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Welcome to ACER! AT&T Concerned Employees & Retirees
In our previous message, we stated ACER and SNET filed a shareholder proxy for the 2013 AT&T Shareholder meeting, supported by Telco Retirees. This Proxy, #7 Shareholder Ratification of Executive Severance Packages, required approval by shareholders for an Executive severance package that was in excess of 2.99x salary plus short term bonuses. In our opinion, it offers shareholders an opportunity to manage an unnecessary expense if Corporate management is not willing to negotiate its Executive Employment Contracts in the best interest of the Shareholders.
It was a longer battle than expected. AT&T challenged us three times to the SEC. The SEC agreed with us but requested we clarify some language. Our attorneys met with AT&T and after the language was agreed, AT&T filed another request with the SEC to have the proxy removed from the Annual Report. The SEC held for us and our Proxy will appear in the Annual Report. Proxy #7.
We also criticized the Statement AT&T placed in the Annual Report. The statement reiterates all the arguments that the SEC had agreed were not accurate. Please keep this in mind when you read their statement.
Our filing and challenge responses are a financial drain for any organization. Please show your support by your membership in Telco Retirees.
Your support and vote is needed. ACER is merging with Telco Retirees and your membership is needed to allow us to continue our activities. Please see all documents at http://att-retirees.org/attproxies.html .
Please Vote your Shares for Proxy #7 and Please Join Telco Retirees.
Important Notice to all ACER Members
AT&T Concerned Employees and Retirees (ACER) has been in existence since 1996 when AT&T changed our pensions from a “Defined Benefit” to a “Cash Balance” pension plan, and left many with a reduction of up to 50%. Our Lawsuit lasting more than a decade was decided in AT&T’s favor in 2012. We owe our gratitude to Stephen Bruce, who fought tirelessly for us and challenged the decision via the Appellate Division and the Supreme Court without success.
Thank you for your support and attendance in our only Court hearing in Newark.
During the years, ACER successfully supported legislation to prevent further erosion of retirement benefits, i.e., the Pension Protection Act of 2006. Ongoing, we partner with the NRLN and the Pension Rights Center to keep a watchful eye on legislation or events that we must respond to immediately. For example, AT&T recently requested permission to fund our pension plan with preferred equity stock from AT&T Mobility. While we are pleased AT&T wants to bolster our plan rather than abandon it; we must be vigilant for future actions. Also, Verizon has recently sold off their pension fund to an Annuity. How will that affect us?
Thank you for responding to the NRLN Alerts. Your support is what makes the difference. They have helped us in so many ways over the years and operate on a “shoestring” budget. Go to www.nrln.org to view their legislative activity, and to contribute.
Since 2000, ACER has filed many shareholder resolutions involving Pension credit accruals and Executive compensation. For 2013, we have co-filed with SNET a proxy on Executive Compensation, “Golden Parachute”. We selected this because the AT&T rule has a loophole that allows the final calculation to be much higher than the industry standard of 2.99x. AT&T has challenged our proposal three times with the SEC and we have countered. to have it submitted for the 2013 Shareholder meeting. We will need your support at voting time. This is not settled yet! Please view all filings at http://att-retirees.org/attproxies.html.
At this time, the ACER Executive Board believes one larger organization will have more influence and manpower to pursue our interests. Post the many acquisitions and merged SBC companies; we feel Telco Retirees stands out. “Telco Retirees” has supported our shareholder resolutions, and is a strong partner with National Retiree Legislative Network (NRLN). Our mutual interests are: pension increases, protection of pension assets and retiree benefits, and affordable medical coverage. Many Corporations in the telecom industry have cut or eliminated retiree benefits, we must be organized and stay connected to protect our interests. Please look at their website, www.telcoretirees.org,
Please continue your support by renewing your membership in Telco Retirees. Together we will protect our Retirement benefits.
Thank you for all the years of your support.
Jane Banfield, Kathy Maher, John Tucciarone, Linda Williams, Walt Godlewski, Stan Godfrey, John Le Moine, Joyce Migdall
In March 2010, President Obama signed comprehensive health reform into law. Click here (Acrobat reader required) for a timeline provided by the Kaiser Foundation for implementation of its key provisions.
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© 2005 AT&T CONCERNED EMPLOYEE RETIREE COUNCIL ON RETIREMENT PROTECTION (ACER)