at&t Corp. CEO Randall L. Stephenson: AT&T Retiree Ad-Hoc Pension Increases and Future Annual COLA Increases
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AT&T retirees may have been surprised, or even shocked, when the company recently sent information related to open enrollment for retiree medical benefits effective January 1, 2014. Retirees under the age of 65, who are not eligible for Medicare, saw premium increases of hundreds of dollars a month for coverage under the standard PPO plan. Medicare-eligible retirees will pay $480 more per year for single coverage, $1,680 more per year for retiree + 1 coverage, and $1,680 per year for family coverage.
Healthcare costs in retirement can be staggering. As you get older, your body is more vulnerable and prone to disease and medical expenses increase every year. Retirees are not prepared for the high-cost of medical care in retirement when they are no longer part of a company plan. Too many people believe that Medicare covers most or all expenses. The reality is that Medicare only covers a percentage of your medical bills. According to analysis, average out-of-pocket health care spending by Medicare beneficiaries is sizable and increases with age.
AT&T CEO R. Stephenson received $22,234,703 in total compensation in 2012. By comparison, the average worker made $34,645 in 2012. R. Stephenson made 642 times the average worker's pay.
In contrast, other than social security COLA, I have not had any increase in my income since I retired from AT$T in 2001. According to the Bureau of Labor Statistics $1,000 in 2001 has the same buying power as $1.318.72 does in 2013. As an AT&T retiree, on Medicare, is the reward I get? An 800% increase in monthly premiums for supplemental healthcare. A pension adjustment is needed now more than ever.
Therefore, I ask CEO Stephenson to adjust all AT&T retiree pension amounts to cover the 2014 retiree healthcare costs and COLA adjustments in subsequent years. Let your actions support your retirees and the many years of dedicated service they have provided AT&T to be as profitable and successful as they are today.
Please support AT&T retirees. You can as a family member, friend, customer and fellow activist by expressing your outrage at the unilateral, drastic and unprecedented increases in AT&T retiree healthcare premiums directly to AT&T CEO Randall Stephenson at the following address:
Randall L. Stephenson Chairman, Chief Executive Officer
208 South Akard Street
Dallas, Texas 75202-4206
Or, you may email Mr. Stephenson directly at Rs2982@att.net
Thank you for your support.
In Unity-Strength & Solidarity:
Steve Tisza, President
CWA Local 4250 Retired Members’ Chapter (RMC)
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