http://www.snetretirees.org/index.htmlSNET Retiree News RSS FeedenCopyright 2009 SNET Retirees Association, Inc.2010-03-26T18:05:07-04:00 hourly 1 2000-01-01T12:00+00:00 Wed, 21 Oct 2009 18:50:43 -0400None2010-03-26T18:05:07-04:00http://www.snetretirees.org/news/files/f750fd2cf0d9ac803d7db756e15316ec-5.html#unique-entry-id-5http://www.snetretirees.org/news/files/f750fd2cf0d9ac803d7db756e15316ec-5.html#unique-entry-id-5
The charge is the largest disclosed so far. Earlier this week, AK Steel Corp., Caterpillar Inc., Deere & Co. and Valero Energy announced similar accounting charges, saying the health care law that President Barack Obama signed Tuesday will raise their expenses. On Friday, 3M Co. said it will also take a charge of $85 million to $90 million.

All five are smaller than AT&T, and their combined charges are less than half of the $1 billion that AT&T is planning. The $1 billion is a third of AT&T's most recent quarterly profit. In the fourth quarter of 2009, the company earned $3 billion on revenue of $30.9 billion.
AT&T said Friday that the charge reflects changes to how Medicare subsidies are taxed. Companies say the health care overhaul will require them to start paying taxes next year on a subsidy they receive for retiree drug coverage.

White House spokesman Robert Gibbs said Thursday that the tax law closed a loophole.

Under the 2003 Medicare prescription drug program, companies that provide prescription drug benefits for retirees have been able to receive subsidies covering 28 percent of eligible costs. But they could deduct the entire amount they spent on these drug benefits — including the subsidies — from their taxable income.

The new law allows companies to only deduct the 72 percent they spent.

AT&T also said Friday that it is looking into changing the health care benefits it offers because of the new law. Analysts say retirees could lose the prescription drug coverage provided by their former employers as a result of the overhaul.

Changes to benefits are unlikely to take effect immediately. Rather, the issue would most likely come up as part of contract negotiations between the company and unions representing its employees and retirees. AT&T is the largest private employer of union workers in the U.S.

Candice Johnson, spokeswoman for the Communications Workers of America, which represents more than 160,000 AT&T workers, said these employees have contracts in place until 2012. An agreement covering retirees also runs through 2012.

AT&T rival Verizon Communications Inc. was among 10 companies that sent a letter to congressional leaders in December warning that their costs would increase with the health care changes. Verizon spokesman Peter Thonis said the company had no comment.

Shares in AT&T, which is based in Dallas, climbed 9 cents to close Friday at $26.24.]]>None2009-12-18T12:40:22-05:00http://www.snetretirees.org/news/files/2010_florida_meetings.html#unique-entry-id-4http://www.snetretirees.org/news/files/2010_florida_meetings.html#unique-entry-id-4
The SRA Board of Directors is pleased to announce four (4) Florida meetings that will take place in January and February of 2010. SRA members and their guests are invited to attend.

The meetings agenda will consist of a “state of the business” report, news of interest to our retirees and of course the all important social gathering of you and your fellow retirees. Meetings will have a hot lunch buffet and a cash bar and will begin at 11:30 AM. We look forward to seeing you at one or all of the meetings.

Please return the RSVP below to the SRA along with your check no later than January 16, 2010.

Click Here for RSVP Form

Click Here for Directions

]]>None2009-12-18T12:37:49-05:00http://www.snetretirees.org/news/files/drug_plan_changes.html#unique-entry-id-3http://www.snetretirees.org/news/files/drug_plan_changes.html#unique-entry-id-3
This is an FYI that if you are currently using the mail order process with Caremark as your family’s drug plan provider and you plan to switch to using CVS retail locations in 2010, you MUST obtain new written prescriptions from your doctors for 90 day supplies with refills. Caremark has no way to transfer current active scripts to the CVS locations.

If you plan to stay with CAREMARK mail order process you do not have to do anything until your current scripts expire.

Happy Holidays !!!!!

JoAnn Alix-Gagain
SRA President
]]>None2009-10-21T20:34:18-04:00http://www.snetretirees.org/news/files/holiday_hill_2009.html#unique-entry-id-2http://www.snetretirees.org/news/files/holiday_hill_2009.html#unique-entry-id-2

Sept, 17 2009  What a day for an outing. The SRA morning and afternoon get together was held at Holiday Hill in Prospect. Everyone had a blast. Although there were more that 350 of us at Holiday Hill no one went home hungry. There was food served from early in the AM starting with pastries and on through the day with chowder, dogs and burgers to chicken and ribs. The weather was cool but the fireplaces were all lit and through off heat to warm you if you felt cold. When it was time to leave for home no one wanted to leave; but leave we did, until next year.  We are 2400 strong and growing. Email JoAnne for a membership form at jagagain@snet.net]]>None2009-10-21T20:33:47-04:00http://www.snetretirees.org/news/files/att_job_cuts.html#unique-entry-id-1http://www.snetretirees.org/news/files/att_job_cuts.html#unique-entry-id-1By ERIC GERSHON
The Hartford Courant
AT&T plans to cut 75 positions from its Connecticut workforce by mid-November, part of a nationwide reduction due to declines in the telecommunications giant's land-line business. Announced Tuesday, the cuts amount to just over 1 percent of the company's state workforce and are part of 2,500 cuts nationwide, according to the Communications Workers of America Local 1298, which represents AT&T workers in Connecticut. "We've lost millions of land lines in recent years as customers have gone to other technologies or providers," said Walt Sharp, an AT&T spokesman based in Dallas. "When you have fewer wireline customers, you need fewer people to provide services." AT&T has already cut more than 1,000 jobs in the state within the last two years. Many of the latest local cuts will come from a call center in Meriden, where workers gathered Wednesday afternoon to protest the job reductions. Sharp said the cuts will be completed in 45 days. They will come through voluntary buyouts and, if necessary, layoffs. All workers would be offered other jobs elsewhere in the state, but there will still be a net reduction of 75.
See full article at http://www.courant.com/business/hc-att-job-cuts-0923,0,2396040.story
]]>None2009-10-21T20:33:24-04:00http://www.snetretirees.org/news/files/ss_cola.html#unique-entry-id-0http://www.snetretirees.org/news/files/ss_cola.html#unique-entry-id-0There won’t be a cost-of-living adjustment (COLA) next year. But lawmakers of both parties – and Obama – want to help Social Security recipients during tough economic times.
By Ron Scherer
New York
The Social Security Administration has made it official — there will be no Cost of Living Adjustment (COLA) for some 49 million beneficiaries because inflation declined.
But wait!
There are now five bills before Congress to try to help seniors either next year or beyond. Some would just give $150 next year while others would permanently amend the Social Security Act to change the formula used to calculate COLAs.
Presumably, some of them will be the basis for President Obama’s announcement on Wednesday that he wants to give seniors a one-time $250 payment next year.
“The only question is how close to unanimous will it be,” says Stanley Collender, a federal budget analyst and managing director at Qorvis Communications in Washington. “How many Republicans will vote against this thing?”
See article at http://features.csmonitor.com/politics/2009/10/15/seniors-on-social-security-likely-to-get-a-bonus-check/
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