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SRA Retiree UpdatesAugust 19 TRAUMA CENTERS AND THE ELDERLY Yesterday the Washington Post ran an article about the care seniors received by EMT staff and to what hospitals the patient is first taken for care. Suprisingly the findings from a Maryland servey show the elderly do not receive the high level of care as that of younger patients. Nor are the elderly taken to trauma centers as often.
August 16 NRLN UPDATE
Financial Firms Trying To Buy Out Frozen Pension Plans An August 5, 2008 article in Business Week has drawn attention to the fact that financial firms have been attempting to lay the groundwork to gain government approval to buy out "frozen" pension plans. According to the article some of the world's biggest investment banks, insurers, hedge funds, and private equity shops have been working in Washington, D.C. to gain control of $500 billion worth of "frozen" pension plan assets. The concept of off-loading pension funds sounds attractive to some companies that would like the chance to rid themselves of struggling pension plans, which can be a burden to a balance sheet. New accounting rules are approaching that will require companies to mark their pension assets to prevailing market prices each quarter-a change that could devastate some companies' profits. As many NRLN members know, a number of companies no longer want to pay for pension plans, troubled or not. The National Retiree Legislative Network first became aware of this activity by financial firms last October and Jim Norby, then the NRLN President, sent letters to Congressional Committee Leaders opposing the idea. Norby stated: "We cannot help but be suspicious that this is a profit-driven motive and is not in the best interest of retirees." The NRLN's position was then and is now that the proposed buyouts of corporate pension plans are a dangerous idea that would lead to diminished pension benefits. Among our main concerns is that shareowners of financial companies would expect executives to maximize profits and the firms would have no loyalty to retirees and the employees who will be future retirees. Last week, the U.S. Treasury Department ruled that employers cannot transfer most pension plans to an unrelated entity without also transferring significant business assets, operations or employees. The ruling apparently is directed toward preventing transfers of tax-qualified pension plans to unrelated firms that only operate the plans, such as financial firms. Treasury noted that federal law requires qualified pension plans be established by employers for the "exclusive benefit of its employees or their beneficiaries." It stated that transferring a pension plan to a third party in a move that is not part of an acquisition of business assets or operations would benefit a firm whose sole business aim is to profit from the operation of the plan. Such a transfer would not qualify for tax benefits because an unrelated pension operator would not be considered an employer. In addition, the benefits would not be exclusive to employees and beneficiaries. On its face, the Treasury ruling seems to throw cold water on the financial firms' efforts to buy out "frozen" pension plans. However, Treasury, the Labor Department, the Commerce Department and the Pension Benefit Guaranty Corp have developed guidelines for new legislation that would permit transfers where the transaction is in the "best interest of plan participants, their beneficiaries, employers and the pension insurance system." Under this so called "legislative framework", a "frozen" pension plan where benefits are no longer accruing could be transferred to an entity unrelated to the employer or former employer, provided certain conditions were met. It would require that advance notice be given to all parties including regulators. Plan acquirers would be required to be in strong financial shape and in well-regulated industries. It would have to be demonstrated that the transfer is in the best interest of participants and their benefits would be exposed to less risk. Supposedly, transfer limitations would be imposed to prevent an undue concentration of risks. The NRLN will keep a watchful eye on whether such legislation is introduced. If it has the potential to be a threat to retirees' pension security, our Grassroots Network members will be called on to help the NRLN mount a campaign against the proposed legislation. Bill Kadereit, NRLN President August 14 AT&T CONNECTICUT UPDATEAT&T and North Haven Senior Center Host 'Cell Phones for Seniors' and 'Surfing for Seniors' Events August 14th
NEW HAVEN, Conn., Aug. 13 /PRNewswire-FirstCall/ -- AT&T Inc. (NYSE: T) announced today the launch of a new public service initiative designed to benefit Connecticut’s mature adult population. AT&T Connecticut will host a series of free events, titled "Cell Phones for Seniors" and "Surfing for Seniors" at senior centers throughout Connecticut over the next several months. The first of these is scheduled on August 14, from 10:00 a.m. to 2:30 p.m. at the North Haven Senior Center, 189 Pool Road, North Haven, Conn. "AT&T’s free seminar is a unique opportunity for seniors to receive help with two areas of technology that are engrained in our daily lives -- mobile phones and the Internet," said Judy Amarone, manager, North Haven Senior Center. "With AT&T’s assistance, we expect our members to be able to walk away feeling more comfortable and confident that they will have a positive, safe experience using their cell phones and surfing the Internet." This event is open to the public and mature adults interested in attending are encouraged to call the North Haven Senior Center at 203-239-5432. In "Cell Phones for Seniors", which starts at 10 a.m., AT&T volunteers will work in a classroom setting to teach seniors about mobile phone basics, such as controlling the phone volume, checking voice mail, and storing a number in the phone’s address book. Seniors can also learn about AT&T’s Hearing Aid Compatible (HAC) options as well as how to send text messages and share pictures on their phones. Participants are encouraged to bring their mobile phones, regardless of which wireless carrier they currently use. AT&T will also have free "practice" phones on-site. In "Surfing for Seniors", starting at 1 p.m. mature adults will receive training from AT&T representatives in a classroom setting where they’ll learn how to safely navigate the information superhighway, including understanding the risks and needed precautions to surf safely and securely. Topics will include how avoid spam, scams, fraud and phishing schemes, as well as privacy best practices and how to use spyware. "Technology is no longer a vehicle used only by businesses and gadgeteers, but rather a commonality in all of our lives today," said State Representative Steve Fontana (D - North Haven). "I commend AT&T in their efforts to inform and educate the mature consumers of Connecticut on how to use this technology in a convenient and safe manner." "These events are a great example of AT&T’s philosophy to connect people with their world, where they live and work," said Ramona Carlow, president, AT&T Connecticut. "Our goal with these events is to make even better and lasting connections using mobile phones and the Internet -- both safely and securely." Below are more dates and locations are open to the mature adult public:
Mansfield:
August 18, 2008, 12:30 - 4 p.m.
Mansfield Senior Center
303 Maple Road, Mansfield, Conn
Hartford:
August 20, 2008, 10:30 a.m. - 2:30 p.m.
Southend Wellness Senior Center
830 Maple Avenue, Hartford, Conn
Norwalk:
August, 26, 2008, 10:30 - 11:30 a.m.
Norwalk Senior Center
584 Main Avenue, Norwalk, Conn
Meriden:
August 27, 2008, 11 a.m. - 12:30 p.m.
Meriden Senior Center
22 W. Main Street, Meriden, Conn
AT&T has plans to expand the "Cell Phones for Seniors" and "Surfing for Seniors" programs to other areas of Connecticut in the coming weeks and months. For additional information on the Connecticut event series - or to inquire about scheduling a free seminar in your community - please contact Sarah Beth Luce Del Prete at 203-771-0212. See http://money.cnn.com/news/newsfeeds/articles/prnewswire/200808130908PR_NEWS_USPR_____AQW065.htm August 12 BeerA-B offers sweetened early retirement package to cut employment costsSt. Louis Business Journal - by Kelsey VolkmannAnheuser-Busch Cos. Inc. said it is boosting its early retirement plan for salaried workers to cut costs, according to a filing Tuesday with the Securities and Exchange Commission. As part of its previously announced plan to reduce costs and improve efficiency, the brewer of Budweiser approved an "enhanced" retirement program for salaried employees. The plan provides better pension and retiree medical benefits, as well as severance, to salaried employees who are at least 55 years old by the end of the year. Of the 8,600 employees eligible for the program, including 1,300 who are 55 and older, the company expects 10 percent to 15 percent will accept the plan. See article at http://www.bizjournals.com/stlouis/stories/2008/08/11/daily33.html
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