News Release Lucent Retiree Organization
(Contact information at end of news release)
FOR IMMEDIATE RELEASE – FRIDAY, MARCH 24, 2006
Lucent Retirees Organization Wants Assurance From Lucent And Alcatel That A Merger Won’t Hurt Earned Pensions And Benefits
NEW YORK –The Lucent Retiree Organization reacted today to news reports of merger talks between Lucent Technologies and Alcatel saying it hopes Lucent will act in the best interests of shareholders, employees and retirees.
“We believe the Lucent executives to be ethical and moral people,” said Ken Raschke, President of the LRO that embodies the interests of 235,000 retirees and dependents. “We would expect the Lucent team that is engaged in the merger talks with Alcatel will not agree to anything that would be detrimental to shareholders, employees and the retirees who helped build Lucent into a world leader in communications systems.”
Raschke acknowledged that with the mega mergers that have been taking place among communications services companies it is inevitable that some consolidation would eventually take place among the suppliers of communications equipment.
“If the merger takes place between Lucent and Alcatel, we call on the executives to assure retirees and their families that their pension plan and the benefits earned through decades of service will be secure,” Raschke said. “We hope the leaders will move quickly to alleviate the anxiety that the announcement of the merger talks has created among retirees and their family members.”
Raschke said the LRO would endeavor to learn as much as possible about Alcatel and its track record with its retirees.
“The LRO will seek advice from other retiree organizations which have experienced mergers,” Raschke said. “We will also obtain guidance from our legal counsel and government agencies about retirees’ rights when mergers take place. We don’t anticipate anything negative to happen to retirees, but we will want to be prepared just in case.”
About the LRO
The Lucent Retirees Organization was chartered in January 2003 in the state of New York. The LRO embodies the interests of 235,000 retirees and dependents. Membership in the LRO is composed of individuals under the Lucent pension plan, including all Lucent and Bell Labs retirees, and those who retired when the company was known as Western Electric and/or AT&T Network Systems, plus subsidiaries such as Teletype and Sandia. The LRO is a member of the National Retiree Legislative Network and allied with retiree associations from other major corporations. For more information about the LRO go to www.lucentretirees.com.
For More Information Contact:
Ken Raschke Ed Beltram
Phone: 336-765-9765 Phone: 719-687-6157