“If you have much, give of your wealth; if you have little, give of your heart.” Rumi, poet
Dear honored members, retirees & active employees,
We hope this message finds you well. We want to extend our heartfelt thanks for your continued support to the Association of BellTel Retirees. Your generosity is crucial in our ongoing efforts to protect and enhance the pensions and benefits that we rely on.
Recall that you far exceeded our 2023 Giving Season goal of $50K; you generously donated $85K. This year our Giving Season goal is $75K. Know that we share your humanity and concern for all those suffering in the aftermath of recent hurricane and tornado activity. In solidarity, your board of directors have pooled our own personal funds and made a generous donation for disaster relief on behalf of our members.
In the spirit of the season of giving thanks, we reflect on the many blessings in our lives and the strong sense of community that binds us together. At the heart of our shared journey is the Association of BellTel Retirees, your organization dedicated to advocating for your rights and protecting your benefits for all current and future retirees.
As you may know, pension risk transfers are a significant concern for our community. Companies have increasingly abandoned their responsibility away from traditional pension plans, putting many retirees at risk of reduced benefits. In response, we have been working diligently to safeguard our hard-earned retirement benefits. Here’s a look at how your donations have been making a difference:
1. Advocacy and Legislation: We actively engaged with legislators to advocate for stronger protections for pension plans. Our efforts have led to critical legislative proposals aimed at reinforcing pension security.
2. Negotiations and Legal Actions: We have been involved in high-stakes negotiations with corporations and have taken legal action when necessary. Our successes include winning three shareowner proxies and securing eleven significant changes to corporate governance. We have also litigated and taken our retirees’ cause as high as the U.S. Supreme Court. These campaigns and victories are crucial in holding companies accountable and protecting our benefits.
3. Support for Retirees: Our senior leaders and legal team are directly engaged with pension transfers. Our Staff has been working feverishly to provide resources and support for retirees impacted by pension stripping. This includes offering guidance on how to navigate changes and ensure that our members are informed and prepared.
Healthcare is another high concern to the Association and to our entire membership. Many of us have experienced the slow-burn of reduced benefits and rapidly increasing healthcare costs.
The reality is that employees and retirees should know that private-sector employers are not required to provide retiree health benefits. Furthermore, when employers do provide retiree health benefits, nothing in federal law prevents them from cutting or eliminating those benefits – unless they have made a specific “commitment” to maintain the benefits.
We will never give up in our efforts to help offset the increasing costs of healthcare. Note the last Verizon pension COLA increase was some 20 years ago. Our past leaders and our current Chairman, Thomas Steed, have consistently sent passionate annual appeal letters for COLA increases. Our strategy will be more forceful and more public going forward.
· Donate: Visit our donation page on our website or use enclosed donation card to contribute. Every contribution, no matter the size, helps us in our mission to protect your retirement benefits.
· Stay Informed: Read our newsletters and social media pages to see the impact of our efforts from your support.
· Spread the Word: Encourage fellow retirees, current employees, friends and family to support our cause.
· Volunteer: Read the powerful article in our Fall 2024 Newsletter posted on our website & on social media.
In addition to your typical generous donation, consider your Association during your current and future planned giving. This includes estate planning, your annual required minimum distribution (RMD) to a qualified charitable distribution (QCD), and adding the Association as a beneficiary.
We recommend you seek advice from your financial or legal advisor on planned giving. You should also discuss “use and purpose” when naming the Association as a beneficiary.
Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using: IRAs and retirement plans; Life insurance policies; Bank Accounts; Certificate of Deposit (CDs), Brokerage Account.
It is very simple to name the Association as a beneficiary. Start by requesting a change-of-beneficiary form from your policy administrator or download the form from your provider’s website. Make your desired changes and return the form to establish your gift.
Qualified charitable distribution (QCD) is another great way to donate. Not only do they count toward required minimum distribution (RMD), but the distribution is completely tax-free. That means you can still take the standard deduction on your taxes instead of itemizing to get the charitable contribution deduction.
The IRS reminds those aged 73 and older to make required withdrawals from IRAs and retirement plans by Dec. 31. We recommend you seek the most current IRS rules, requirements, eligibility and advice from your financial or legal advisor.
For more guidance on charitable giving, watch this video from BellTel Director Laura Whitlock.
Thank you once again for your unwavering support. Together, we can ensure that our pensions remain secure and our benefits protected. Visit our donation page on our website to contribute.
Warm regards during the season of giving, throughout the holidays and always!
Una Kelly, Treasurer and Laura Whitlock, Director
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