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Welcome current and future DuPont retirees –The NRLN (National Retirees Legislative Network) is a nationwide organization that advocates for federal legislation to protect retiree benefits including pensions, company provided healthcare, Social Security, Medicare, and lower prescription drug costs. We started this DuPont Retirees Chapter (DRC) due to concerns about the long-term security of our underfunded pension plan. With our email utility delivering key documents to our members directly, and with this webpage, we strive to be a key communication mechanism on retiree issues, as DowDuPont carries out a plan to split into three smaller companies.
Please review our communications on pension and other retiree issues in the left column below. The most current notes are always visible, while older communications are archived in reverse chronological order. The right column below is a repository of pertinent media articles about the merger and pension issues. We hope that you will review the wealth of information on our DRC page, as well as on the NRLN homepage.


Feel free to comment or ask questions by emailing Jim Odle, Chapter President at odlejk@gmail.com

Useful Links for DuPont Retirees: Retiree website - http://www.retiree.dupont.com/     DowDupont Investor Relations - http://www.dow-dupont.com/investors/default.aspx

DUPONT PENSION SECURITY COMMUNICATIONS

View Archived Communications
DRC history and activities; current and archived communications with DRC Membership and Corporate Management concerning pension security

 

 


March 4, 2019 To: NRLN DuPont Retirees Chapter Members
From: Jim Odle, President, DuPont Retirees Chapter
Subject: February 2019 NRLN Fly-In Report

I attended the NRLN late Winter Fly-In in Washington, D.C. on February 25-27, 2019 with about 30 other NRLN retiree association and chapter members from all over the country. On the first day, Monday, we heard presentations from the NRLN staff on details for the focus areas for the fly-in (more about these below).

That evening we had an after-dinner presentation by Tom Reeder, Director of PBGC (Pension Benefit Guaranty Corporation), the government agency that insures our pensions. Mr. Reeder discussed the status of both the single employer and multi-employer PBGC insurance programs. While the single employer program is in good shape with slightly more assets than liabilities, the multi-employer insurance fund is grossly underfunded with over $50 billion in liabilities and about $2 billion in assets. A bi-partisan congressional committee formed last year was unable to find a solution. Several ideas have been suggested but no decision has been made. Some of our members asked the obvious question - Is it possible that they could take funds from the single employer fund to make up the shortage in the multiemployer plan? At present the law would not permit this but since Congress is charged to solve the problem, I suppose they could change the law. Mr. Reeder did say that he had not heard anyone propose this as one of the possible solutions.

Mr. Reeder also discussed pension plan de-risking (one of our focus areas for this meeting). A popular method of de-risking involves the purchase of a lifetime annuity for pension plan participants from an insurance company. The plan sponsor can either do this for a subset of participants or can do this for the entire pension plan. In the latter case, the plan is terminated and in the former case, the plan continues to exist with some pensioners left in the plan. Verizon, for example, purchased an annuity from Prudential for 41,000 of their 91,000 pensioners. About 50,000 pensioners remain in the Verizon plan. Other corporations have de-risked their entire plan and their pension plans have terminated.

On Tuesday and Wednesday, attendees visited members of Congress on the Hill to advocate for legislation on the issues below. I selected states with large numbers of DuPont retirees and met with staff members from the offices of Senator Chuck Grassley (Iowa), Senator Bob Casey (Pennsylvania), Senator Lamar Alexander (Tennessee) and Senator Tom Carper (Delaware). Above is a picture of Bill Kadereit (right), NRLN president, and myself (left) meeting with two members of Senator Alexander’s staff. Senator Alexander is a member of the important HELP (Health, Education, Labor and Pension) Senate committee.

We advocated for improved legislation on these issues:

Pension Plan De-risking, advocating the NRLN whitepaper’s position on companies transferring pension assets to third party insurance companies to replace promised pension benefits, causing the loss of PBGC insurance protection. The NRLN advocates that plan sponsors purchase reinsurance or back-up insurance from a second, highly rated insurer.

Pension Recoupment, advocating the NRLN’s proposal to protect retirees when a pension plan sponsors find an error (possibly years later) in the pension payment calculation and force retirees to pay back thousands of dollars in overpayments and suffer a cut in benefits as well. The NRLN advocates indemnifying pensioners in this situation and including this risk in the actuarial calculations ensuring that the plan has adequate assets to cover any losses.

Medicare Advantage Plans – Privatization’s Trojan Horse, advocating the NRLN whitepaper to addresses how the Centers for Medicare and Medicaid (CMS) are using private insurance companies’ Medicare Advantage plans as a move toward Medicare privatization. These plans are highly subsidized by Medicare and if the subsidies should go away beneficiaries could be faced with higher premiums and cuts in benefits. We learned that Medicare Advantage costs Medicare 9.9% more per beneficiary than traditional Medicare parts A & B. Anticipating that many of you may have an MA plan and want to learn more about NRLN’s concerns and proposals, click here for more detailed description of this issue and what NRLN proposes to do.

Reduce the Cost of Prescription Drugs, advocating the NRLN whitepaper’s call for passing legislation to direct Medicare to do competitive bidding for prescription drugs, allowing importation of safe and less expensive drugs from approved pharmacies in Canada and ending pay-for-delay and other drug makers’ tactics that obstruct generic drugs from coming to market. It does seem that there is progress on this issue in Congress.

I got no argument on any of the NRLN proposals from any of the Senators’ staff members. Our proposals seem to have been met with understanding and agreement. It helps that the NRLN information is thoroughly researched and well presented. NRLN whitepapers on each of these and other retiree issues can be found under the Legislative Agenda tab on the NRLN website homepage at www.nrln.org.

Please feel free to contact me with any questions or requests for more information.

Jim Odle
odlejk@gmail.com


DUPONT IN THE NEWS

Media articles about DuPont and DowDuPont retiree benefits and corporate restructuring. Some publications may require subscriptions, and/or login for unlimited viewing


Breen fine-tunes DuPont R&D strategy ahead of DowDuPont split
By Alex Tullo;? Chemical & Engineering News ~ Mar 13, 2019

DowDuPont Spells Out Details of Material Sciences Spin-Off
By Paul Ausick; 24/7 Wall St. ~ Mar 08, 2019

DowDuPont Board of Directors Approves Separation of Materials Science Division, Creating the New Dow
DowDuPont Press Release – March 8, 2019

DowDuPont Is About to Break Up. Here’s What the Parts Are Worth.
By Al Root, Barrons – March 6, 2019

DowDuPont to pump $430 million into pension plans in 2019
By Brian Croce; Pensions & Investments ~ Feb 12, 2019

DowDuPont Stock Is Down Because Its Split Can’t Happen Soon Enough
Al Root, Barron’s – Jan 31, 2019

Low oil prices, global volatility lead to DowDuPont's $12 billion drop in value
By Karl Baker, Delaware News Journal

2019 Spin-Offs To Unleash Value Embedded In DowDuPont
From Damian Mark; Seeking Alpha ~ Jan 30, 2019

Nick in the AM: DuPont to lay off employees at El Paso ag facility
By Nick Vlahos; Journal Star ~ Jan 04, 2019

Countdown to 2019: DowDuPont Stock Slid Because Breaking Up Is Hard to Do
By Al Root, Barron’s – Dec 24, 2018

DuPont Pioneer lays off Iowa workers as it works toward full Dow-DuPont merger
By Kevin Hardy; Des Moines Register ~ Dec 13, 2018

DuPont Wins R&D 100 Awards
NetComposites ~ Dec 04, 2018

Corteva and DuPont pensions
By Delaware Business Now – Nov 13, 2018

DuPont execs outline strategy for independence next year
By Alexander H. Tullo; Chemical & Engineering News ~ Nov 14, 2018

Corteva Will Be a Growth Company, Future CEO Collins Says
Video, att.net – Nov 9, 2018

FMC Flexes Its Market Muscle Post DuPont Asset Acquisition
Sonja Begamann, AGPro – Nov 7, 2018

Ag spinoff Corteva to manage DuPont pension plan
Delaware Business News – Nov 1, 2018

DowDuPont rebounds on stronger sales; names 3 spin-off boards
By Joseph N. DiStefano, Philly.Com – Nov 1, 2018/font>

Next year, DuPont will no longer manage its legacy pension fund
By Karl Baker; The News Journal ~ Nov 01, 2018

DowDuPont Announces Boards of Directors of the Three Future Independent Companies: Dow, DuPont, and Corteva
DowDuPont Press Release, Nov 1, 2018

DuPont Pension Announcement – Frequent Asked Questions
DuPont Website – Nov 1, 2018

DowDuPont Drops Billions, Scaring Investors and Rethinking Future Earnings
DelawareOnline.Com - Oct. 20, 2018

When One Plus One Equals Three
seekingalpha.com - Oct 19, 2018

The funded status of corporate pension funds
Pensions & Investments · April 30, 2018

Why DuPont Decided to Change Its Logo After Almost a Century
By Robert Klara, Adweek – Oct 4 2018

DuPont unveils new logo amid big company changes
By Karl Baker; The News Journal ~ Oct 03, 2018

DuPont, former maker of Teflon, debuts a “welcoming” rebrand
Mark Wilson, Fast Company – Oct 3, 2018

DuPont Feeds A Craving For Clean-Label Ingredients
From Janet Forgrieve; Forbes ~ Oct 01, 2018

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