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Verizon Retirement Watch

Association Makes History - Wins Two of its Proxies

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Date of Update 11/17/08

 

Wanted: All Idearc Retirees!

The Association of BellTel Retirees has approached Verizon to try to return to Verizon previous retirees of Verizon that were transferred to Idearc.  We will commence legal action if this approach is not successful.  This action will not be easy and will be expensive.  The only way we can be successful is if we identify those retirees who have been transferred to Idearc and gain their support.

In addition to their financial support, we will need documents and will want some to testify when the time comes.

I am sure that many of these people are already members of the Association but are not identified as Idearc retirees.  It is necessary for those retirees to contact us to let us know so that we can note our records and we can contact them when we need them.

There are also thousands of other people who have been transferred to Idearc that we do not have as members.  It is vitally important that we find those people so that they can join us in this fight.  Please, if you know of any such people we need you to forward their contact information to us.

We know that there are 3,000 such retirees out there and we need every single one to step up and help us to help them.

You can call the office with information: 1-800-261-9222
You can mail us names, telephone numbers, addresses and email addresses to: 
            P.O. Box 33, Cold Spring Harbor, NY 11724
You can email information to: association@belltelretirees.org

Thank you for your help.  It is imperative that we do all we can to protect these retirees’ pensions and benefits.

Your Association




DEAR ASSOCIATION MEMBER:
If you are a Verizon shareowner, we urge you to VOTE FOR your Association s shareholder resolution 
on Verizon's proxy card for the upcoming Annual Meeting on May 1 in Lincoln, Nebraska.
 
Please vote your proxy FOR Item 5 and Separate the Roles of Board Chairman and CEO.
The Chairman should be selected from among the independent directors: Proxy Item 5 asks the Board
to amend Verizon's Corporate Governance Guidelines so that in the future the Board will select its 
Chairman from among the directors who do not also serve as an executive officer of the company.
It should be no surprise that recent studies have shown that companies with non-chairman CEOs produce 
substantially higher shareholder returns than companies where the CEO fills both roles.   The Board should 
be focused on holding the CEO accountable to the company s owners.  But when the CEO is also Chairman 
of the Board, we believe it is far more likely that lines of accountability are blurred, that compensation is less 
tightly aligned with shareholder returns, and that the decision to replace a poorly-performing CEO is skirted 
or delayed.
We believe that an independent Board Chair is particularly appropriate at Verizon.  For many years the 
compensation of Verizon s senior executives has been disconnected from returns to shareholders, in our 
view. 
For the second consecutive year, a study by the Corporate Library singled out Verizon as one of 12  Pay for 
Failure companies  that exhibit the worst combination of excessive CEO pay and negative shareholder returns 
over the most recent five-year period. ( Pay for Failure II: The Compensation Committees Responsible,  May 
2007).
The study notes that over the five fiscal years through 2006, CEO Ivan Seidenberg received $68.6 million in 
compensation, while total shareholder return was negative 5%.  And while Seidenberg s compensation rose to 
$20.3 million in 2007, the stock price today is just barely above March 2003 levels.
The accountability problem at Verizon is further compounded, in our view, because too many of Verizon s 
directors serve on too many boards in addition to their primary occupation   and too many have had financial 
relationships with Verizon other than their directorship.  Eight of Verizon s 12 nominated directors (66%) serve 
on at least two other corporate boards and three serve on more (Moose, Neubauer and Nicolaisen).  By 
comparison, a survey of board practices at 1,275 large U.S. companies by the Investor Responsibility 
Research Center in 2005 found that 66% of directors at these companies serve on no more than one other 
board, while 87% serve on no more than two others.
I will present this proposal in person on May 1 and will deliver an appeal to the officers, board and shareholders 
that retirees, who built this company, are having financial difficulties while the officers are being showered with 
exorbitant pay packages.
Bob Rehm will also speak to the issues that retirees face.
I hope you will join me and vote your shares FOR proxy Items 5.
Please DO NOT send your proxy card to the Association.   If you vote on-line, proxy material was sent out a few 
days ago.   
If you vote by mail, the proxy material should be coming out shortly.  If you don t receive your proxy material by 
early next week, contact the Verizon Shareowner s number 800-631-2355 or your broker.

Sincerely yours,
Bill
C. William Jones
President and Executive Director
Association of BellTel Retirees Inc.
www.belltelretirees.org
Board Chairman
ProtectSeniors.Org
www.protectseniors.org

 

The Association of BellTel Retirees Supports

The Social Security COLA Protection Act 

About this bill:

Ø      The Social Security COLA Protection Act of 2007 would protect seniors’ Social Security income from increases in prescription drug and other health care costs.

Ø      The bill guarantees that no more than 25 percent of a Social Security beneficiary’s annual cost-of-living adjustment (COLA) could be consumed by increases in Medicare Part B and Part D premiums. 

Why is this so important ?

Ø      In 2008 rising Medicare premiums will already consume one-fourth of the average Social Security COLA.

Ø      Women and minorities, who tend to have lower retirement incomes, are most affected by hikes in the cost of prescription drugs and health care; some low-income beneficiaries already lose their entire COLA due to rising health care costs.

Ø      Social Security benefits will be further diminished by Part D premiums that grow each year as the cost of drugs used by Medicare beneficiaries increases.

THE ASSOCIATION OF BELLTEL RETIREES JOINS NATIONAL COALITION

     On January 9th, the Association of BellTel Retirees was formally welcomed as
a member of the Leadership Council of Aging Organizations (LCAO), a
coalition of over 50 non-profit organizations concerned with the well-being
of older Americans and committed to representing their interests in the
policy-making arena.  The purpose of the LCAO is to foster communication and resource-sharing among its member organizations, to serve as a source of
information about issues affecting older persons, to initiate joint advocacy
strategies as appropriate, and to provide leadership and vision as America
meets the challenges and opportunities presented by its aging society.
Through this membership, our Association will enhance its influence in
national policy and bring its perspective to a diverse organization.  To
find out more about LCAO, please visit their website www.lcao.org.
 

IDEARC TERMINATES CONCESSION TELEPHONE SERVICE BENEFIT

On November 17, 2006 Verizon spun off its domestic print and Internet yellow pages directories publishing operations as well as the Verizon Information Services (VIS) to Idearc. 

This spin off resulted in a transfer to Idearc of approximately 7,400 employees and a yet to be determined number of retirees.  Many were retired from Verizon or its predecessor companies for many years and were depending upon Verizon to provide promised pensions and healthcare benefits.  Those benefits were to be “substantially similar” to those provided by Verizon. 

Recently a notice was sent to Idearc employees and retirees that Concession Telephone Service was to be terminated effective January 1, 2008.  Some already lost this benefit in 2002 and received a lump sum payment. 

This action confirmed the fears of those transferred to Idearc that their pensions and benefits were at serious risk. Many appeals were made to the Association of BellTel Retirees to intervene on their behalf. 

The Association has agreed to ask legal counsel to research the issues.  At this point we do not know if there is a basis for suit.  However, we ask that Idearc retirees: 

1.     Collect any and all documents that they have relating to the conditions of their retirement and the promises made in writing or verbally for all benefits including Concession Service.  Copy them and send the copies to the address shown below. 

2.     We need to know the names and all contact information of all who would serve as “Members of the Class” should a suit be filed.  Let us know that you want to be an “Idearc Protestor.” 

3.     Write (email or fax) your Member of Congress and, in your own words, explain what has happened to you.  Ask for a Congressional investigation of the transfer and potential loss of earned benefits. 

Mail copies of documents to:

     Association of BellTel Retirees
     P.O. Box 33
     Cold Spring Harbor, NY 11724  

Email other information & Idearc Protestor contact   information to: association@belltelretirees.org 

We ask all members to pass this email on to your friends and associates.  Please urge them to join the Association by accessing our web site: www.belltelretirees.org and clicking on “Join Us.”  WE NEED THE SUPPORT OF ALL!

Thank you. 

Bill 

C. William Jones

President & Executive Director

Association of BellTel Retirees Inc.

www.belltelretirees.org 

Board Chairman

ProtectSeniors.Org

www.protectseniors.org

The Power of You  -  AARP Bulletin November 2007

This month's AARP Bulletin ran an article about shareholder activism and the power of individuals and groups, such as the Association of BellTel Retirees, in shaping corporate governance and curbing executive pay.

Much of the article is right on target while some is a bit of a stretch.

The reporter, Carole Fleck, correctly points out that some of the technological advances such as, Internet blogs, group web sites, YouTube and podcasts make it easier for individual activists to have a much bigger platform.  However, in order to win a majority vote at a Fortune 100 company, it takes more than that.

The Association engages two attorneys to guide us through the process. We visit with the major funds and proxy voting services and contact every pension fund that holds Verizon shares.  Further, we write to our 100,000 members and another 30,000 of the largest shareholders.  We seek the cooperation of unions and other retiree groups whose members may own shares.  All of that takes money that we must raise from our membership who we educate on the value of voting for our proposals.

Featured in the article are three examples of successful activists.  The first is C. William Jones, president and executive director of the Association of BellTel Retirees.  The reporter documents a number of successful proxy proposals, sponsored by this 100,000-member retiree association.  These proposal wins have made significant headway in controlling executive compensation and shaping corporate governance.  The group also was responsible for three adjustments in some retiree's pensions as well as a large lump sum payment in 2000.

Also featured in the article are Kevin Mahar, President of a local union in Boston who represents GE employees, who also had success while taking on GE and James McRitchie who lead a "call to action' at Yahoo.

The conclusion of this article is correct that an individual, with a good argument to make can build a coalition using current technology and can have an effect on how corporations act and govern themselves.  But Jones adds, "you better be ready to spend some money."

To view the entire article, go to:
http://www.aarp.org/bulletin/yourmoney/the_power_of_you.html

Thank you,

Bill

C. William Jones
President & Executive Director
Association of BellTel Retirees Inc.
www.belltelretirees.org

Board Chairman
ProtectSeniors.Org
www.protectseniors.org

Dear Member,

I want to thank you for your personal support of the new lobbying organization, ProtectSeniors.Org. However, I have something else to ask of you. We need you to forward this message to everyone in your e-mail address book. Don't worry if they are not retired. They will know people who are retired or planning for retirement.

It is critically important to our success to get the word out to retirees and pre retirees that this new organization is open to people from ALL INDUSTRIES AND IN ALL PARTS OF AMERICA to help secure financial security for them in retirement. They can go to our web site: www.protectseniors.org and learn more about this exciting new organization.

I know you understand what we are doing but here is the message that we would like spread all over our country.

C. William Jones
President & Executive Director
Association of BellTel Retirees Inc.
www.belltelretirees.org

Chairman of the Board
ProtectSeniors.Org
www.protectseniors.org

You may not know this but CORPORATIONS HAVE THE LEGAL RIGHT TO TERMINATE OR REDUCE YOUR HEALTHCARE BENEFITS AT ANY TIME.

Unlike your pension, which once you retire cannot be reduced or terminated; healthcare benefits do not have legal protections.

ProtectSeniors.Org is a 501 (c) 4, non-profit lobbying organization that is dedicated to protect retirees from reductions or cancellations of their earned and very valuable company-provided healthcare insurance coverage. Millions of retirees have already suffered this major set back and we want to reverse this trend.

Go to the web site: www.protectseniors.org and read the summary of the bill that is before Congress: the Emergency Retiree Health Benefits Protection Act (HR 1322). You can also access the entire bill on the web site, join ProtectSeniors.Org, see if your Member of Congress has cosponsored it, and receive Legislative Alerts and news about our progress.

We hope everyone that reads this message will add a little note and pass it on to everyone in their e-mail address book. Everyone needs to know about their rights, and lack of rights, regarding one of their most important earned and promised benefits. By joining this organization you, your friends and relatives can become part of the solution to this serious problem instead of waiting on the side lines and becoming a victim.

Thanks very much for helping us to help you.

C. William Jones
President & Executive Director
Association of BellTel Retirees Inc.
www.belltelretirees.org

Chairman of the Board
ProtectSeniors.Org
www.protectseniors.org

ProtectSeniors.Org Mobile Billboard
Press Campaign Began Tuesday September 19, 2006

ProtectSeniors.Org, a national legislative and lobbying organization created by the Association of BellTel Retirees to fight for the protection of retiree economic benefits will kick off a two week, seven state & District of Columbia mobile ad campaign in New York State.

Over the course of two weeks, the 8 x 16 foot mobile billboard will travel through the streets and highways of New York, Maryland, Delaware, Virginia, Pennsylvania, Washington D.C, New Jersey and Connecticut with a message to the Members of the U.S. Congress.  The mobile billboard reads "Members of Congress, America's retirees are watching...Pay Attention!  We Vote!" 

Here is the route - you are encouraged to come out and participate:

-    The kick off press conference was held in Mineola, Long Island, NY  at 10 am on Tuesday, September 19, at 100 Supreme Court Drive, South Steps.

The ad campaign was designed to highlight retirees' concerns regarding Corporate America's elimination and reductions to retiree subsidized healthcare and to draw attention to the formation of the activist group earlier this year.  For thousands of retirees, healthcare benefits have been slashed or completely eliminated, forcing them to pay more of their medical expenses out of pocket, return to the workforce on a part-time or full-time basis or, in some cases, sell their homes.

Among ProtectSeniors.Org priorities in 2006 is the passage of H.R. 1322, the Emergency Retiree Health Benefits Protection Act through Congress.  H.R. 1322 would make it illegal for a corporation to take away or diminish health benefits earned by retirees and that were promised to them during their working years in lieu of salary or hourly wages.

Retiree Healthcare benefits are an earned benefit from employers, not a gift.  The time has come to reverse the national trend and make it illegal to steal retirees' earned benefits.  Retirees are now the single largest voting block in America, we are getting stronger and we are determined to make sure that our benefits are protected.

For more information about ProtectSeniors.Org call 1-800-398-3044 or visit www.protectseniors.org

Bill

C. William Jones
President & Executive Director
Association of BellTel Retirees Inc.

 

CONGRESSMAN TIERNEY WILL HOLD A TOWN MEETING AND YOU ARE INVITED!

On August 22 at 10:00 am, Congressman John Tierney, from the 6th Congressional District in Massachusetts, will hold a town meeting at the Lynn Vocational Technical Institute (LVTI) Annex, LVTI Café, 90 Commercial Street, Lynn, MA 01905.  The five-term Representative wants to hear from his constituents while he is home for the Congressional break.

It is extremely important that as many of you as possible show up for that meeting.  We want you to show your support for the bill that he is championing - the Emergency Retiree Health Benefits Protection Act (HR 1322).  We have supplied talking points for you on this web site.  Click here to go there. It will give you background information and talking points.  If you desire, you may print them for use at the town hall meeting or during a visit or a call to your Representative.

For those who cannot make it to the meeting, we want you to go to the ProtectSeniors.Org web site, enter your zip code in the Write to Congress box and click on GO.   If your Representative has already co-sponsored this bill you will be given a letter to send thanking him or her for supporting this very important bill.  If your Representative has not co-sponsored the bill, you will be given a letter asking him or her to co-sponsor the bill. 
In any case, please personalize your message and the subject line.
It will help assure your message gets read as an individual rather than as a group send request.

As you know, the Association of BellTel Retirees has formed a new not-for-profit corporation, ProtectSeniors.Org, for the express purpose of getting this bill passed.  You cannot leave this job to someone else.  We need everyone to get involved and e-mail, write, call or fax their Representative to show Congress how important this issue is.  Encourage your family and friends to do the same. 


This bill would make it illegal to reduce or terminate healthcare benefits once a person retires.  A summary of the bill and a complete copy of the bill can be found on the ProtectSeniors.Org web site.  Click on this link to write to Congress, find out more about the bill and get talking points: www.ProtectSeniors.Org

Of course, we are available to help you.  Just call our BellTel office at 1-800-261-9222 or our ProtectSeniors.Org office at: 1-800-398-3044.

You know how valuable your health benefits are.  Do not let yourself and other retirees down, by ignoring this urgent appeal.

This year's elections are going to be critical to retirees.  With so many Congressional races too close to call, this is our time to make sure HR 1322 is an issue in every race.  Let's put our elected officials on notice that HR 1322 is a priority for us and it better be for them as well.

Bill

C. William Jones
President & Executive Director
Association of BellTel Retirees Inc.
 
Chairman of Board
ProtectSeniors.Org

Latest News - ProtectSeniors.Org on the Go!
 

The Association of BellTel Retirees helped launch a new corporate organization about three months ago. The sole purpose of this organization is to pass the Emergency Retiree Health Benefits Protection Act of 2005. A new organization was required because the Association’s 501(c) 3 status severely limits the amount of lobbying we can do. Therefore, ProtectSeniors.Org filed for 501(c) 4 status, thus allowing us to do the necessary lobbying to succeed in passing this important retiree-friendly legislation.

Several important milestones have been reached:

- Three Association leaders serve in key positions of ProtectSeniors.Org: Jim Casey – President; Bill Jones – Chairman; Eileen Lawrence – Secretary/Treasurer.

- An experienced lobbyist, Paul Miller, has been hired.

- A Washington, DC office has opened on Pennsylvania Avenue.

- ProtectSeniors.Org has received the desired approval from the IRS for 501(c) 4 status.

- A solicitation was made and members have responded generously, giving us the ability reach out to seniors all across America to join us in this effort.

- ProtectSeniors.Org has formed a Political Action Committee (PAC) which will soon start raising funds to contribute to Congresspersons who will help us.

- We have already met with several key Congresspersons to discuss the bill.

We will keep you informed of progress.

If you want to join ProtectSeniors.Org or want more information about it, please visit: www.protectseniors.org.

Thank you for your continued interest and support. We will continue to keep you informed.

Bill

C. William Jones
President & Executive Director
Association of BellTel Retirees Inc.

Chairman of Board
ProtectSeniors.Org

Verizon Pension & Healthcare Announcement

 The reaction and outpouring of support for the managers who will be hurt as a result of the restructure of pension and healthcare benefits has been tremendous.  Our office has received a huge number of calls and e-mails asking how Association members can help. 

Your Association is presently examining all of the options that are available to us and we hope to have a comprehensive plan for action in the not-too-distant future.  However, we see no reason why our members shouldn’t write to Chairman Seidenberg and express their outrage at the planned treatment of these dedicated managers. 

Verizon’s announced plan affects about 50,000 managers but I am sure that it is only a matter of time before this sort of treatment is extended to others in the dysfunctional Verizon family. 

To support the active employees of Verizon, send your letter to:

Mr. Ivan G. Seidenberg
Chairman & CEO
Verizon Communications, Inc.
1095 Avenue of the Americas, 39th floor
New York, NY 10036 

Or e-mail: ivan.g.seidenberg@verizon.com 

The Pension Rights Center and CWA have built a website to give up-to-date information on this unprecedented blow to concept of "MA Bell" and a place to log your comments and complaints. Click the following link to go to: Verizon Retirement Watch.

Stay tuned, 

Bill 

C. William Jones

President & Executive Director

Association of BellTel Retirees Inc.

Retirees Defeat Verizon in Shareholder Proxy Proposal for Third Consecutive Year 

March 21, 2005  -- For the third consecutive year, leaders of the Association of BellTel Retirees (www.BellTelRetitrees.org) — an advocacy group made up of retirees from Verizon Communications (NYSE:VZ) and its subsidiaries, have succeeded in altering the company’s corporate policies through the proposal of shareholder proxies.   

Verizon has agreed to change its corporate policy and adhere to the proxy resolution’s requirement to rein-in Supplemental Executive Retirement Plan (SERP) income for senior executives.  In return, the retirees agreed to withdraw the proxy proposal, which in 2004 gained 37 percent of the shareholder vote and won support from groups including CALPERS.  

Currently, Verizon senior executives receive SERP contributions equal to 32 percent of their combined base salary plus bonus for every dollar above $210,000 during their first 20 years in the plan.  After the first 20 years, the SERP contribution rate is reduced to 7 percent.  Retirees say this is an excessive expense for shareholders, as last year Verizon projected a $161 million contribution to its nonqualified pension plans for 2004 alone and more than $400 million over three years. 

The recently negotiated SERP agreement reduces the accrual of future senior executive benefits, including the 32 percent retirement contribution credit on eligible compensation down to a range of 4 to 7 percent, as of the close of business on December 31, 2004 (See reference note at bottom of page 17 in Verizon’s SEC filing of March 21, 2005). 

The measure received the widest support of any 2004 Verizon proxy proposal and the concession by the company may have been to avoid shareholders forcing another change to the way Verizon compensates its most senior executives. 

Three Other Proxy Victories for Retirees vs. Verizon:

For the retiree association and its board members, this marks the third consecutive year they have been victorious in proposing corporate governance policies that Verizon either has been forced to or chosen to adopt.

In 2003, Verizon agreed to implement a retiree proposal prior to its annual shareholders meeting to exclude pension credits from the calculation of executive compensation, which gained 43 percent of shareholder votes the previous year. The retirees then went on to shock the company when Verizon shareholders overwhelmingly voted to support another retiree-sponsored Executive Severance Agreement Proposal by a margin of 59 to 41 percent, also in 2003. The non-binding proposal was to limit what retirees call overly-generous executive compensation packages and golden parachutes. It was the first proxy loss by Verizon or any other Bell company in its more than 125-year history.

In 2004, the retirees came back at the company on the previous year’s proposal after Verizon executives and its Board of Directors failed to follow shareholders’ mandate to limit overly-generous executive compensation packages and golden parachutes.  This time, when the retirees authored a binding proxy proposal mandating the board to implement the change, Verizon relented, agreeing that the company will seek shareholder approval for any future Executive Severance Agreement more than 2.99 times an executive's base salary and bonus. 

2005 Proxy Proposal by Retirees:

At the 2005 Verizon shareholders meeting on May 5 in Houston, Association of BellTel Retiree leaders have proposed another measure to modify Verizon’s Corporate Governance Guidelines to ensure that two-thirds of the company’s Board of Directors remains “independent,” as defined by the Council of Institutional Investors (CII). 

The non-profit retiree group, which works for the protection of the pension and benefits for the company’s retirees, was formed in 1996 by a handful of former NYNEX employees. Today, its retiree membership surpasses 100,000 representing all retirees of Verizon.  The group was among the first retiree groups in the nation to tap into the power of the shareholder proxy proposal when it began its effort seven years ago to galvanize support from thousands of retiree shareholders and institutional investors.  

“The recent SERP victory is yet another example of how, with perseverance, the little shareholder can achieve a grand victory,” said BellTel President C. William Jones. “In the case of Verizon, the ‘little guy’ just so happened to be a group of retirees who helped build the company.  Still, we have one proxy resolution that will go before shareholders in May and a long way to go to ensure that retirees continue to have a seat at the table of the company they helped grow through a lifetime of dedicated service.”

 

 RETIREE MEDIA RESPONSE TEAM APPLICANTS NEEDED

The Association is fully committed to raising the level of awareness about issues that affect its membership.  But we need your help to continue these efforts.

BellTel is frequently contacted by newspapers, magazines, television and radio outlets throughout the country looking to tell the story of retirees and the hardships they face.  These requests come from reporters looking for input on a wide range of topics including financial difficulties in retirement, surviving spouses, troubles with healthcare plans, and retirees that are returning to the workforce to make ends meet.

If you have a story to tell and would like to join our media response team, please contact the BellTel Retirees office at 1-800-261-9222 or email us at association@belltelretirees.org.

Stay tuned.

C. William Jones
President
Association of BellTel Retirees Inc.

 Association Celebrates the 100,000th
and 100,001st Members

Just short of the 9th year since the first organizational meeting, the Association signed up the 100,000th member, and a bonus, the 100,001st member – husband and wife. 

A Virginia couple, both retirees of the C & P Company, joined the Association and pushed our membership over the 100,000th mark.  Margaret and Luther Becraft both had long and distinguished careers before retiring.  Margaret worked for Southern Bell and Southwestern Bell before moving to C & P where she met Luther, a career C & P employee.   

Of course “retirement” is a term that does not apply to the Becrafts.  They are active in their church, civic affairs, the Tidewater Chapter of the Pioneers and the CWA Local 2202 Retiree Club.  If that is not enough, they have volunteered to help the Association in its legislative activities to protect the retiree pensions and benefits that we all worked so hard to secure during our careers. 

The Association of BellTel Retirees is very fortunate to have two such interesting and active telephone people mark this impressive milestone.

Stay tuned.

Bill Jones

C. William Jones

President & Executive Director

Association of BellTel Retirees Inc.

Verizon Adopts New Severance Agreement Policy In Response to Association Shareholder Proposal Vote Victory

Verizon announced today that a new policy that requires shareholder approval of any new agreements with senior executives that provide for cash severance payments in excess of 2.99 times the sum of the executive's salary plus annual short-term bonus.

This proposal was submitted at the April 2003 Annual Meeting of Shareholders by the Association of BellTel Retirees and Association board member Robert Rehm.  It garnered an almost unbelievable 59% vote from the shareholders.  However, this shareholder vote was not binding and the company could have chosen to ignore it.  In recent weeks the Association has been attempting to determine what the company planned to do so that we could map our strategy for the next year.

If the company had ignored the mandate of the shareholders, we would have submitted a new proposal demanding a change in the policy.  Had we won that proposal, as we most assuredly would have, the proposal calling for a policy change would have been binding.

The company did the right thing, especially in view of the recent corporate scandals.  The process was begun just after the shareholder meeting by the Human Resources Committee of Verizon's Board of Directors.  It is effective immediately.

The Association thanks all of its members for helping to bring home this impressive victory.

Stay tuned.

Bill Jones
Executive Director & President
Association of BellTel Retirees Inc.

The Association of BellTel Retirees Inc.
P.O. Box 33
Cold Spring Harbor
New York 11724
(631) 367-3067
association@belltelretirees.org