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Reorganization
Great things are happening!!! Following an extensive discussion as to the future of the Telco Retirees Association, Inc., your Board of Directors approved the following executive appointments, effective November 1, 2007:
President… Mr. Charles Gilbert, whose overall responsibilities will also include his continuing directorship with the National Retirees Legislative Network.
Vice President… Mr. Monte Baggs, whose overall responsibilities will also include liaison with the AT&T Retirees Coalition (Ameritech, AT&T Legacy, and S.N.E.T.).
Treasurer… Mr. Richard Reid (to become effective January 1, 2008, upon the retirement of Mr. Robert Hinshaw).
Chairman*… Mr. Sumner K. Emery, responsible for all external affairs involving the AT&T corporation, in such matters affecting health, pension, death benefits, and telephone concession service matters.
*This new position is responsible to the President.
Your Board of Directors approved these personnel changes to enhance the association’s effectiveness with AT&T, and all former Bell System retiree associations, going forward. |
Association Newsletters
To further balance the responsibilities of the Officers and Directors, Jeanne Brady (Director), will assume responsibility for the Quarterly Newsletter, as well as the corporate interface with our webmaster.
Telephone Concession
Class-Action Settlement
The association recently received a status report of the pending class-action lawsuit. Here, for your edification, is a summary of that report from Washington D.C.:
The Parties have completed all fact discovery and are in the process of completing expert discovery. In addition, SBC/AT&T has filed a motion for summary judgment requesting that the Court rule as a matter of law that the retiree's have no claim. We are in the process of briefing that motion.
We have exchanged settlement proposals with AT&T and have provided a counter-proposal to AT&T in late August and are awaiting a response to that proposal.
Meanwhile, we are preparing for trial which is set for November 26, 2007 -- the Monday after Thanksgiving.
Shareowner Proxies
Our association has elected to "pass" on this year’s opportunity to file a shareowner proxy statement. Our reasoning; last years two proxy issues were both "successful". AT&T changed their corporate bylaws to permit the reelection of corporate directors by a majority vote (Telco Retirees Association, Inc. proxy).
The second proxy, promulgated by Monte Baggs, Director, (financed by the Telco Association) to limit the largess of executive corporate bonuses was "partially successful"… in that it forced the AT&T corporation to "sponsor" its own "limited bonus proposal" during 2007’s annual shareowner meeting.
We have recently learned the Ameritech Retiree Association plans to refile their 2007 proxy which, if approved, will radically limit AT&T’s executive bonus program. (If they are successful in having their proposal filed for shareowner approval, the Telco Retiree Association encourages all our AT&T shareowner members to cast their shares in support of the proxy.)
Treasurer’s Report
Mr. Robert Hinshaw, Treasurer, reviewed past and current financial reports and noted the following results through September 30, 2007:
Membership renewals are beginning to decline (mostly through retiree deaths and failure to renew memberships). (The past three and three quarter years of our association, we have added 2,603 members and lost 764 members.)
From 2004 through 2006, 2% of our revenues were received as "donations"! During the year 2007, our percentage of donations has risen to 6%!!! A SERENDIPITIOUS EVENT!!
At this writing, the association has received a quarter of a million dollars in revenue, while expenses reflected only a minor increase due to such things as U.S. mail costs, printing, and other related expenses.
"Treasurer Bob" proudly announced the following financial results:
TOTAL REVENUE FROM ALL SOURCES (CDs, AT&T stock, renewal memberships) amounted to $262,695,000. TOTAL EXPENSES for the same period totaled $149,577.00... with a revenue over expenses of $113,118.00!!!
Our sincere appreciation to all members who have renewed their membership in the association… and to Mr. Hinshaw, Officers and Directors for their prudence.
Death Benefits
The association continues to address this issue with AT&T. Since, at this writing, we had not received a corporate response to our original letter (addressed to William R. Drexel, Sr. Vice President) we forwarded a follow-up letter on October 2nd, 2007:
October 2, 2007
William R. Drexel, Sr. Vice President
Assistant General Counsel, AT&T
175 E. Houston St., Room 242
San Antonio, TX 78205
Dear Mr. Drexel,
On September 5, 2007 I forwarded a letter to your attention concerning AT&T’s arbitrary decision to reduce the Basic Death Benefit for all Pacific Bell / Nevada Bell Yellow Page retirees to a maximum amount of $15,000. (For many Yellow Page retirees, whose company provided Death Benefit exceeded $60,000, this represented a catastrophic loss for them as well as their dependents.)
I also requested information concerning AT&T’s acceptance of retirees "Living Trusts" as a recognized Beneficiary.
Since my initial correspondence with your office on these vital Pacific Bell issues, I have been made aware through the leadership of the AT&T Retiree Coalition (Ameritech, AT&T Legacy, and S.N.E.T.) they too are equally concerned about these issues.
May I look forward to an early response from your office on these iniquitous issues.
Sincerely,
Sumner K. Emery, President |
Legal Review
At the request of the Board of Directors, Curtis L. Kennedy, Attorney-at-law
(Denver, CO), was invited to attend our association’s Officer / Director meeting to provide us with the legal issues involved in the prosecution of numerous lawsuits against the Qwest corporation brought about by its arbitrary reductions in retiree benefits (telephone concession, death benefits, and other matters of consequence impacting U.S. West retirees).
To say we were impressed with Mr. Kennedy and his presentation would be an understatement, since his success rates against a number of Bell System companies, including AT&T, Bell South, U.S. West (Qwest), are significant.
Mr. Kennedy advised our association to seek legal counsel relative to our Yellow Page Directory Death Benefit issue. He has addressed this same issue for both the Lucent and U.S. West retiree associations and has found a legal challenge is necessary to modify AT&T’s earlier decisions reducing Yellow Page Death Benefits (he also informed us the AT&T decision to drastically reduce the Yellow Page Death Benefit affected all AT&T companies!). He cautioned we have a "two year timeframe" in which to legally oppose AT&T’s decision before a statute of limitations becomes effective.
The Board of Directors requested a written proposal from Mr. Kennedy in order to seek all AT&T-relevant documents before proceeding with a legal challenge to the Yellow Page reductions in death benefits.
An underlying concern of your Directors on this issue is the potential that exists for an "expansion" of the AT&T Yellow Page reduction ruling in death benefits "for all AT&T retirees."
Annual Meeting
The Telco Retirees Association, Inc. will hold its 2008 annual membership meeting in La Mesa, California during the month of February 2008 at the La Mesa California Women’s Club.
The annual meeting (required for all state and federal non-profit organizations) provides an opportunity for attending members to elect their Board of Directors and to review and discuss financial and operating budgets, receive updates on current and future plans, and to meet and renew acquaintances with Pacific Bell retirees.
We urge all members to note their calendars of this February 2008 annual meeting.
The Telco Board of Directors approved the mailing of a U.S. Postcard Invitation to all members, providing the date, time, and location for the annual meeting. (Look for this postcard in your mail in JANUARY 2008).
Since this will be my last newsletter to all of you, may I close by using the old Radio Days "sign off"… "And That’s 30!" (How many of you recall that phrase?)
P.S. And my sincerest best wishes to our new "editor", Director Jeanne Brady |
