish, which stands to gain includes HBO and Warner Bros. AT&T is In its letter to AT&T’s board, Elliott said divested cellular assets if the T-Mobile- looking for traditional pay-TV distributors AT&T’s DirecTV acquisition has come Sprint union survives the state challenge. to be involved in rolling out the online with “damaging results.” The hedge fund DirecTV’s domestic and international service. criticized AT&T’s glitch-filled launch of operations operate as separate units. Last the DirecTV Now streaming service and year, AT&T explored taking DirecTV’s Latin See “AT&T” On Page 6 Page 6 S.R.A. News

models. Apple can set a low price, in part —Drew FitzGerald contributed to this “AT&T” From Page 5 because it is looking to use video “to sell article. He also said DirecTV is an important a lot of hardware” at a high profit margin, part of the company’s advertising business, he said. Apple TV+ will come free for a September 24, 2019 given the data it provides to allow for more year with the purchase of a new iPhone, AT&T to Release Third-Quarter targeted marketing. iPad or iMac. 2019 Earnings October 23 AT&T Inc.* (NYSE: T) announced today Mr. Stankey, 56 years old, was elevated Disney likely wants to keep its price that the company’s third-quarter 2019 earlier this month to a newly created chief low, Mr. Stankey said, because the monthly results will be released before 7 a.m. ET operating officer role at AT&T, putting him cable bills consumers pay already reflect on Wednesday, October 23, 2019. At 8:30 in line to succeed Chief Executive Randall substantial charges for Disney’s channels, a.m. ET the same day, AT&T will host a Stephenson. including ESPN. “I think that’s just natural Mr. Stankey continues to serve as chief for their business model,” he said. conference call to discuss the results. The of the WarnerMedia division and said there Representatives of Apple and Disney company’s earnings release, Investor Brief- are no plans for him to give up the role. declined to comment. ing and related materials will be available “I’m not looking to find my successor right HBO, he said, is already a “a premium at AT&T Investor Relations. at the moment,” he said. Acquiring DirecTV discretionary product that over 30 million A live webcast of the call will also be instantly made AT&T the largest pay-TV households say they want at $15 a month.” available at AT&T Investor Relations, and distributor, but it has been ravaged by ser- After AT&T’s acquisition of Time Warner, the webcast replay will be available until vice cancellations. AT&T had 23 million Mr. Stankey combined the HBO and Turner December 31, 2019. U.S. pay-TV customers at the end of the cable units, leading to the departure of the September 26, 2019 second quarter, some three million fewer top executives in each division. The Warner AT&T Declares Quarterly than at the time of the 2015 acquisition. Bros. movie and television studio is now Mr. Stankey attributed some of Direc- more closely aligned with the rest of the Dividend, on Track to TV’s woes to its inability to offer all sub- company than in the past. Deliver Record Free Cash scribers service bundles that include “Did we have three of everything when Flow and Strong Dividend high-speed internet access, unlike cable we closed this transaction? We did. Can Coverage for 2019 The board of directors of AT&T operators such as Comcast Corp. that offer you be successful in media as three sub- Inc. (NYSE: T) today declared a quarterly TV, voice and internet bundles. scale businesses moving forward when all dividend of $0.51 a share on the company’s “Where we’ve built better broadband, these companies are consolidating to get common shares. The dividend is payable the business is performing just fine,” Mr. scale and play at scale? I don’t think so,” Stankey said. Mr. Stankey said. on November 1, 2019, to stockholders of One of Mr. Stankey’s biggest priorities is Some of the people who left, Mr. Stan- record at the close of business on October HBO Max, the new streaming service that key said, could have remained if they 10, 2019. will compete with Netflix Inc. and other wanted. “Sometimes you want the person Through 2018, AT&T has increased its offerings in the works from Walt Disney to stay, but they look at it and say, ‘this is quarterly dividend for 35 consecutive years, Co. , Comcast and Apple Inc. not my cup of tea,’” Mr. Stankey said, or and the company’s strong cash flows have Mr. Stankey declined to comment on “‘my sandbox has changed.’” allowed it to support a strong dividend the price of HBO Max. It is expected to be Mr. Stankey said his leadership team, policy. higher than $15 a month, which is what including WarnerMedia Entertainment In the first half of 2019, AT&T generated HBO costs, people familiar with the matter Chairman Robert Greenblatt and Warner $14.7 billion in free cash flow with a free have said. That would be more expensive Bros. Chief Executive Ann Sarnoff, “sub- cash flow dividend payout ratio of 50.6%, than Netflix, whose most popular plan is scribes to the direction we’re headed and down from 77.3% in the first half of 2018. $13 a month. Disney’s Disney+ is being are energized about it.” The company expects full-year 2019 sold for $6.99 a month while Apple’s offer- Mr. Stankey said he values input from free cash flow in the $28 billion range, ing is $4.99. his people, disputing criticism from some with a full-year dividend payout ratio in “Higher quality should warrant a slightly former Time Warner executives. “We got the 50% range versus 60% in 2018.1 higher price,” Mr. Stankey said. HBO Max to the restructuring of this business through 1 Free cash flow is cash from operating will include all of HBO’s programming as the input of the people who ultimately activities minus capital expenditures. Free well as original and library content. wanted to play,” he said. “Now there were cash flow September 26, 2019dividend Mr. Stankey said companies are setting some people who didn’t really want to play payout ratio is dividends divided by free prices according to their differing business and maybe they didn’t get a lot of input.” cash flow. S.R.A. News Page 7

Now You Know!

❥❥ If anyone knows Richard & Carol coverage for some (respite care, ser- to Greg Albert’s daughter Erika Sacchi Cassustus please let JoAnn know vice dogs, and hearing aids) who is recovering from brain surgery. at : [email protected] or 203- ❥❥ Remember supplemental medical The total donated was $400. Thanks 758-2409 as she needs to reach PLAN F will not be available for selec- to all who participated. Thanks also out to them in some way and tion of coverage in 2020 unless you to those members who have made individual contributions as well. Greg has not been able to locate any currently have it. Also if you plan on and his family are very very grateful contact info for them. making changes to any plan coverage to the SRA family. ❥❥ Grandfathered retirees will not see be sure you have 2020 costing before changes to carrier or script coverage final selections are made and discuss ❥❥ Mark your calendars now for 2020 levels. Costing of plans is based on any preexisting conditions that may gatherings!!! The Venice FL meeting selections. Dental plans should be impact your coverage changes. will be held on Monday March 9, reviewed for costs and level of cov- 2020 as of this writing that is the only ❥❥ For those who have the AT&T Den- erage. If you do not want to make FL meeting booked so far. The three tal plan there are no plan provision any changes you do not have to do other meetings will be booked soon changes except Orthodontia will anything. The AT&T Benefit Center # and announcements for all the meet- increase to a lifetime max of $2500.If is 1-877-722-0020 ings will be mailed in January 2020 in the past you used the $2000 max in to all SRA members who share with ❥❥ For those who are Medicare eligible 2020 you have an additional $500 for us a FL address. The 2020 Annual and utilize the AON Exchange for that particular service. Premiums will meeting and Picnic at Holiday Hill health care, scripts, dental and or increase so be sure to check on that. vision plans.. You will be able to will be held on Thursday September ❥❥ Retirees have access to “GROUND check on plan (s) costing for 2020 10, 2020. ROUNDS” which is a service offered in October. If you want a call with ❥❥ A correction to the pictures from the by AT&T benefits that allows you to an AON advisor call # 1-877-928- spring edition of our newsletter. In have top medical professionals review 8027. If you do not want to make photo #1 Fred Mitchell was listed a diagnosis, a proposed surgical pro- any changes you do not have to do as Ed Ariola. (Sorry Fred & Ed) and cedure, a treatment plan or secure anything. in photo # 6 it is John Greenwood second opinions within your plans. ❥ not Jim. ❥ Reimbursement dollars will remain It is another way to ensure you are the same in 2020 as previously stated receiving the best care and options ❥❥ Tony Palermo shared with us that by AT&T. If you go on Medicare dur- available to you. Reach out to them there is a great museum in Georgia ing the year your reimbursement at : www.grandrounds.com/att or (snowbirds who drive down to FL money is prorated. And remember #1-800-374-1009 take note) called the Georgia Rural you must be enrolled in Medicare Telephone Museum located in Leslie, ❥❥ For those who have a spouse who has prior to your 65 th birthday normally. Georgia and is open Monday through access to their own employer medical ❥❥ AT&T Annual Benefit Enrollments Friday 9 to 3 For more info go to: coverage and choose not to use it; the (non-AON) will begin on Oct 14 www.grtm.org VERY INTERESTING !!! AT&T Spousal surcharge will remain th and end on November 15th. ( 5 ❥ at $150 per month for AT&T benefit ❥ If you are unsure that the emails you weeks) Materials will be available on plans for that dependent. are receiving are really from AT&T October 7 th via the benefit web site. about your email account you can ❥❥ This is also a great time to contact The “theme” that AT&T will be using forward the email to: AT&T Internet Fidelity for life insurances beneficiary on the benefit materials sent to you Security at [email protected] or forward will be: “FOR YOU”. checking and making any necessary the suspicious text to “7726.” You changes. To request a new form the ❥❥ CAREPLUS for 2020 will again be at can also forward email to the Anti no cost. Be sure to call and get pre- number to call is 1-800-416-2363 . Phishing Working Group at report- approved for many items not covered ❥❥ The SRA proceeds from the Annual [email protected] or report under other provisions or additional Meeting and Picnic raffle was donated it to the FTC. Page 8 S.R.A. News

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Photos from the 2019 Annual Meeting – Holiday Hill – September 2019 1. SRA President JoAnn Alix- 11. Chuck Sweet, Al Page & Dave 23. John Sturges, Kevin Dalton & Gagain with Dick Stanhope Chauvin “Trum” Troemel and Holiday Hill chef 12. Tom & Carol Surprenant with 24. Bob Niles 2. Jim Zagryn, Susan Sirica, Bill Darien Hill 25. Maryse Petit- Homme & Joan Mastriano, Jeanne & Don 13. Mike Keller, Ray Quintin, Cole Brissett Chatfield Charlie Rogers, Joe Cordova 26. Gail Gunnoud & Colleen 3. Larry Jackson, Rick Cecere & & Dave Dudley Gagne Rich Greene 14. Diane Lanzirie & Eddie 27. Kay Sullivan & Susan Sirica 4. Nancy April, Roxanne Fusco & DeMarzo 28. Fred & Exelda Messinger Sue Dubay 15. Ron Geraci, Al Viglione & Ron 29. Bob Banet, Greg Brenner, & 5. SRA Board members Harry Correnti Denis Olson Green & Frank Pagerano 16. Jerry Shea & Jim Bindner 30. Charlie Colaresi & Richard Gill 6. Tex Funteral & Ron Griggs 17. Teresa & Fred Raiola 31. Helen Gogdell & great 7. SRA Board member Mary 18. Bill St. Onge & Richard Gill granddaughter Brooklyn Fontana & Lou Donofrio 19. Barbara Riley, JoAnn Alix- 32. Adan Burakouski & Ted Occhi 8. Brothers Pat and Tom Gagain, Jeannette Craine & 33. Linda & Tom Calus with their DeMichele Sharon Carney grandson Connor 9. Mary Connolly & Kathleen 20. Carol & Maureen Hawley 34. George & Pattie Ducharme Kordek 21. Tony Anastasio & Ken 35. Jack Grady 10. Betty Estelle, David & Annie McIntyre 36. Jim Laske Thorpe 22. Ann Spardone & Vic Barbaro 37. Bob Schmidt S.R.A. News Page 9

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The SRA received this email from member Fred Hieman that I am sure you would all be interested in as well. “To briefly summarize, SNET cel- significance was for the contents. the material and they agreed that ebrated the 100th anniversary of the Lou contacted me in 2017 and donating it to the UCONN library establishment of the first telephone explained what he had. He knew made sense. Mike Cicchetti, the exchange in New Haven. Coinci- that I have been an employee Frontier VP for Government dent with the 100th anniversary in in 1978. I went over to and External Affairs 1978, SNET was dedicating a new the building and made the final data center at 350 George Street. inventoried all arrangements. As part of that ceremony, the PR the items in the On June department prepared a time capsule time capsule. 14, 2019, to document the company in 1978 It seemed the archi- to be opened in 100 years. It also to me to be vist from included a letter from President Van an impor- UCONN Sinderen to his successor 100 years tant piece Library in the future. The time capsule was of SNET’s drove to sealed in a steel box with a plaque history and 310 Orange attached to describe the time cap- should be pre- Street to pick sule. This capsule was installed in served. up the con- the 350 George Street building. There were tents. The library Fast forward to 2017. SNET had two key issues. 1. did not want the been taken over by AT&T and then Who is the owner of steel box per se. They AT&T sold off most of the business the time capsule? AT&T or wanted the individual con- to Frontier Communications. The Frontier? 2. Where should the con- tents which would be individually 350 George Street building was tents go? AT&T maintained an inventoried and stored as separate transferred to Frontier archive for the history items in the collection. The steel Communications. of the Bell System plaque with the description of the Frontier Commu- in San Antonio time capsule was also taken. nications did not and was will- Attached are pictures of the need the 350 ing to take the transfer. I also took a picture of the George Street material. The large metal plate which is on the building and University of wall of the lobby of 310 Orange sold it to a Connecti- Street which documented that New developer. cut Library Haven was the site of the first com- In the pro- in Storrs mercial exchange. cess of the had a sepa- These items will be cataloged Frontier Com- rate library into the library and be accessible munications of SNET to the public and researchers. They removing items items that were may take the multiple page docu- from the building, donated to the ments and create digital images the crew found the library in 1998 when which can be accessed over the time capsule. Fortunately, SNET was taken over by internet. they contacted Lou Lastrina who is SBC (later renamed AT&T). SNET I feel good that the time capsule a Director for Frontier and asked also donated money to the library and its content did not end up in the what to do with the capsule. Lou to maintain these archives. dumpster 2 years ago. Thanks to Lou arranged for it to be delivered to his I tried to resolve these issues. Lastrina for being smart enough to office building at 310 Orange Street. Thanks to John Erma, he worked seek out help to resolve the correct Lou opened it up and examined the with his counterpart for Frontier in disposition of this steel box. contents. He did not know what the CT. Frontier agreed that they owned Fred S.R.A. News Page 13

In Memory Of...

The name of the retiree is not listed until the family officially reports the death to the company, so at times you will see a date of death that is months old. The death of an active employee or a retiree can be reported by calling the Fidelity Service Center at 1-800-416-2363 and then following the prompts. Retirees’ dates of death was omitted due to a few glitches this edition. Note: AT&T has not been able to supply us with those who have passed on from April and May 2019 to date.

AHERN,DORIS D MILFORD CT...... 5-May-19 MAHAKIAN,LOUISE WOODBRIDGE CT...... 26-Jun-19 ALEXANDER, MARILYN G MERIDEN CT...... 18-Mar-19 MCGUIGAN,JEAN G JUPITER FL...... 28-Jul-19 ASID,EDWARD P EAST HAVEN CT...... 18-Jun-19 MCKINNEY JR,ROBERT H COLLINSVILLE CT...... 11-May-19 BATCHELDER,ROBERT T TRUMBULL CT...... 18-Jul-19 MEYER,MARGARET E NAVARRE FL...... 25-Apr-19 BEARDSLEY JR,JAMES E DEEP RIVER CT...... 8-Aug-19 MILLER,RICHARD C WEST HAVEN CT...... 16-Apr-19 BOWEN,JAMES F NORFOLK MA...... 8-Feb-19 MOTT,BARBARA B MILFORD CT...... 29-Jun-19 BRADY,BRIAN MIDDLETOWN CT...... 9-Jan-19 MOUNT,CAROL T. NORTH CHARLESTON SC...... 11-Jun-19 BURNHAM JR,JOHN P CHAPLIN CT...... 2-Apr-19 MUNROE,LOUIS BRANFORD CT...... 22-Jul-19 CALDWELL JR,THEODORE C NEW HAVEN CT...... 1-Jul-19 NOBERT,CAROLINE MERIDEN CT...... 20-Jun-19 CLARK,ELEANOR M BRANFORD CT...... 30-Jun-19 NOTO,ROSEMARIE NORTH BRANFORD CT...... 14-May-19 CROTEAU,GEORGE H HILLSBORO NH...... 25-Jun-19 OLK,DONNA C LAWRENCEVILLE GA...... 22-Jun-19 CURTIN,VALERIE S MANCHESTER CT...... 22-Jun-19 OLSON, GORDON POMPANO BEACH FL...... 1-Aug-18 CURTISS,RUTLEDGE W NEW MILFORD CT...... 31-Mar-19 OSBORNE,RICHARD W WALLINGFORD CT...... 25-Apr-19 DELALLO,RICHARD S EAST NORWALK CT...... 12-Jun-19 OUIMETTE,THERESA B NEWINGTON CT...... 13-Jun-19 DISLER,SARA D BRIDGEPORT CT...... 17-Aug-19 PAPAGEORGIOU,ELIZABETH WEST HARTFORD CT...... 2-Jun-19 DONOVAN III,JOHN V BROOKLINE MA...... 7-Jun-19 POLETTI,LOUIS J WALLINGFORD CT...... 6-Jul-19 DUNN,MARY F MITCHELLVILLE MD...... 29-Apr-19 PYNE JR,THOMAS J BETHANY CT...... 13-May-19 DYKEMA,MARGARET A UNIONVILLE CT...... 14-Jul-19 REED,CATHERINE L JONESBORO GA...... 2-Aug-19 EVANS,GEORGE T REDDING CT...... 15-May-19 RENKEWITZ,RITA E. EAST HAVEN CT...... 31-Mar-19 FOLEY,TERENCE RIVERTON CT...... 31-Mar-19 REYNOLDS,KATHRYN P GEORGETOWN CT...... 3-Aug-19 FOLK,DONNA C LAWRENCEVILLE GA...... 22-Jun-19 ROBERTSON,JEROME BENNINGTON VT...... 2-May-19 FREEMAN,WILLIAM F MAYSVILLE OK...... 10-Aug-19 ROBINSON,ALFONSO BLOOMFIELD CT...... 6-Jul-19 GARDINER,JEANNE L HAMDEN CT...... 21-Jul-19 RUDNICKI,KENNETH MERIDEN CT...... 20-May-19 GEAGLONE,BERNICE M NORWICH CT...... 30-Jun-19 RUESCH,LOIS WOLCOTT CT...... 18-May-19 GILI,DANIEL P COLLINSVILLE IL...... 10-Jan-94 SAGAR,EDNA L CHESHIRE CT...... 27-Jul-19 GIPSON,DONNIE W LOCKHART FL...... 1-Jun-19 SAMOLYK,PETER P MANCHESTER CT...... 5-Jun-19 GOMEZ, FRANK NEW HAVEN CT...... 23-May-19 SANTILLO,JEAN C CHESHIRE CT...... 16-May-19 GREEN,DAVID L DANBURY CT...... 29-Mar-19 HACHE,ROGER J GOSHEN CT...... 19-Aug-19 SCHMALZ,MARTHA J WINDSOR LOCKS CT...... 9-Apr-19 HORSTMANN,KATHERINE NEWINGTON CT...... 18-Aug-19 SCOTT,R L BLUFFTON SC...... 3-May-19 HUGHES,JOLEAN HARTFORD CT...... 16-Mar-19 SHOPLICK,WILLIAM F KENSINGTON CT...... 6-Jun-19 HUHTALA,JOAN P MANCHESTER CT...... 16-Aug-19 SNEED,MICHELE C CINCINNATI OH...... 27-Jun-04 HYDE,JOAN G LUTZ FL...... 7-Jun-19 SPENCER,PAUL E MOUNTAIN HOME AR...... 18-Aug-19 INGARI,BARBARA B MIDDLETOWN CT...... 7-Apr-19 STACY,HELEN J BRIDGEPORT CT...... 16-Jul-19 JOHNSON,AGNES R HAMDEN CT...... 8-May-19 STANLEY,DOROTHY M NEW HAVEN CT...... 24-Jun-19 JOHNSON,WILLIAM H MOOSUP CT...... 24-May-19 TUCKER,ROBERT C NEW HAVEN CT...... 2-May-19 JUNE,THERESE STRATFORD CT...... 4-Jun-19 TYMA,ANNA V SHELTON CT...... 20-Jul-19 KEHOE JR.,CHARLES MARLBOROUGH CT...... 19-Jun-19 VAUGHAN,JAMES R. NORTHFIELD MN...... 2-Aug-19 KOPP,ELEANOR G MERIDEN CT...... 2-Jul-19 VESCOVI,CATHERINE S EAST LYME CT...... 22-Jun-19 LAGANGA JR.,,JOSEPH BAYVILLE NJ...... 15-May-19 WALKDEN,R DAVID GUILFORD CT...... 15-Aug-19 LAVALLEY,ALFRED J. WINDSOR CT...... 3-Aug-19 WARANOWICZ,RONALD P UNION CITY CT...... 8-Mar-19 LESLIE,CATHERINE MERIDEN CT...... 27-Jul-19 WEIR,WILLIAM R GUILFORD CT...... 28-Apr-19 LUDDY,ROBERT G PROSPECT CT...... 27-May-19 WEST,PATRICIA WATERFORD CT...... 7-Mar-19 MACCIO,DOMINIC PLANTSVILLE CT...... 25-Feb-19 WHITE,RICHARD S CAPE CORAL FL...... 2-May-19 Page 14 S.R.A. News 2019 SRA Annual Meeting and Picnic SRA Members gathered at Holiday Hill on September 12th for a great day of reconnecting and enjoying so many friends and fantastic food too. We will look forward to our gathering again in 2020. The following folks paid to attend the SRA Annual Meeting and Picnic.

MEMBERS...... GUESTS MEMBERS...... GUESTS JoAnn Alix-Gagain Ron Correnti...... Ron Geraci Bob Archambault...... Linda Cavallaro...... Joseph Tomczyk Mary Fontana Jeannette Craine Harry Green Ellen Cramp Frank Pagerino Larry Cramp Greg Albert Eugene Cremers Larry Albert Peter Cummings John Alexander Kevin Dalton Paul Amore Dorothy De Bowes...... Mary Marczak Anthony Anastasio...... Anne Anastasio Eddie DeMarzo...... Diana Lanzirie Don Anderson...... Jacky Anderson Don DeMattia Robert Andrew Pat DeMichele Nancy April...... Leslie Massetti Tom DeMichele Ed Ariola...... Elaine Ariola Joe Derbacher Jim Armstrong Louis Donofrio Ray Arnold Mary Dora ...... Linda Clough Bertha Ashe...... Clarence,Lourdes, Maria & Marta Ashe Susan Dubay Frank Balzano...... Anne Balazano Ken Dubauskas Bob Banet George Ducharme Vic Barbaro Pattie Ducharme Jerry Basil...... Janice Basil Dave Dudley Elaine Beck Dave Ehrhadt Larry Beck Howard Eldrridge Jim Bindner...... Zoltan Farkas Richard Esposito.Jo-Ann Esposito, Paula & Louis DiMartino Adam Burakouski Keith Estep Charles Borysewicz Rick Evans...... Ken Mc Intyre Greg Benner Joseph Fetcho Barry Burke Sam Floridia Linda Calus...... grandson Connor Dan Franek Tom Calus Tex Funteral Jacqueline Carlson...... Georgia Catenza & Ellen Langello Roxanne Fusco Sharon Carney Colleen Gagne James Casey Janet Younkin Gagne Al Cerino Paul Gill...... Therese Gill Don Chatfield Richard Gill...... Bill St. Onge Jeanne Chatfield Joe Giordano Dave Chauvin Helen Gogdell...... granddaughter Brooklyn Dave Clark Bob Gomez...... Harriet Gomez Sharon Clark John Grady...... Brittany Collangilo Charles Colaresi Rick Grady...... Marie Grady Marvin Collier Ron Griggs Mary Connolly Gail Gunnoud Joe Cordova Edna Hall ...... Stella Bush Norm Corey...... Yolanda Corey Carol Hawley S.R.A. News Page 15

MEMBERS...... GUESTS MEMBERS...... GUESTS Maureen Hawley Cliff Potter...... Dolly Potter Darien Hill Bill Pruchnicki...... Janice Pruchnicki Joe Hoefflinger Tom Puffer...... Barbara Puffer Jon Hopwood Roy Quintin Robert Horan Tom Isaac...... Evelyn Isaac Fred Raiola Frank Ives Teresa Raiola Frank Jablonski Willard Revaz Larry Jackson...... Rich Greene & Richard Cecere Barbara Riley Gary Jobst Ron Ritchie William Kane Dick Robert Dick Kaylor Russ Roberts...... Ray Hanley Ed Kazemekas Mike Keller Sandy Rossitto Charles Kelly...... Leroy Ferris Lee Russell...... Diane Russell Bill Kinney John “Cappy” Ryan Kathleen Kordek Karen Sabal-Ciccone Ted Kulpik Nancy Sandor Jim Laskey Bob Schmidt Rich Lavery Bernie Levasseur Bob Schulze Jeff Linden Jerry Shea Al Lindsay Susan Sirica Jackie Lombardo Steve Slyaton Paul Lutson Jabez Smith John McCarthy ...... Roberta McCarthy Ann Spardone Frank McKane Richard Stanhope...... Janice Stanhope & Mary & Joe Sienkiewicz James McNulty...... Marilyn McNulty & Audrey Roessler Jim MacBride Moe Stapleton Barbara Marcelynas John Sturges Bill Mastriano John Sullivan Exelda Messenger Kay Sullivan Fred Messenger Carol Surprenant...... Thomas Surprenant Carl Miller...... David Martain Chuck Sweet Bill Minihan Lou Moynihan Annie Thorpe...... David Thorpe & Betty Estelle Kevin Mullen Amy Torreso...... Maria Erdos Don Nielsen Al Triana...... Ellen Triana Bob Niles Trum Troemel Richard O’Dea...... Ann O’Dea John Ulkus Ted Occhi Al Viglione Dennis Olson Al Page Ed Vitka Tony Palermo Charles Waldo Jim Pandaru...... Ron Petricca Bob Walker...... Rita Walker Ed Panzella ...... Annette Panzella Anne Ward Mike Pappas Ted Warzecha Ron Parese Ray Whitehead Jack Pasquale Al Woynar Dick Patasuis Linda Perrone Andrew Wysowski Maryse Petit-Homme...... Joan Cole Brissett Jim Zagryn Larry Pierce Norma Zenkus S.R.A News Non Profit Org. 318 Central Rd. U.S. Postage Middlebury, CT. 06762 PAID Permit #249

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