A. Election of Directors/Officers
B. B. Approval of annual budgets (2006/2007)
C. Membership (review of goals and accomplishments)
D. Website
E. AT&T stockholder meetings (Officer/Director attendance)
F. National Retiree Legislative Network
G. Coalition of all AT&T retiree organizations (status report)
H. Nevada Bell (Director vacancy - candidates)
I. Open discussion
It is imperative all Association members (and their guests) planning to attend the Annual Meeting notify our office prior to Thursday, February 2nd to ensure adequate seating.
You may respond to skemery@pacbell.net or 619-583-5577
Sumner K. Emery, President
Bradley D. Belt, Exec. Director
Bradley D. Belt, Exec. Director
Pension Benefit Guaranty Corporation
1200 K Street, NW, Suite 310
Washington, D.C. 20005-4026
Dear Mr. Belt:
On December 1, 2005 I wrote you a letter (enclosed) requesting specific, current information as to the financial integrity of our promised Pacific Telesis (SBC) corporate pensions.
Since my December 1st letter to you, Pacific Telesis pensioners have received an SBC Summary Annual Report of the Pacific Telesis Group Pension Plan dated December 2005, which states, „The value of plan assets, after subtracting liabilities of the plan, was $0 as of December 31, 2004.‰ And „During the plan year, the plan experienced a decrease in its net assets of -$4,850,744,000.00.
The SBC Summary Annual Report further indicates that all SBC pension plans (SNET Pension Plan, Ameritech Management Pension Plan, and other SBC Employees&Mac226; Pension Plans) have been merged into the SBC Pension Benefit Plan effective December 31, 2004 with plan assets (after subtracting liabilities) of $29,866,119,000.00.
This amalgamation of SBC pension benefit plans has created even more unease amongst thousands of Pacific Bell/Nevada Bell retirees represented by our Association, and gives even more importance to our initial request to your office for specific pension benefit information.
May I expect a response from your office at the earliest date possible.
Sincerely,
Sumner K. Emery
Cc: Senator Diane Feinstein, Senator Barbara Boxer, Rep. Bob Filner, Rep. Susan Davis,
Mr. Edward E. Whitacre, Jr., C.E.O.
Enclosure
January 12, 2006
Mr. Christopher Cox, Chairman
Securities and Exchange Commission
450 Fifth Street, NW
Washington, D.C. 20549-0609
Dear Mr. Cox:
The TelCo Retirees Association, Inc., representing thousands of Pacific Bell/Nevada Bell retirees, (a goodly number holding shares in SBC/AT&T Corporation) publicly applauds your recently announced plans for a major overhaul of the federal rules governing the reporting of executive compensation. (Enclosure)
The reported abuses of this practice by a large number of major U.S. corporations have imperiled pension and health benefits for many thousands of American retirees. Indeed, the ongoing legal issues between the retirees of the US West company and its predecessor the Qwest Corporation give ample evidence of the long overdue need to overhaul the gap in disclosure rules.
You, sir, have the full support of our association in your announced plan to rewrite executive compensation laws.
In an unrelated matter, but an issue of vital importance to our retiree association, is an earlier request to Mr. Jonathan G. Katz, Secretary, dated December 12, 2005, which has gone unanswered. (Enclosure) The letter requested information relative to „Persons other than those persons designated on the proxy card to act as the stockholder&Mac226;s proxy.
The officers and directors of the TelCo Retirees Association, Inc. wish to vote our members&Mac226; shares at the upcoming AT&T Annual Meeting; consequently, a confirmation of our right to do so by the Securities and Exchange Commission is vital at this writing.
May I hear from your office soon on this matter.
Sincerely,
Sumner K. Emery, President
Skemery@pacbell.net
January 7, 2006
Mr. Kevin S. Conway, Director
Corporate Communications
SBC Communications, Inc.
175 E. Houston Street, 6-Q-6
San Antonio, TX 78205
Dear Mr. Conway:
Since the acquisition of the Pacific Telesis Group (April 1, 1997) by SBC, communications with retirees has witnessed a downward spiral that culminated in the „final edition‰ of the SBC/UPDATE for retirees (December 2005 enclosure).
Beginning in May 1999, I have continually called attention to SBC&Mac226;s ongoing failures to adequately communicate with its thousands of retirees (see enclosures). The demise of the SBC/UPDATE for retirees which was primarily a vehicle for the marketing of SBC products occasionally provided information concerning critical corporate issues such as the merger with AT&T and legislative issues of importance to the communications industry and to SBC in particular.
Overlooked by SBC corporate officers responsible for internal and external communications were the rich resources of its management and non-management retirees, many of whom are involved in a myriad of civic and volunteer organizations that through their efforts bring great credit upon the corporation. Indeed, SBC West external affairs is well aware of Pacific Bell retired managers who have provided supporting testimony before state and federal officials of such issues as the UNE-p Public Utility hearings and retirees&Mac226; state-wide efforts supporting the SBC/AT&T merger.
Pacific Bell retired employees were accustomed to receiving regular Pacific Telesis information through the CONNECTIONS publication as well as bi-monthly reports of the IN MEMORIAM bulletin (both discontinued). The CONNECTIONS publication incorporated a wide range of information beneficial to its active and retired employees, such as benefit information, civic activities, legislative issues, technical telephony developments and issues of diversity. It also provided space for „Letters to the Editor‰ which offered active and retired employees the opportunity for comments (see enclosure from the February 18, 1997 publication). As I travel throughout California meeting with large groups of our TelCo Retirees Association members, I am constantly made aware of the lack of corporate information being directed to this valuable retiree resource, especially retirees unaffiliated with a Pioneer group.
This vital communications issue extends well beyond the California and Nevada borders. At a joint meeting of the retiree associations of Ameritech, AT&T, SNET and Pacific Telesis in Chicago, October 2005, it was evident that SBCŒs corporate priorities did not place a high value upon its communications with retirees.
The documents included with this letter graphically illustrate the failures of SBC to regularly communicate issues of importance to its retirees. Whether this is a „corporate policy„ or an „oversight,‰ can only be judged by SBCŒs corporate officials.
May I suggest that an objective retiree survey conducted by your corporate communications group could reveal a wealth of information of significant value to the newly emerging AT&T corporation.
Sincerely,
Sumner K. Emery, President
cc: Officers/Directors TelCo Retirees Association, Inc., AT&T Concerned Employees and Retirees, Assoc. of Ameritech SBC Retirees, Inc., SNET Retiree Association
