Monthly Archives: April 2010

Frequently Asked Questions & Answers About The IPP/Pension Offer

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Angel Feliciano, Executive Vice-President

As I have been going around the Local holding meetings on the new IPP/Pension package, a number of questions come up repeatedly. I will answer those questions here and hopefully answer your questions at the same time. I will update the questions as they come up.

As I have been going around the Local holding meetings on the new IPP/Pension package, a number of questions come up repeatedly. I will answer those questions here and hopefully answer your questions at the same time. I will update the questions as they come up.

Now that the penalty (6% per year under age 55) has been eliminated, am I pension eligible even though I am not 50 years of age?

  • In order to be pension eligible if you are under the minimum age of 50, you must have at least 30 year of service. The elimination of the age penalty does not affect the requirements of the pension plan to meet the “magic 75” in the correct proportions, as follows: Minimum age 50/ minimum service 25 years, minimum age 55/minimum service 20 years, minimum age 60/minimum service 15.

Below is the official chart:

Your Age Net Credited Service
Any age 30 years or more
At least age 50 25 years or more
At least age 55 20 years or more
At least age 60 15 years or more
Age 65 or older 10 years or more

 With two off-payroll dates, will there be two offers?

  • NO, there will only be one offer, which begin to be mailed out May 13th, and have to be back by June 1st. The two off payroll dates will be established based on the number who accept the offer. The first date has already been established as June 20th.

          Must my Pension beneficiary be my spouse?

  • No, under changes negotiated to our pension plan, any person can be designated as the beneficiary, once the legal qualifications are met. (The spouse is entitled to a portion of the pension under the law) . Below is the benefit book wording:
  • Under any of the three joint and survivor annuity options, effective January 1, 2001, you can choose any living individual as your beneficiary. If you’re married, however, your spouse must be your beneficiary, unless you obtain your spouse’s notarized, written consent to another beneficiary. Your spouse’s written consent with respect to a change in beneficiary is irrevocable upon the annuity starting date.
  • Also, as noted on page 34, there is an age requirement that limits the joint and survivor annuity options available to certain non-spouse beneficiaries. If your non-spouse beneficiary is up to 19 years younger than you, you may choose both the 50 percent joint and survivor annuity or the 75 percent joint and survivor annuity. If your non-spouse beneficiary is more than 19 years younger than you, you may choose only the 50 percent survivor annuity.

Can I wait and take it later?

No, this is a one shot offer, with no guarantee of any other offer, and MUST be accepted by June 1st.

Will the company allow more than the declared surplus to go?

Any oversubscription must be agreed to by both parties, and as always, would be contingent on either a complex IPP (letting people go in a non-surplus title, to make room for a surplus person) or an agreement to backfill.

Will the Local be doing Retirement Seminars?

Yes, we have already held 4, with three more scheduled (but booked up). We are taking names on a wait list, and will schedule more classes based on that list. To put your name on the list call 212-633-2666.

IPP Numbers – Comparison of monthly, bonus, lump and total IPP payments

How to request an on-line estimate

Rally and March on Wall Street

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As our city, state and nation continue to climb out of the current financial crisis, working class Americans still struggle to keep their homes. While taxpayer dollars were used to prevent a complete financial collapse, 1 in 10 Americans remain unemployed. In response, the National AFL-CIO has embarked on a long-term campaign to ensure that working people do not get left behind and the economic recovery reaches Main Street, not just Wall Street.

On April 29th from 4 to 6pm, in conjunction with the AFL-CIO’s Good Jobs Now campaign, the NYC Labor Movement will rally at City Hall and then march down Broadway through the Financial District. AFL-CIO President, Richard L. Trumka, will lead the rally where we call for the recovery to make its way to working people on Main Street. We need to make sure that the economic bailout does more than just protect CEO bonuses, that it helps to bring back the 10 million jobs lost since 2007.

Collectively, we will show that when working men and women speak with one voice, they are heard loud and clear. This AFL-CIO Good Jobs Now mobilization will be our call for action. Taxpayers bailed out the big banks, now we need to make sure that working men and women have the same opportunity to get back on their feet.

Your participation will help to ensure that our message is heard.

In Solidarity,
John T. Ahern President

Rally and March on Wall Street Flyer

IPP/PENSION ENHANCEMENT AGREEMENT

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An agreement has been reached with the company which vastly improves not only the Income Protection Plan (IPP) package, but the Pension package, as well as contracting protection, and job protection for the post-2003 employee in the Representative and Fiber Solution Center titles.

The details are as follows:

  • Supplemental Voluntary Termination (IPP Bonus) payment is increased from $10,000 to $50,000.
  • The 30 year cap on the IPP payouts has been raised to 40 years, with the payouts for years 30 through 40 increased accordingly. This almost doubles some of the payouts for 40 year employees.
  • The pension band increase of 3.75% scheduled for October will be made effective the last day on the payroll for4 anyone leaving with this packege.
  • The calculations for anyone taking the lump sum pension will be based on the March figure (very low interest rate/high payout) or the figure in effect when selected, whichever pays out more.
  • Waive the pension reduction for retirement before age 55, the pension penalty will no longer apply for those leaving with this offer. 
  •  Company agrees it will not increase contracting as a result of people taking this package.
  • The amount of contracting will be based on the Full Time Equivalent Employees (FTE) rather than dollars spent, so a cheaper contract will not skew the numbers.
  • The Union and the company will continue talking under Article 55 to continue to reduce surpluses. 
  • The company agreed it will not lay-off any post-2003 employees in the representative title or the Fiber Solution Center (FSC) titles before May, 2011.
  • The enhanced package will be offered to ALL employees, whether declared surplus or not. (Except Verizon Business and Video Hub)
  • ALL moulding work associated with the placement of MDU’s will be returned to the bargaining unit within 60 days.
  • The company has agreed to take back additional Central Office Equipment Installation (COEI) work.

Verizon Tape – IPP Agreement

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Executive Vice President Angel Feliciano speaking:

“We have finally reached an agreement with the Company which provides for vast improvements in the IPP and Pensions. It also addresses our concerns in Contracting and Job Retention. Details will be made available as soon as the agreement is signed by all parties.

We want to thank all whose support and faith was so crucial in seeing this agreement happen.

To any Members who had payroll problems this week. We need you to contact your Steward and/or Chief  Steward so that you are included in planned legal action.

Thank you for calling and please stay in touch with these tape.”

CWAers Rally at FCC against Verizon-Frontier Deal

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About 200 CWAers from West Virginia, plus supporters from IBEW and the AFL-CIO, rallied outside the Federal Communications Commission, letting regulators know that the proposed Verizon-Frontier Communications deal is a disaster waiting to happen.

Verizon Communications wants to sell landlines in West Virginia and 13 other states to Frontier so it can take advantage of a tax loophole.  Similar deals by Verizon in other states have ended in bankruptcy, lost jobs, the loss of high speed broadband access and overall reduced service quality.

“This deal will pad the pockets of Wall Street executives while only deepening the digital divide,” said CWA District 2 Vice President Ron Collins.

Following the rally, CWA President Larry Cohen, Collins and a group of CWA members met with FCC Commissioner Michael Copps. Collins  and other CWAers also met with the chief of staff for FCC Chairman Julius Genachowski and other FCC officials.

Inside the FCC, CWA presented Commissioner Copps with letters from 71 West Virginia legislators who oppose the deal; letters expressing concern or opposition from 18 county commissions, and petitions from more than 5,000 West Virginia citizens calling on the state Public Service Commission to reject the deal. 

The FCC can block the deal if it determines that the sale isn’t in the public interest.  In March, an Illinois administrative law judge recommended that the state Commerce Commission reject the deal; the West Virginia Public Service Commission staff and the state’s consumer advocate also strongly oppose it.

CWA or IBEW have intervened in state regulatory proceedings on the proposed sale in West Virginia, Illinois, Ohio, and Washington. The FCC will take up the case after the states have concluded their reviews.

For more information, go to www.verizonfrontierdeal.org.

Verizon Tape

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Thursday, April 1st,
Executive Vice President Angel Feliciano speaking;

“Negotiations for an enhanced IPP offering have  broken down as a result of the company’s refusal to address any of our issues and concerns on the recently declared surplus.

Thank you for calling, and please stay in touch with these tapes.”