Employee Voices
When Verizon announced plans to freeze its pension, employees from all over the country were outraged at this broken pension promise. We have heard from many employees at Verizon and other companies who were hurt by decisions to reduce employee pensions. Below are some of their comments and stories. Add your own story.
An Above Average Benefit Plan
"I took a lower paying job with Verizon under the guise of an above average benefit plan. Now, there is nothing. Absolutely nothing."
Already Living Paycheck to Paycheck
“Now, in order to meet my bare living expenses at retirement, I must figure out how to set aside $4,000 each year into an IRA - I don't know how I will do it since I am already living pay check to pay check. My story is not as drastic as employees who have worked longer for the company, but it is terribly tragic for me.”
The Sad Truth
"The sad truth is: all money hungry corporations are going this way; erasing the pension for the betterment of the bottom line."
A Number to be Dealt with
"I feel real sorry for the younger generation that will not have the opportunities that I have enjoyed in my career. We are not individual now; we are a number to be dealt with by a budget. The thing called company loyalty use to be a big word but this is gone now thanks this type of decision."
Enough is enough
"As an employee of one of the nation's largest airlines and CWA member, I understand the sentiments expressed by the employees of Verizon. After years of dedicated service, the impact of broken promises on the dedicated employee is one not easily expressed in words. Disappointment, anger, resentment and fear are but a few of the emotions one experiences. The raid on promised defined pension benefits in this country is criminal and proves once again that all it takes for evil to prevail is for good people to say nothing. I urge you to raise your voices as one because change will only occur when we, as a nation, stand together and say, 'Enough is enough.'"
"My husband began with New Jersey Bell in 1955 and I started in 1957. Everyone told us how lucky we were to be working for such a great company. We always considered ourselves fortunate, what with all the benefits, medical, and especially the pensions. We encouraged our son to join the company. In 1985 he became a member of the bell family. We were happy for him because of the promise of a pension when he retired. Between the three of us our service years total over 80 years. My husband passed away a few years ago. He would never recognize that this was the same company that made all those promises to their employees when they were hired. My son has 19 years of service and thought he was working towards his pension upon retirement, then without warning to be told there would be no pension after all. I feel like my husband and I betrayed him by encouraging him to work for a company that reneged on a promise to take care of its employees. Shame on you Verizon!"
Bewildered
“I guess my biggest bewilderment is when did the stock holders start running this company and when did its employees become no more than numbers on a ledger that the bean counters can dismiss with the stroke of a pen?"
Obscene!!!
It appears that our Executive team doesn't care about making money the old fashion way by earning it. Instead, they simply cut benefits and reward themselves by giving themselves multi-million dollar bonuses despite declining revenues. In the year 2000, Verizon's top 7 Executives shared in almost a half a BILLION DOLLARS in compensation. Ivan alone accounted for 117M that year. This despite the stock value dropping 30% that year. Obscene!!!
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