Re: [WISPA] verizon pension
http://news.yahoo.com/s/nm/20051206/bs_nm/telecoms_verizon_retirement_dc NEW YORK (Reuters) - Verizon Communications (NYSE:VZ - news), the second-biggest U.S. telecoms firm, said on Monday it was restructuring retirement benefits for 50,000 managers in a bid to save $3 billion over the next 10 years. Under the plan -- for which Verizon will take an estimated fourth-quarter pre-tax charge of $97 million -- managers will no longer earn pension benefits or receive service credits toward healthcare benefits from next July. Employees currently covered by a defined-benefit plan -- which typically has a fixed payout at retirement based on earnings and years of service -- will keep pension benefits already earned, and on June 30 will receive an 18-month enhancement to the value of their pension and retiree medical benefits. Frank Muto Co-founder - Washington Bureau for ISP Advocacy - WBIA Telecom Summit Ad Hoc Committee http://gigabytemarch.blog.com/ www.wbia.us - Original Message - > Actually, VZ is just hitting management: > > Late Monday the company said it plans to freeze its guaranteed pension > plan for 50,000 of its managers, a move that could save the > telecommunications giant $3 billion during the next decade. The company > said it would expand its own contributions to managers' 401(k) > retirement savings plans and noted employees would retain benefits they > have already earned, but not accrue any additional benefits. > > MCI killed all pensions under BK. So working for VZ means 401k and lots > of disgruntled employees who will blame loss of revenue NOT on bonehead > Tele-Baron management policies but on competitors for eating their > lunch. That means more DSL slamming; more delays in repairs and > installs. CLECs and ISPs will feel the brunt, since the Tele-Barons have > done an excellent job of manipulating the CWA leadership. (Anyone > remember the commercial with the wife of the SBC employee who was going > to lose his job over UNE-P???) > > Regards, > > Peter > RAD-INFO, Inc. - NSP Strategist > We Help ISPs Connect & Communicate > 813.963.5884 > http://4isps.com -- WISPA Wireless List: wireless@wispa.org Subscribe/Unsubscribe: http://lists.wispa.org/mailman/listinfo/wireless Archives: http://lists.wispa.org/pipermail/wireless/
Re: [WISPA] verizon pension
Actually, VZ is just hitting management: Late Monday the company said it plans to freeze its guaranteed pension plan for 50,000 of its managers, a move that could save the telecommunications giant $3 billion during the next decade. The company said it would expand its own contributions to managers' 401(k) retirement savings plans and noted employees would retain benefits they have already earned, but not accrue any additional benefits. MCI killed all pensions under BK. So working for VZ means 401k and lots of disgruntled employees who will blame loss of revenue NOT on bonehead Tele-Baron management policies but on competitors for eating their lunch. That means more DSL slamming; more delays in repairs and installs. CLECs and ISPs will feel the brunt, since the Tele-Barons have done an excellent job of manipulating the CWA leadership. (Anyone remember the commercial with the wife of the SBC employee who was going to lose his job over UNE-P???) Regards, Peter RAD-INFO, Inc. - NSP Strategist We Help ISPs Connect & Communicate 813.963.5884 http://4isps.com ISP Expo in Tampa, Dec. 9 & 10 Mac Dearman wrote: Yeah - I read that somewhere the other day! It is due to all that 6Mbps internet they sell for $15.00 hehehehehe Did they think they could spend 40 million a year and only bring in 22million and last forever? Lassez les bons temps rouler!!! ( for the non Louisianians - "let the good times roll") / / Mac Dearman Maximum Access, LLC. www.inetsouth.com www.radioresponse.org (Katrina relief efforts) 318-728-8600 - Rayville 318-728-9600 318-376-2562 - cell -- WISPA Wireless List: wireless@wispa.org Subscribe/Unsubscribe: http://lists.wispa.org/mailman/listinfo/wireless Archives: http://lists.wispa.org/pipermail/wireless/
Re: [WISPA] verizon pension
Yeah - I read that somewhere the other day! It is due to all that 6Mbps internet they sell for $15.00 hehehehehe Did they think they could spend 40 million a year and only bring in 22million and last forever? Lassez les bons temps rouler!!! ( for the non Louisianians - "let the good times roll") / / Mac Dearman Maximum Access, LLC. www.inetsouth.com www.radioresponse.org (Katrina relief efforts) 318-728-8600 - Rayville 318-728-9600 318-376-2562 - cell Rob's list wrote: any one hear that verizon is no longer contributing to their employee pensions. it is the beginning of the end rob -- WISPA Wireless List: wireless@wispa.org Subscribe/Unsubscribe: http://lists.wispa.org/mailman/listinfo/wireless Archives: http://lists.wispa.org/pipermail/wireless/
[WISPA] verizon pension
any one hear that verizon is no longer contributing to their employee pensions. it is the beginning of the end rob -- WISPA Wireless List: wireless@wispa.org Subscribe/Unsubscribe: http://lists.wispa.org/mailman/listinfo/wireless Archives: http://lists.wispa.org/pipermail/wireless/
