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sciulliCHAPTER PRESIDENT'S MESSAGE

May 2021

LRO DISSOLUTION MEETING

The LRO held a virtual membership meeting on April 8, 2021. The purpose of the meeting was to obtain a two-thirds (2/3) majority consent of the members voting, as prescribed by New York State Law, of the Plan of Dissolution and Distribution of Residual Assets. Such Plan of Dissolution was voted on and unanimously approved by the LRO Board of Directors and required membership approval to proceed.

The membership present unanimously approved the Plan of Dissolution and Distribution of Residual Assets. A significant portion of those assets will be sent to the new LUCENT Chapter of the NRLN, where we will continue to pursue the LRO mission- preservation and, if possible, the enhancement of pension, healthcare and other benefits earned by Retirees.

The LRO served us for 19 years! I have personally seen thousands of messages from members thanking the leaders for their dedication. I know I speak for all our members when I say THANK YOU to all of them.

For a short history of the LRO, click here and scroll to the bottom of the page.

HOW YOU CAN HELP OUR CHAPTER

  • Be an active member. Respond to Action Alerts. Congress does listen to what constituents are saying. Your letters supporting NRLN lobbying efforts make a difference. Congress knows that those letters and emails are from retirees trying to protect retirees.

  • Reach out to other retirees that you know through clubs, your emails or Facebook. We need them to join us to gain strength. Ask them to sign up for emails here.

  • Volunteer your time. We need folks who are a little younger than mid-eighties to help in small ways. It’s time for the next generation -- you know, you 60- to 70-year-olds, to step up! Bob Martina needs Grassroots volunteers. . If you have HR experience, you could be very helpful in the benefits area. If you think you would like to help, even a few hours a week, email me at lucentchapter@nrln.org.

  • Support us financially. Your contribution of $25 or more is important to finance the work of the new chapter. Click here to make your contribution by credit card or send a check to NRLN Inc., and mail to PO Box 69051, Baltimore, MD 21264-9051.

Let’s get our new chapter off to a strong beginning!


RETIREE ISSUES BEING PURSUED BY THE NRLN

Life Insurance Benefit: The LRO has been dealing with Nokia for years to secure additional funding for the underfunded Group Life Insurance Trust (GLI). Recently Nokia announced it plans to transfer $316 million of the excess pension assets to pay for Group Life coverage for eligible Lucent / Nokia retirees. The current pension funding exceeds the current law's threshold of 120% and thus allows the transfer. The NRLN, LRO and Nokia continue to lobby members of Congress to pass legislation that would make it possible for Nokia (and other companies) with pension plans funded at 110% or more to use surplus funds to sustain benefits.

Pension Recoupment: The NRLN is also advocating its pension recoupment proposal. Recoupment is when a pension plan sponsor finds an error in the pension payment calculation and forces a retiree (some Lucent retirees have experienced this) to pay back thousands of dollars and suffer a cut in his/her pension benefit. The NRLN wants to limit on the number of years that retirees can be exposed to paying back overpayments and the percent that can be taken from their monthly pension checks to repay the pension plan.

Corporate Mergers: We have gone through the corporate mergers with Alcatel-Lucent and Nokia. The NRLN has developed a whitepaper and is lobbying Congress for legislation to protect retirees in corporate mergers, acquisitions and spin-off.

Social Security: Beginning in 2020, Social Security will pay more in benefits than it takes in from taxes and interest. Social Security will deplete its $2.9 trillion reserve fund in 2035. While the program will not go bankrupt due to payroll taxes, benefits would be cut by about one-fourth. To prevent a cut in benefits and fund the program for the next 75 years, the NRLN is supporting passage of Social Security 2100 Act in Congress.

Medicare & Medicare Advantage: Original Medicare’s Hospital Insurance program (Medicare Part A) is pointed toward insolvency by 2026. At that time, Medicare Part A will only have enough funds to pay about 87% of costs. Congress is allowing the Centers for Medicare and Medicaid (CMS) to use taxpayer dollars to subsidize insurance companies for Medicare Advantage (MA) plans to serve as a move toward privatization. The NRLN opposes the use of MA plans to privatize Medicare. The NRLN is also advocating that original Medicare participants have access to the special benefits being offered in MA plans. If Medicare is privatized, current MA plan participants should be grandfathered to protect their benefits and subsidies.

Prescription Drug Prices: The NRLN is lobbying to allow Medicare to do competitive bidding for lower prescription drug prices; end pay-for-delay and other brand name drugmakers’ tactics that keep generic drugs off the market, and allow importation of safe and less expensive drugs from Canada.


HELP FOR SURVIVORS

We receive 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.


review focus READ THE LATEST ISSUES OF REVIEW AND FOCUS HERE


RETIREE ISSUES IN THE NEWS

This column contains media links to articles of particular interest to Lucent and Nokia retirees.Please visit www.nrln.org for a wider range of retiree news.

Nokia soars on best sales performance for six years
By Iain Morris; Light Reading ~ Apr 29, 2021

Nokia ranked as number one in 5G patents
Via Nokia Oyj; Yahoo!Finance ~ Apr 28, 2021

Opinion: Nokia's Move Towards Connecting The World
“InvestOhTrader”; Seeking Alpha ~ Apr 26, 2021

Nokia missing from Verizon's C-band frenzy
By Mike Dano; Light Reading ~ Apr 21, 2021

Nokia's Nuage Networks to power China Mobile Cloud's massive public cloud expansion
Via News Wire Feed; Light Reading ~ Apr 15, 2021

Nokia technology chief: The future is in software
By Bevin Fletcher; FierceWireless ~ Apr 13, 2021

Nokia to secure Dish's 5G network slices
Via News Wire Feed; Light Reading ~ Apr 07, 2021

Nokia and Lenovo conclude patent cross-licensing agreement
Via Nokia Oyj; Yahoo ! Finance ~ Apr 07, 2021


SPECIAL NOTICES TO MEMBERS

Nokia Benefits Website

Retirees can use the YBR website at https://digital.alight.com/nokia for benefit-related activities such as:

  • Enrolling in Nokia’s health and welfare plans (e.g., medical and dental);
  • Making and/or changing Nokia Savings/401(k) Plan elections;
  • Updating dependent or beneficiary information
  • Projecting pension benefits and/or electing to commence pension benefits.

Nokia Benefits Resource Center (NBRC)1-888-232-4111
International Long Distance 1-212-444-0994

Other links here.


Do we have your current email address?

We regularly inform members about important news. If you have mistakenly 'unsubscribed' to one of our emails, you will no longer hear from us unless you re-subscribe. To “re-subscribe”, or to sign up to receive our emails, or if you are not sure we have your current email address, click HERE.