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.