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HELP FOR SURVIVORS

The LRO receives frequent requests for dealing with the passing of a retiree or surviving spouse. Consequently, we have created a document that focuses on communicating with Nokia benefits and pensions, along with links to websites with checklists for other family issues. The document is available here.

The document is printable so that you can keep it in your files for future reference.


PENSION STATUS REPORT

Recently you should have received from Nokia the Annual Funding Notice (AFN) reporting the status of your pension that they are required to send you each year on April 30. In this status report we will provide some comments on the data in the AFN and also on the information Nokia reported to the SEC earlier this year. The current data in the two documents will probably be the last new current pension status data for this year.

The AFN data provides data at both the beginning of the year (2017) and the end of that year. The beginning of year data covers a three- year period and the following is for the year 2017:

Funding Target Attainment Percentage

Assets $17.628 billion     Liabilities $12.863 billion     Funding Level 137%

Two significant causes are described for the reported funding level. (Also covered in the second paragraph under plan liabilities on page 2 of the AFN). Under Federal Law which was effective in 2011, companies with defined benefit pension plans were allowed to calculate pension liabilities using a 25 year average of interest rates rather than a 2 year average. Currently the 25 year average is greater than the 2 year average, therefore the higher rate reduces the pension liabilities and increases the funding level. Nokia reports that using this average rate adds about 20.5 percentage points to the funding level. The second item is that Nokia has not yet adopted the new actuarial tables for this calculation which also overstates the funding level by about 10%.

The second funding status shown in the AFN is at 12/31/17 as follows:

Assets $18.422 billion     Liabilities $15.636 billion   Funding Level 117.8%

This calculation does not use the 25 year interest rate average but uses the PBGC interest rates. It also does not reflect the use of new actuarial tables which have about a 10% effect on funding level. This funding level is about two percentage points lower than 2016.

Earlier this year, Nokia also filed a Form 20F with the SEC that reported the funding level of our pension plans (in euros) for year end 2016 and 2017.

  2016 2017
Pension Assets  16.9 billion euros 15.3 billion euros 
Pension Liabilities  15.9 billion euros  13.8 billion euros 
Funding level  105.7 %   111.0 % 

Please note the reduction in both assets and liabilities for 2017. Since pension recording for our pension plans is done in dollars, it must be converted into euros for financial reporting by Nokia. The exchange rate from dollars to euros increased from about 1.05 to about 1.20 during this period thereby significantly reducing both reported assets and liabilities. You should also note that Nokia has adopted the new actuarial tables for financial reporting.

When Nokia reports total assets and liabilities for all US pension plans and all US post retirement benefits total pension assets (management and represented plans) exceed total liabilities by 2.4 billion euros. Post retirement benefit plans covering both healthcare and group life insurance benefits liabilities exceed assets by 2.0 billion euros. As reported on the 20F (when all plans are added together) some of the positive increase resulted from the improvement in the euro/dollar exchange rate.

The AFN also reports total participants in the pension plan, both active, retired, and entitled to future benefits. Total participants declined from 117,260 on 1/1/16 to 115,150 on 1/1/17 although active employees increased by 2006 during the year 2016. That is of interest to retirees as Nokia increased pension expense by 63 million euros in 2016 and 75 million euros in 2017 in connection with reinstatement of a cash balance pension plan for active employees. Up to now no assets have been contributed to the plan for this expense.


MEDICARE NEWS



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SPECIAL NOTICES TO MEMBERS

HEALTH, WELFARE, AND PENSION INQUIRIES

Nokia Benefits Resource Center (NBRC)1-888-232-4111
International Long Distance 1-212-444-0994
www.resources.hewitt.com/nokia    Other links here.


RETIREE ISSUES IN THE NEWS

Bill would let patients buy cheaper insulin from other countries
By Jessie Hellmann; The Hill ~ Feb 20, 2019

Florida GOP governor working with Trump to import cheaper drugs from Canada
By Peter Sullivan; The Hill ~ Feb 20, 2019

Government headed for close to half of nation’s health tab
By Ricardo Alonso-Zaldivar; The Associated Press ~ Feb 20, 2019

Presidential hopeful Bernie Sanders wants to reform Social Security — here’s how
By Alessandra Malito; MarketWatch ~ Feb 19, 2019

Opinion: Why Can't We Expand Access To Transportation For Older Adults?
From Howard Gleckman; Forbes ~ Feb 18, 2019

Sherrod Brown pushes for Medicare buy-in proposal in place of 'Medicare for all'
By Michael Burke; The Hill ~ Feb 17, 2019

High stakes as Trump, Dems open drug price talks
By Peter Sullivan ; The Hill ~ Feb 16, 2019

Medicare proposes coverage for new, expensive cancer treatment
By Jessie Hellmann; The Hill ~ Feb 15, 2019

Hospital Drug Prices Are Up to 7 Times Greater Than Medicare Pricing
By Don Reisinger; Fortune ~ Feb 15, 2019

JAMA Pushes Health-Care Rationing
By Wesley J. Smith; National Review ~ Feb 15, 2019

Medicare ambulance rides may no longer end up at ER
By Ricardo Alonso-Zaldivar; The Associated Press ~ Feb 14, 2019

Medicare At 50 Act Targets Early Retirees
From Bruce Japsen; Forbes ~ Feb 14, 2019

Opinion: Major Clinical Trial Links High Blood Pressure And Mild Cognitive Impairment
From Robin Seaton Jefferson; Forbes ~ Feb 13, 2019

Drug pricing reforms will disrupt cancer care for millions
From Leslie Busby; The Hill ~ Feb 12, 2019

Medicare, Medicaid contain costs better than private insurers, study says
By Shelby Livingston; Modern Healthcare ~ Feb 12, 2019

Social Security's Financial Torture Of This 81-Year-Old Widow Due To Its Own Mistake
From Laurence Kotlikoff; Forbes ~ Feb 12, 2019

GOP senators introduce bill to end pensions for retiring lawmakers
By Tal Axelrod; The Hill ~ Feb 12, 2019

False Lead: Senator’s Offer To Help Patient Import Cheap Insulin Goes Nowhere
By Jay Hancock; Kaiser Health News ~ Feb 11, 2019

These companies are illegally selling products claiming to treat Alzheimer’s
By Tomi Kilgore; MarketWatch ~ Feb 11, 2019

FDA to crack down on dietary supplements
By Peter Sullivan; The Hill ~ Feb 11, 2019

Here's a key way to prevent paying more for your health care than you should
By Sarah O'Brien; CNBC ~ Feb 11, 2019

Why you have no idea how much a surgery really costs (before you have it)
By Kari Paul; MarketWatch ~ Feb 09, 2019

Tax Filers Are Seeing Smaller Refunds on Average in 2019 (So Far)
By Brittany Shoot; Fortune ~ Feb 08, 2019

Support For ‘Medicare For All’ Plummets If It Means Getting Rid Of Private Insurance System, Poll Finds
Via KHN Morning Briefing; Kaiser Health News ~ Feb 08, 2019

Nokia Replacing Huawei in Vodafone's German Core
By Iain Morris; Light Reading ~ Feb 07, 2019

Drug costs impact the financial well-being of older adults
From Linda Phillips; The Hill ~ Feb 07, 2019

Dems unveil bill for Medicare to negotiate drug prices
By Peter Sullivan; The Hill ~ Feb 07, 2019

Opinion: New Proposal To Update Social Security Fails To Address One Of The Biggest Issues
From Jamie Hopkins; Forbes ~ Feb 07, 2019

It's Time To Go Big On Social Security Reform
From Elizabeth Bauer; Forbes ~ Feb 07, 2019

Would Trump's New Drug Rebate Rule Help You?
From Howard Gleckman; Forbes ~ Feb 06, 2019

Bipartisan senators ask industry for information on surprise medical bills
By Peter Sullivan; The Hill ~ Feb 05, 2019

Winners and losers under bold Trump plan to slash drug rebate deals
By Jay Hancock, KHN; FierceHealthcare ~ Feb 04, 2019

Drug prices may drop under Medicare reform plans – But it could come at great cost to patients' health
By Sandip Shah; Fox News ~ Feb 03, 2019

Democrats Push Plan to Increase Social Security Benefits and Solvency
By Robert Pear; The New York Times ~ Feb 03, 2019

Clash of Giants: UnitedHealth Takes On Amazon, Berkshire Hathaway and JPMorgan Chase
By Reed Abelson; The New York Times ~ Feb 01, 2019

Medicare for All Emerges as Early Policy Test for 2020 Democrats
By Jonathan Martin & Abby Goodnough; The New York Times ~ Feb 02, 2019

Nokia Plots Job Cuts Outside Europe
By Iain Morris; Light Reading ~ Feb 01, 2019

Trump health chief presses Congress to pass drug discount plan
By Nathaniel Weixel; The Hill ~ Feb 01, 2019

Drugmakers’ Rebates For Middlemen Would Be Viewed As Illegal Kickbacks Under Trump Administration’s Proposal
Via KHN Morning Briefing; Kaiser Health News ~ Feb 01, 2019

Nokia CEO Warns of Sluggish 5G Growth in 2019
By Iain Morris; Light Reading ~ Jan 31, 2019

Trump officials make new moves to lower drug prices
By Nathaniel Weixel, The Hill – Jan 31, 2019

A Tutorial on Social Security's Asset Reserves
By Sean Williams; The Motley Fool ~ Jan 31, 2019

Social Security expansion to get serious hearing in U.S. House
From Mark Miller; Reuters ~ Jan 31, 2019

Tyson recalls 36K pounds of chicken nuggets that may contain rubber
By Tal Axelrod ; The Hill ~ Jan 30, 2019

Opinion: Do You Need To File A Tax Return In 2019?
From Kelly Phillips Erb; Forbes ~ Jan 30, 2019

House Democrats roll out bill that would expand Social Security
By Victor Reklaitis, MarketWatch – Jan 30, 2019

Senior lawmakers from both parties target rising drug prices in hearings

GOP chairman: I'll be 'insistent' on drug companies testifying on their prices
By Peter Sullivan; The Hill ~ Jan 29, 2019

Opinion: To lower drug prices, we should pursue price transparency — not price controls

U.S. lawmaker Yarmuth says Democrats to begin Medicare for All hearings
By Yasmeen Abutaleb & Susan Cornwell; Reuters ~ Jan 29, 2019

As Many As Two Million People Exposed To Blood-Pressure Drugs Containing Probable Carcinogens
Via KHN Morning Briefing; Kaiser Health News ~ Jan 28, 2019

Sen. Grassley, Senate Finance Committee to Investigate Drug Pricing in First Hearing in 116th Congress
Via “Business Wire”; The Associated Press ~ Jan 28, 2019

How much would 'Medicare for All' cost? Democrats' health care plan explained
By Jennifer Earl; Fox News ~ Jan 28, 2019

Opinion - BO DIETL: How To Make Your Data A Little More Secure This Data Privacy Day
From Bo Dietl; The Daily Caller ~ Jan 28, 2019

Opinion: Our divided, dysfunctional government should at least be able to lower drug prices
From Ted Kaufman; USA TODAY ~ Jan 27, 2019

Opinion: What Can You Do To Help Your Parents Avoid Financial Abuse?
From Robert Mauterstock; Forbes ~ Jan 27, 2019

Drug-Pricing Policies Find New Momentum As ‘A 2020 Thing’
By Shefali Luthra; Kaiser Health News ~ Jan 25, 2019

A Guide to Democrats’ Plans to Tax the Rich More
By Laura Davison, BNS; The Washington Post ~ Jan 25, 2019

Walgreens Agrees to $296M Settlement in Healthcare Fraud Cases
By Jessica Kent; HealthPayer Intelligence ~ Jan 25, 2019

Trump administration's Medicare Part D proposal risks patient protections
From Margarida Jorge; The Hill ~ Jan 25, 2019

World Health Organization Suggests Cancer Drug Prices Are Too High
By Don Reisinger; Fortune ~ Jan 25, 2019

Opinion: Medigap Plan F Or Plan G?
From Diane Omdahl; Forbes ~ Jan 24, 2019

Robbing Grandma And Grandpa: Reports Of Financial Abuse Of The Elderly Skyrocketed In The Past 5 Years
By Evie Fordham; The Daily Caller ~ Jan 24, 2019

Law enforcement officials warn residents about Social Security scam calls
By “Staff”; FOX 13 News ~ Jan 24, 2019

Nokia at Risk of China Ban – Analyst
By Iain Morris; Light Reading ~ Jan 23, 2019

86% of Payers Fail to Deliver Readable Medicare Communications
By Jennifer Bresnick; HealthPayer Intelligence ~ Jan 23, 2019

Poll: Americans Want Universal Medicare But Don’t Want To Pay Higher Taxes For It
From David Krayden; The Daily Caller ~ Jan 23, 2019

IRS Forms 1099 Are Coming: Pay Attention To What You Receive
From Robert W. Wood; Forbes ~ Jan 23, 2019

Trump deserves more credit for health policy improvements
By Quin Hillyer; The Washington Examiner ~ Jan 23, 2019

Americans Support ‘Medicare For All’ In Theory, But Support Plummets When Realities Of Paying For It Are Specified
Via KHN Morning Briefing; Kaiser Health News ~ Jan 23, 2019

What Are The Signs Of High Blood Pressure?
By “ Quora”; Forbes ~ Jan 22, 2019

The 10 tax law changes that will most affect your 2018 personal return
By Bill Bischoff; MarketWatch ~ Jan 22, 2019

Opinion: Federal employees get perks taxpayers can only dream of
From Kristin Tate; The Hill ~ Jan 21, 2019

Rx drug prices continue to rise -- here’s what you can do
By Walecia Konrad; CBS News ~ Jan 21, 2019

Ready, Set, File! Seven Tax Deductions You Can Take Even If You Don't Itemize
From Ron Carson; Forbes ~ Jan 20, 2019

FDA: Irbesartan lots recalled over likely carcinogen
By Sommer Brokaw; United Press International ~ Jan 19, 2019

Due Dates For Your W-2, 1099 & Other Tax Forms In 2019 (And What To Do If They're Missing)
From Kelly Phillips Erb; Forbes ~ Jan 18, 2019

Secretive ‘Rebate Trap’ Keeps Generic Drugs For Diabetes And Other Ills Out Of Reach
By Jay Hancock & Sydney Lupkin; Kaiser Health News ~ Jan 18, 2019

Drug Companies Used Shortages, Recalls To Hike Prices As Much As 1,137 Percent, Report Finds
By Evie Fordham; The Daily Caller ~ Jan 18, 2019

Taxes in Retirement: How All 50 States Tax Retirees
By Sandra Block, David Muhlbaum & Rocky Mengle, ; Kiplinger ~ Jan 18, 2019

Why Older Adults Should Eat More Protein (And Not Overdo Protein Shakes)
By Judith Graham; Kaiser Health News ~ Jan 17, 2019

Three-quarters of doctors feel burnout, experts call it a public health crisis
By Tauren Dyson; United Press International ~ Jan 17, 2019

House Dems fire first salvo in drug pricing fight
By Nathaniel Weixel ; The Hill ~ Jan 16, 2019

How Does the Government Shutdown Affect Medicare? Plus, find out about the partial shutdown's impact on health coverage for veterans and government employees.
By Kimberly Lankford; Kiplinger ~ Jan 16, 2019

Hospitals now must list medical costs for patients, but clarity is elusive
By Daniel Uria; United Press International ~ Jan 16, 2019

Opinion: Yes To Refunds, No To Audits: What To Expect From IRS During The Shutdown
From Kelly Phillips Erb; Forbes ~ Jan 15, 2019

IRS waiving penalty for some in first filing season under Trump's tax law
By Naomi Jagoda; The Hill ~ Jan 16, 2019

Walmart opts to leave CVS partnerships over pricing dispute
By Ankur Banerjee & Saumya Joseph; Reuters ~ Jan 15, 2019

Medicare changes could have some patients paying more for drugs
By Lisa Rapaport; Reuters ~ Jan 14, 2019

Assessing Trump's First 2 Years For Older Americans
From Chris Farrell; Forbes ~ Jan 15, 2019

Opinion: The New 1040 Will Fit On A (Big) Postcard, But It Won't Make Tax Filing Any Simpler
From Howard Gleckman; Forbes ~ Jan 15, 2019

How the new Form 1040 could simplify your life and save you money on tax prep — if you’re lucky
By Bill Bischoff; MarketWatch ~ Jan 15, 2019

Oversight launches major drug pricing investigation
By Nathaniel Weixel; The Hill ~ Jan 14, 2019

What's New For Medicare In 2019?
From Joe Baker; Forbes ~ Jan 14, 2019

Opinion: Trump's New Vision for Health Care
From John C. Goodman; Forbes ~ Jan 14, 2019

Government Shutdown Spares Medicare, Medicaid, But Has Other Impacts
By Jennifer Bresnick; Healthpayer Intelligence ~ Jan 12, 2019

New phone scam warns Social Security number has been turned off
From “Local News”; WKBN ~ Jan 12, 2019

Estimated taxes are due Jan. 15 and you don't get a reprieve despite the shutdown
By Lorie Konish; CNBC ~ Jan 12, 2019

Liberals dare Trump to back their bills lowering drug prices
By Ricardo Alonso-Zaldivar; The Associated Press ~ Jan 11, 2019

Insurers fleeced taxpayers out of $9 billion in phony drug charges. Does anyone care?
From Former Rep. Jim Greenwood (R-Pa.) ; The Hill ~ Jan 11, 2019

What you need to know about US Postal Service's 2019 price changes
By Kristin Lam; USA TODAY ~ Jan 09, 2019

Sanders, Dems unveil sweeping bills to lower drug prices
By Peter Sullivan; The Hill ~ Jan 10, 2019

Are the Rich Killing Social Security?
By Sean Williams; The Motley Fool ~ Jan 10, 2019

Democrats seek early victories on drug prices
By Peter Sullivan; The Hill ~ Jan 09, 2019

AT&T, Nokia team up on RAN controller software platform for O-RAN Alliance
By Mike Robuck; FierceTelecom ~ Jan 08, 2019

The surprising reason drug prices are on the rise
By Dylan Scott, Vox – Jan 7, 2019

Trump summons advisers to White House over drug price hikes
By Dan Diamond, Adam Cancryn & Sarah Owermohle; Politico ~ Jan 08, 2019

Opinion: 2 Ways To Navigate The Medicare Maze
From Eric Parr; Forbes ~ Jan 08, 2019

Commentary: Retirees will continue to face headwinds in 2019
By Paul Brandus; MarketWatch ~ Jan 07, 2019

Opinion: People who saved for retirement are being punished by Social Security taxes
From Liz Weston; MarketWatch ~ Jan 07, 2019

Democrats look to unlikely ally on drug pricing: Donald Trump
By Christopher Rowland; The Washington Post ~ Jan 04, 2019

4 Ways Social Security Is Set to Change in 2019
By Rita Williams; The Motley Fool ~ Jan 056, 2019

Jayapal introduces bill to repeal pay-go
By Tal Axelrod; The Hill ~ Jan 05, 2019

How providers, patients could benefit from CMS’ newly instated price transparency rule
By Paige Minemyer; FierceHealthcare ~ Jan 04, 2019 | Jan 4, 2019 7:15am

Your Taxes Are Still Due During the Government Shutdown, But You Won't Get a Refund
By Chris Morris; Fortune ~ Jan 03, 2019

Sandra D. Motley new president of Nokia’s Fixed Networks Business Group
By Stephen Hardy; Lightwave ~ Jan 03, 2019

Pelosi supports holding hearings on 'Medicare for all'
By Peter Sullivan; The Hill ~ Jan 03, 2019

Study: Older people worried about health insurance now, in future
By Tauren Dyson; United Press International ~ Jan 03, 2019

Drugmakers ring in the new year with higher drug prices
By Peter Weber; The Week ~ Jan 02, 2019

Opinion: Three Things To Ask Your Financial Advisor Right Now
From Robert Laura; Forbes ~ Jan 01, 2019