December 28, 2005

Charles S. Vinoski
            5010 Casting Way
           Greensboro, NC 27455

 

Senator Richard Burr
217 Russell Senate Office Building 
Washington, DC 20510

Dear Senator Burr:

Thank you very much for the great job that you are doing.  I have written to you before on the subject of pension reform and your response was thoughtful and caring.   Please do what you can to protect retiree pensions and (remaining) health care benefits for retirees.  We truly need your help.   

I am a Lucent retiree and a member of the Lucent Retirees Organization.  I do not pretend to understand the arcane rules for pension accounting.  I do understand the concept of the “fox in the henhouse”, and it is clear to me that unless we tighten up pension law, former employers like mine cannot be trusted to do what is morally right or fair regarding pensioners. 

For many years, part of my pay was withheld and placed into a pension fund for an annuity and for health care benefits in my retirement. In recent years, Lucent, has engaged in unfair, duplicitous (if not illegal), actions regarding the Lucent pension fund, including:

  • Drastic reduction/elimination of lifelong promised health care benefits    
  •  Mascarading pension fund profits as profits from operations, misleading shareholders and improperly rewarding executives for “good performance” (See December 28, 2005 Wall Street Journal article)
  •  Allegedly using risky investments in the pension plan to enhance results to enable the above
  •  Allegedly using pension funds for company expense not related to retirement benefits
  •  Refusing to have an outside audit of the pension fund by those who depend upon the fund for their livelihood
  •  Awarding enormous pay packages to executives that have produced little profit, except those from the pension plan.

 I don't understand pension accounting, but I do understand what a promise is, and I understand that lifelong promises are being broken across the backs of retirees.  Please help close the henhouse door. 

 Thank you for your help. 

Sincerely

Charles S. Vinoski