During the April Retiree Summit at Bear Mountain, one informative panel was called “The Texas Two-Step,” moderated by Retirees for Justice Executive Director, Edward Stone. The topic was corporate mergers, spinoffs, acquisitions, and their impact on pensioners. Stone explained that the “Texas Two-Step” is the process of a company creating a subsidiary, either by choice… Read More »
Archives for June 2023
Peril of Losing Company Sponsored Life Insurance
On January 1, 2022, retirees at AT&T had their company sponsored life insurance radically reduced. That very same day, 120,000 Dupont retirees had their life insurance completely cancelled. It’s a horrific scenario for anyone to experience. Over 220,000 retirees who had given their entire professional lives to AT&T were left with drastically reduced life insurance… Read More »
Pension De-Risking Behavior Growing in 2023
Across multiple U.S. industries, companies are facing massive increases in their pension costs. Delta Airlines reported noncash pension expenses increased $550 million. 3M Co. disclosed a $125 million increase year-over-year. Sysco Foods estimated a $26 million increase due to higher pension costs and interest rates. In this unsettling time for financial markets, high inflation, no… Read More »
Pension De-Risking Wins in Connecticut & Virginia
Over the years, the BellTel Retirees—along with partners Retirees for Justice and the former ProtectSeniors.org—have achieved numerous legislative and regulatory successes. Perhaps some of the most significant of these occurred in Virginia and Connecticut. In July 2015, then-CT Governor Dannel Malloy signed a vital pension de-risking protection act into law – Public Act 15-167. Retirees… Read More »
New York State Legislature Unanimously Passes 9/11 Notice Act to Support Forgotten Victims
New York, NY – June 22, 2023 – The New York State Assembly and Senate have demonstrated unwavering support for the forgotten victims of 9/11 by unanimously passing the 9/11 Notice Act (A75B/S2946B). The bill passed unanimously in the State Assembly (146-0) and the State Senate (62-0). Next, the measure will move to Governor Kathy Hochul’s desk… Read More »