In December 2023, Association Chairman Thomas Steed formally petitioned Verizon CEO Hans Vestberg and other top corporation leaders, requesting corporate leadership grant a 2024 pension COLA to assist tens of thousands of loyal company retirees living on the company pensions.
Mr. Steed’s letter detailed the financial issues and constraints concerning our fellow retirees. “At this time, the Association of BellTel Retirees requests that the Verizon executive team look into possible avenues to grant the retirees, both young and old, within the Verizon Plans with a COLA, while reminding you that there has not been this type of adjustment since 2001, or over 22 years.”
Within the letter, Mr. Steed also pointed out the decline in spending power of the current pension payments received by Verizon retirees, “To illustrate the ravages of inflation, the minimum pension of $700.00 in 2001 would need to be over $1,200 today, according to the Bureau of Labor Statistics.”
For so many of us, we dedicated our lives to the company on the promise that they would take care of us during our golden years.
While the response from Verizon reflected there will not be a COLA increase, company leadership said they remain committed to maintaining current medical, dental, and life insurance benefits for their retirees.
Verizon Vice President of Benefits, Kevin T. Cammarata, who is responsible for the employee and retiree benefits programs at Verizon advised, “I am responding on behalf of the Verizon leadership team. I am responsible for the employee and retiree benefit programs at Verizon…. We do not plan to increase pensions of pension annuity minimums.”
He continued, “We remain focused on pension benefits earned and providing access to retiree medical, dental, and life insurance coverage.”
Verizon may not be increasing pension payments; however, receiving a renewed commitment to retiree benefits is vital.
From our recent survey, one member commented, “It would be nice if you could get a cost of living! But it is very important to have the medical paid by Verizon!”
The Association is committed to maintaining open lines of communication with senior executive management on critical retires pension and benefit matters as it is essential to all retirees and spouses.
It is our Association’s position and desire to remain vigilant and continue to seek opportunities to push forth demands for enhancements that would have a positive impact on our collective retirement security.
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