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Verizon Cuts Managers' Pension Plan

About 50,000 workers affected; company expects to save $3 billion over the next 10 years.

Stephen Taub, CFO.com | US
December 6, 2005

True Verizon Map

See this on YouTube http://www.youtube.com/watch?v=l1HwOUWeQz4

Posted by John Kapili | December 21, 2009 09:06 am

True Verizon Map

See this on YouTube http://www.youtube.com/watch?v=l1HwOUWeQz4

Posted by John Kapili | December 21, 2009 09:06 am

Verizon Pension

First Mary worked at GTE for 22 years,,,, June 30 2000 Mary was sold to Alltel. Mary's retirement was held by Verizon which was GTE and is now is Verizon. The unit she worked for at that time was GTE in the wireless market, which turned into Verizon Wireless. Now nine years later Verizon Wireless buys Alltel and Mary is right back at the same company she left nine years ago and the same department. So if Verizon Wireless is holding Mary's pension from GTE which is now Verizon and Verizon Wireless shows her with thirty years of accredited service then Mary's pension should not be penalized from Verizon. Mary's accredited service should be Bridged and the Deferred Vested Pension status be changed back to Active Vested. Mary's pension's should be grandfathered. Mary should not be treated any differently than a Thirty Year Accredited Service, Fifty One Year Old Female Employee that has been employed by GTE-Verizon since 1979. There cannot be a block wall built after the fact, that would adversely effect an employee's accrued benefits. There can be for new employee's after the wall has been built. Mary is not a new employee, she is an employee with Thirty Years of Accredited Service. Acknowledged by GTE-Verizon Wireless-Verizon-Hewitt Mary seemed very upset about a comment that was made to her about "she could file for unemployment". Yes Mary could, but Mary chose to continue to fulfill her obligation to a promise that was made to her by her employer that if she worked hard and dedicated herself to the company for thirty years she would be entitled to retire early with a pension and benefits for her service. We know that most people will never understand that kind of commitment, they just collect and never give.

Posted by John Kapili | April 14, 2009 10:02 am

Retirement Plan of the Chairman

What type of retirement plan does the chairman of Verizon have?

Posted by SC Birn | November 02, 2007 04:30 pm

Verizon Mgr. Pension

While Verizon moves to stop funding the pension plan for its' managers, there are a couple of questions that beg to be answered: 1. From September 2004 through September 2005 the NAV of Verizon stock dropped 25% - Why is Ivan Seidenberg, still at the helm? The shareholders of any other major coporation would have taken action to remove a CEO with such a poor track record. 2. Is Verizon starting down the same road as Digital Equipment Corp.? As I recall, during Digital's final years, if they were even close to being profitable it was not due to growing their core business but, through cutbacks, reductions in benefit plans and layoffs. Shareholders of any publicly traded company should make sure that they are supporting (funding) a growth oriented business plan. I seriously question Verizon's. OR Is Verizon's real business plan to divest itself of less profitable LOB's (e.g. wire lines)and retain the most profitable (wireless & fiber). If this is the case, look-out sub-urban & rural America because most likely the focus of Verizon's new FTTP/FIOS technology will be in the more profitable urban markets. Rural areas will be allowed to go begging for these new technologies as they do today with DSL.

Posted by Don Smith | December 19, 2005 10:25 pm

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