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Belltel Retiree 2016 Spring Belltel.qxp_12pages 2/5/16 1:28 PM Page 1 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. Spring 2016 Volume 77 BellTel Retirees Score Key Ally Association Pushes Feds On Pension Fiduciary In U.S. Supreme Court Case Conflict Rule he Association of BellTel Retirees has added its voice to the impor- Ttant effort to crack down on pen- sion fiduciaries’ conflicts of interest. In a letter to the U.S. Department of Labor (DOL), the Association has thrown its support behind an effort to tighten rules on those who serve as fiduciaries, to ensure they are obligated to put the best interests of clients ahead of their own profits. The White House Council of Economic Advis- ers determined that conflicts of interest among major ally was secured in the have standing to seek action. investment advi- Association of BellTel Retirees “In the context of defined benefit sors directly lead to about 1 percentage AUnited States Supreme Court pension plans, this could mean that par- point in annual losses for retirement legal challenge against Verizon over its ticipants could not seek redress for fidu- savers, costing about $17 billion per year. jettisoning of 41,000 management ciary mismanagement until they have The Council also calculates that an indi- retirees out of its federally protected pen- been deprived of their benefits,” the vidual could lose an astonishing 25 per- sion plan and the company’s use of $1 Center wrote in its filing, “at which point cent of his or her savings over the course billion in pension funds to pay non-relat- of 35 years. ed expenses. “We believe that those entrusted The Washington, D.C.-based Pen- with a fiduciary responsibility should sion Rights Center, a national non-profit owe the highest debt of trust and con- advocacy organization focused on pro- fidence to the principal they represent tecting retirement security, has filed a and no other,” BellTel President and “friend of the court” or amicus curiae Executive Director John Brennan and brief, supporting the Association’s litiga- Board Chairman Jack C. Cohen tion against Verizon, which is now being wrote to the Department of Labor. considered for a hearing by the High photo credit Dave Simmonds Court. BellTel Special Legal Counsel Curtis Kennedy is (Continued to page 5) The center, an influential voice for leading our U.S. Supreme Court fight. retirees for over 40 years, argued that the — INSIDE THIS ISSUE — plaintiffs in the case – Pundt v. Verizon it would almost certainly be too late… – should have the right to complain because the statute of limitations would 2016 Proxy Proposal – Pg 3 about mismanagement of their pension have run out.” Retirees’ Impact On IRS Ruling – Pg 3 funds and seek civil enforcement against Having the support of the Pension 20th Anniversary Meeting – Pg 4 Verizon under the Employee Retirement Rights Center adds weight to the case Don’t Get Caught By Medical Income Security Act (ERISA). Lower and indicates that the stakes are larger Claims Fine Print – Pg 5 courts have found that plan participants than just the assets of the 41,000 retirees History Of Results For Retirees – Pg 6 must prove they have already suffered who are a party to the suit. Why Retirees Should Picket – Pg 8 individual financial harm before they (Continued to page 9) Retiree Spotlight – Pg 10 2016 Spring Belltel.qxp_12pages 2/5/16 1:28 PM Page 2 2 BellTel Retiree Spring 2016 instructions on how to RSVP and I Let me repeat that: Your Associa- enthusiastically hope to see all of you tion led litigation to protect all of our who can make it. fellow retirees’ pensions. This case is 12th Time a Charm: Eleven times now being reviewed and considered by your Association has challenged the the nine justices of the highest court in corporate excesses at Verizon and won. America! We have done this successfully via the Saying that takes my breath away, annual shareowner proxy ballot and considering the volume and magni- we will do it again in 2016. tude of legal work and accomplish- The idea to leverage our collective ment it took just to get there. And to shareowner rights evolved after our say that our doggedness has confound- President’s Message first year in existence, when NYNEX’s ed the company and the U.S. employ- By John “Jack” Brennan CEO refused to recognize the Associa- ee benefits industry is an understate- tion as an advocate for 3,000 retirees ment. To all my fellow Verizon retirees let who signed a petition demanding a My Appeal: As I began, this is a me state clearly that 2016 will be a COLA that was guaranteed in their very remarkable year for all of us. We very remarkable year for all of us. I’ll working years. Then the lightbulb are not just going through the explain. went on… The company CEO could motions but fighting tooth and nail Springtime in New York: On not duck out on responding to share- for you. Each of these and other crit- April 19 we will be holding the Associ- owners, so the Association became a ical strategies are powered by your ation’s 20th annual member meeting NYNEX, then Bell Atlantic and even- donations. While Verizon has an in Tarrytown just a short trip from tually a Verizon stock owner! unlimited ability to spend, we do not. New York City, Southern Connecti- In 2016 we are petitioning share- Please be generous in supporting the cut, Northern New Jersey and the owners to close a rather new loophole actions of the Association of BellTel entire Hudson Valley. We selected that once again allows excessive execu- Retirees today. this location due to its close proximity tive golden parachutes. The fact is, we to thousands of our members. If you have fought the company multiple have not been to one of these wonder- times over excessive bonuses, compen- OUR MISSION: ful gatherings before, 2016 is a perfect sation and golden goodbyes and won. time to start. Time after time the company agrees to The Association of BellTel Let me put this annual reunion and change their ways, only to find a new Retirees Inc. is dedicated to promot- member meeting in perspective. We loophole. See article on page 3. ing the protection and enhancement regularly achieve crowds of 200 to 500 Standing at the Highest Court in retirees and spouses, many of whom America: Over several years our feder- of the pensions and benefits for all join us the evening before the event to al litigation has sought to confront retirees and beneficiaries of the com- catch up with old colleagues with Verizon over the way it spun off the panies and subsidiaries that make up whom we worked shoulder-to-shoul- pensions of 41,000 retirees and may der during what some consider the do the same to thousands more in the the Verizon and Idearc/SuperMe- best years of our lives. Recapturing near future. In the coming months we dia/DexMedia Corporations. that old camaraderie is truly magical. expect to hear more about our pension The Association will convince the For two decades now we have held spinoff litigation (Pundt –vs – Veri- company to properly care for its this event in a rotating list of states in zon), now in the hands of the United close proximity to where our retirees States Supreme Court. thousands of dedicated former live, because we want and need your union and management employees. active involvement and participation. We’ve taken this important annual The Association will conduct — Advertisements — activities designed to educate elected event to Delaware, Florida, Maryland, All representations made in adver- Massachusetts, New Jersey, Pennsylva- tisements are solely the responsibility federal, state and local representa- nia, Virginia and are delighted to of the advertiser. The Association of tives and promote the passage of leg- return again to New York. BellTel Retirees is not responsible islation which will protect and guar- We have some members who have for any such representations. The attended every single meeting regard- Association does not endorse any antee, rather than invade our hard- less of location, plus other familiar advertiser. earned pension and benefits fund. faces that rarely miss it. On page 4 are 2016 Spring Belltel.qxp_12pages 2/10/16 7:37 AM Page 3 Spring 2016 BellTel Retiree 3 PROXY 2016: Retirees Fight Against Even More Retirees’ Impact IRS Ruling Verizon Executive Golden Parachutes n mid-December the Association of BellTel Retirees issued a request erizon retiree leaders are waging termination payments without the Ito our members alerting them a proxy challenge to an required shareholder approval. In about a proposed new IRS rule that Vaccounting gymnastics loop- effect, the loophole circumvents the would require all charities, be it a hole in the mega telecom’s “golden intent of the policy shareholders over- church, hospital, food pantry or even parachute” rule. This rule allows Veri- whelmingly adopted in 2003 when our Association to compel all donors zon’s CEO and other top executives to retirees introduced the governance making a contribution of $250 or walk away with multi-million dollar change.” more to supply their Social Security termination payouts as high as $37 mil- In 2015, a nearly identical proposal, number. To anyone fearful about lion. also sponsored by Mr. Cohen, received identity theft, this was concerning, so Association of BellTel Retirees nearly 35% support.
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