Larry Stecklow Documents Call To Senator Jim Talent's Office 2/1/06

February 1, 2006

Senator Jim Talent


I called Senator Talent’s Jefferson City, MO Office on February 1, 2006 asking for your support on S.219 and S.1783 (the Senate Bill numbers may have changed). I informed John at your Jefferson City Office of my previous inquiries to you in a September 7, 2005 letter sent to your Washington Office with return receipt, and September 29, November 11 and December 12, 2005 correspondence through your website. I explained to John I was not against Corporations eliminating pension plans going forward because that is their prerogative, but I do have a problem with Corporations not “grandfathering” their pension promises of the past (age discrimination). I spent 32 years at AT&T and after 15 years I committed to continuing to work at AT&T because I could not go anywhere else and start over to receive a pension. I have lost about 50% of my pension when AT&T moved to a cash balance system in January 1998 who did not grandfather the old plan. I worked for 7 more years (retired Dec. 2004) without receiving a penny toward my pension which is when I was to receive the most productive increases in my pension. That is age discrimination because my AT&T pension dollar contributions were now being given in the form of cash balance to those with 1 or more years of service while the old pension plan was frozen. I had the choice of choosing at retirement the frozen 1998 pension amount or the cash balance amount. After 7 years, the cash balance system dollars for me were still below the frozen 1998 amount basically meaning I received nothing for the most productive 7 years. This is not fair and is unacceptable. A class action lawsuit against AT&T is still pending.


I believe I planned for retirement and realized Social Security alone would not be sufficient which is why I chose to stay at AT&T for the pension. I also used the 401K plan but utilized this option as a supplement not as the primary source of retirement because I felt that my pension and social security would adequately cover my family's retirement needs. Congressional dialogue in the news is saying we need to look beyond social security for retirement and I agree. But you cannot expect Americans who adequately planned for retirement to suffer because Corporations want to make retroactive pension legislation and put the money in their pockets. Corporations made commitments to their employees and they should be expected to honor those commitments. Pension dollars were and are legitimate business expenses Corporations incurred and they should be held accountable.


I would appreciate your support and a response as to your position.


Sincerely,



Larry Stecklow

Chesterfield, MO resident