Mission Statement

This website is dedicated to protecting the future of retirees. It will highlight key issues impacting retiree pensions and benefits. This will include emphasizing the positive steps some employers are taking to protect and enhance retiree pensions and benefits.

Companies benefits from offering pensions and benefits to their employees. This enables them to attract and retain skilled, dedicated and high performing employees, while paying a lower wage at the time with the promise of benefits in the future. This web-site is concerned with ensuring that promised future based on a contribution already made.

Links

These are other organizations interested in protecting the future security of retirees:

Coalition for Retirement Security (CRS) - For more than sixty years, Social Security has provided a crucial foundation of retirement for America's workers and their families. But Social Security alone does not provide an adequate income. Employees also need pensions.

In 1981, after a two-year review, the President's Commission on Pension Policy called for pensions for all working Americans. Yet, almost two decades later, more than 50% of the nation's workforce still is without pensions.

Current and future retirees need pensions that are portable and insured, fair to homemakers, and adjusted for inflation. They also deserve plans that give them a say in how their pension money is invested.

The Coalition is calling on all elected representatives to let their constituents know where they stand on pension issues, and to review pension losses caused by inadequate enforcement of present laws. The Coalition will use every practical outlet to inform the public on issues affecting their retirement, including the Coalition web-site, radio, television, newspapers, magazines and newsletters.

The Coalition plans to collaborate with schools and universities to create programs on retirement issues and to support appropriate shareholder resolutions and court actions.

The Coalition seeks to network with all like-minded organizations and individuals committed to the sufficiency and security of all retirees.

Association of BellTel Retirees Inc. - The Association of BellTel Retirees Inc. represents 165,000 Bell Atlantic and NYNEX retirees unjustly treated by the company they helped build. It is affiliated with the Coalition.

While the Bell Atlantic retiree pension fund has grown to over $35 billion, most retirees have been denied even the slightest pension increase and have faced decimation of their health care benefits. Meanwhile, certain corporate executives have enriched themselves with raises exceeding 100%, private health care and rich stock incentives.

Many retirees from throughout corporate America have been set adrift by their former employers. The 50,000-plus members of the Association of BellTel Retirees have banded together to fight such corporate arrogance and lack of respect for retirees.

Planning for the Future

Retirees Continue to Contribute to Hughes Prosperity:

Sequel to HUGHES AIRCRAFT CO. vs. JACOBSON (and other retirees) decided before the U.S. Supreme Court on January 25, 1999:

The Raytheon Company sued General Motors in Delaware Chancery Court. Raytheon estimates that the pension plan it acquired from Hughes has $500 million less surplus than originally thought.

Nonetheless, Raytheon still added $500 million to its books by acquiring part of the Hughes pension plan. Raytheon contends General Motors has not turned over the necessary financial information to arbitrate this dispute. Raytheon paid General Motors $9.5 billion for the defense portion of General Motors/Hughes in 1997.

The continuing Hughes-Raytheon haggle over the pension plan, that Hughes retirees contributed to, shows the ongoing need for retirees keep independently informed to protect their future.

$1 Billion Hughes-Raytheon Haggle

Bloomberg News earlier said $1/2 Billion of the dispute is over the Hughes retirement plan.

Hughes Retirees Report Benefit Changes

Retirement & Benefit Questions

Yahoo Message Boards

News and messages can be read and posted on these Hughes, Raytheon and GM Yahoo Board addresses:

The Yahoo message boards state: This board is not connected with the company. These messages are only the opinion of the poster, are no substitute for your own research, and should not be relied upon for trading or any other purpose.

Positive Steps Other Employers are Taking on Pensions and Benefits

Ten Things

1. We just shrunk your pension.
   Companies switch to cash-balance plans, usually to the detriment of employees nearing retirement.

2. We won't tell you the full story.
   "The information that employees receive about pension benefits can be incomprehensible," said Sen. Daniel Patrick Moynihan. In many cases companies have sold cash balance plans as improvement without explaining to older workers what they've lost, said AARP.

3. If we merge, all bets are off.
   A corporate merger usually means one of the two benefit plans is discarded, which can wreak havoc on your retirement security.

4. Don't look now, but we just switched your funds.

5. Don't count your stock options before they hatch.

6. We don't care how much you lose in commissions and fees.

7. We have sticky fingers.
   You might be surprised at just how many employers are misusing or downright taking their employees' retirement money. Many cases involve commingling, lending or "borrowing" employee money. Out-and-out theft is not uncommon.

8. Our company stock can be hazardous to your wealth.
   Owing too much company stock can jeopardize your retirement plans. If your industry falters, not only is your job at risk, but so is your retirement money.

9. We'll slash your health coverage after you retire.
   GM induced employees to retire early with a promise of complete health benefits as long as needed. GM later required deductibles and co-payments.

10. We can't add.
    The National Center for Retirement Benefits estimates the pension miscalculation error rate at nearly 30%.

Item 9 deserves repeating:
GM induced employees to retire early with a promise of complete health benefits as long as needed. GM later required deductibles and co-payments.

This web-site is dedicated to the right of retirees to be independently informed of changes in pensions and benefits to protect their future.

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