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GE Retirees' Justice Fund with updated materials Visit the GE
Hall of Shame
Association of Former Pan Am Employees
Learn about the Association of Former Pan Am Employees
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Created by pension activists in 1996, the Coalition for Retirement Security is an all-volunteer, national grassroots organization that works to correct inequities affecting workers and retirees whose expected pensions and health insurance coverage have been unfairly diminished or denied. The CRS is also committed to educating policymakers and the American public about the importance of retirement security to the nation's workers.
Ad Hoc Coalition to Restore Retirement Security MEDIA RELEASE GRASSROOTS ACTIVISTS URGE CANDIDATES TO MAKE PENSION AND HEALTH INSURANCE PROMISES A PRIORITY FEBRUARY 27, 2004 Twelve grassroots activist groups, representing hundreds of thousands of working and retired Americans, fired off a letter to presidential candidates today to urge them to pledge to stop companies from breaking pension and health insurance promises. Members of the Ad Hoc Coalition to Restore Retirement Security are asking candidates to pledge to protect promised pensions and health insurance benefits by supporting a new "Fulfilling the Promises" agenda. "Pensions must be one of the top issues for the candidates," says the Ad Hoc Coalition's spokesperson Janice Winston. "Over the past decade, millions of employees, white collar and blue collar, have come together to protest unfair pension policies. We're mad, we're organized and we're a huge voting bloc." Groups signing on to the letter include employees and retirees from Allstate, Verizon, Dresser-Rand, WorldCom, AT&T, Johns Manville, Enron, GM, Kaiser Aluminum, and Qwest, as well as the National Retirees Legislative Network and the Coalition for Retirement Security. The co-signers are loyal, longtime employees and retirees who have lost as much as half of their expected pensions or benefits because their companies have unfairly changed plan rules, sold corporate divisions, shifted employees to independent status, or cutback on promised health insurance payments, all for the purpose of boosting the bottom line. "Candidates need to know that it pays to protect workers and retirees - not simply pander to corporate interests," says Winston. "It's time for candidates to stand up for pension justice." The Ad Hoc Coalition is sending the letter to Democratic candidates Senator John Edwards, Senator John Kerry, Congressman Dennis Kucinich, Reverend Al Sharpton, recently announced Independent candidate Ralph Nader, and President George Bush. EXCERPT FROM ATTACHED "FULFILLING THE PROMISES" AGENDA Stop companies like AT&T from breaking promises by unfairly using cash balance conversions to deny employees expected pension benefits.
Ad Hoc Coalition to Restore Retirement Security AN AGENDA TO RESTORE RETIREMENT SECURITY FOR MILLIONS OF OLDER AMERICANS In recent years, hundreds of large companies have broken long-standing pension and health insurance promises to their loyal, longtime employees and retirees. These unfair practices are accelerating, rather than diminishing, and are undercutting the retirement security of millions of people. The Ad Hoc Coalition to Restore Retirement Security is asking candidates for elective office to pledge to work to:Stop companies from breaking pension promises to older employees by unfairly changing plan rules. AT&T's switch to a "cash balance" pension plan increased its operating earnings by millions of dollars, at the expense of long-service salaried employees who lost as much as half of their expected pensions. The AT&T employees are asking candidates to support legislation that would require companies to make good on their pension promises by giving employees the choice at retirement between receiving their promised pensions and those offered under any new rules. Stop companies from breaking pension promises to older employees by their selling divisions. Halliburton's sale of its Dresser-Rand division seemed like a routine business deal, until employees learned that it would cost them the full early retirement pensions they had spent their careers working for. Although the employees continue to work in the same jobs for the new owner, a loophole in the law allowed Halliburton to shift the money put into their plan to pay their expected benefits into a plan for its own employees. The Dresser-Rand employees are asking candidates to support measures that would prevent companies from using the sale of a division as a pretext to short-change employees of their promised pensions. Stop companies from breaking pension promises to older employees by reclassifying them. Just as thousands of Allstate insurance agents were reaching eligibility for their promised early retirement pensions, Allstate changed their status to independent contractors, and told them they would get a small fraction of their anticipated benefits. The action increased Allstate's reported earnings and infuriated the agents, who filed a lawsuit claiming that the reclassification unlawfully deprived them of their pensions. The Allstate employees are asking candidates to support measures to restore their full benefits. Stop companies from breaking promises to retirees that they would pay their health insurance costs. Thousands of GM retirees accepted early retirement packages because they were promised generous pensions supplemented by lifetime health insurance coverage. Years into retirement their companies told them that "fine print" allowed the companies to cutback (and even cancel) health insurance payments. The GM retirees are asking candidates to support measures that would make it unlawful for companies to change the rules after people have retired. Stop companies from breaking promises to employees about the value of their company's stock. WorldCom employees believed their company officials when the officials told them that they should invest their 401(k) money in their companies' stock. They didn't know that the officials, realizing that their companies were in financial trouble, were selling their own holdings. After the companies collapsed, the employees learned that gaps in the law could prevent them from being made whole. The WorldCom employees are asking candidates to support proposals that would ensure full remedies for misrepresentations by company officials. These are but a few of the many ways that companies have failed to keep pension and health insurance promises to employees and retirees. While we recognize that there are other retirement policies that beg for urgent attention, we believe fulfilling these commitments would be a critically important first step toward restoring retirement security for older Americans.
Ad Hoc Coalition to Restore Retirement Security Dear Presidential Candidate: The undersigned organizations represent hundreds of thousands of individuals who spent their careers loyally working for some of the largest, most prominent and prosperous companies in the nation. We trusted our employers to make good on their promises that our hard work would be acknowledged and compensated during our "golden years". Instead, without conscience or consequence, they significantly reduced, and in many cases canceled, the benefits we worked long and hard to earn. Sincerely, Allstate Agents Pension and Benefits Action Coalition Association of BellTel Retirees, Inc. Association of MCI/WorldCom 401(k) Participants Association of U.S. West Retirees (AUSWRA)> AT&T Concerned Employees> (ACE) Detroit Diesel -Allison Retirees Dresser Clark Employees Action Group Enron Employees for Real Retirement Reform Johns Manville Retirees Association Kaiser Aluminum Salaried Retirees Association (KASRA) National Retirees Legislative Network Southern New England Telephone Retirees Association (SRA)
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Deferring Compensation Also Creates Hidden Burden Richard Brooks, Pension Rights Activist, Dies
We are sad to report Richard Brooks, President of the Association of Former Pan Am Employees Inc., (AFPAE) passed away September 6, 2003. He leaves behind a wonderful legacy and will be missed by all who knew him.
Michael S. Gordon Companies Limit Health Coverage of Many Retirees Companies consider pension freezes A resurgent stock market has failed to reduce pension shortfalls, prompting more than a third of U.S. companies with a pension plan to say they'll freeze benefits.(There is more) Is there a pension crisis? Failed Pensions: GE just announced a one time, extra monthly pension check, or a "13th check," |
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House Moves to Prevent Proposed Pension Rules
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Many Ties Link Pension Lobby To Regulators |