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Denver Retiree Dick Kemp responds to WSJ
Article: 'Alcatel's Merger With Lucent Stirs Cultural Questions'
In reading this front page article I have to take
issue with the point made regarding retirement, since I had taken an
early retirement in 12-89 when I was 60. At the time retirement was
considered, we where told we would lose long term company benefits
if we did not take the offer then. Any consideration to stay longer
to continue building personal finances along with increasing my
social security benefits where overshadowed by the consequences of
losing benefits in that offer.
When I retired the company had a very sound
retirement fund, one in which retirees would get periodic percentage
increases in their retirement income. Since retiring this has not
occurred. Further, there has been a significant erosion of other
benefits. The comment that the company used funds from an "over
funded" pension I found un-researched and repugnant. Apparently the
company reached rock bottom limits permitted by the government
giving themselves bonuses in the process. I understand the company
did not contribute once to the pension fund since it's inception as
Lucent.
According to USA Today, 8,000 U.S. employees will
lose their jobs and I certainly feel very sorry for them, but except
for the Lucent Retirement Organization [LRO], not to many seem to be
overly concerned about the 235,000 Lucent retirees and
their dependents and I wonder why? Often it seems like we are at the
mercy of the stumbling incompetence of company management. Hopefully
our government will protect us from a total disaster.
Questions that might be of interest:
How secure is the pension fund [specifically the
monthly retirement check]? Could this income be eliminated or
reduced in any way? Can the French get into our fund in any way?
Loss of this income or any part of it would have
disastrous consequences for me, now 77, and my wife as I am sure it
would be for many of the retirees.
My very best.
Dick Kemp
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