Spotswood New Jersey Retiree Sends Letter To Pat Russo
Dear Ms. Russo:
When I retired from Lucent some 10 years ago, the stock was around $70 per share and the Company was a great place to work. Now the stock is down to $3.00 and the Company has a very bad reputation in regard to the benefits that are being taken away from those retirees who made money for the Company when it was doing good.
Now I hear you and some of the other top level executives are taking MILLIONS in bonus monies which should be given to the retirees and not you people who are making another ENRON out of Lucent.
When I retired, the Company was giving cost of living increases to the Retirees every year. Now the only ones who are being taken care of is those of you who have made a mess out of the Company not those of us who worked so hard to make the Company great.
Not only are you not giving the retirees cost of living increases but you are taking away our pension money by us having to pay large amounts of money to maintain our health care. In some cases retirees are having to pay their entire pension to cover the cost of medical coverage. My out of the pocket cost this year is going over $700.00 a month which is almost 1/2 of my pension.
When is the Company going to give the Retirees something in the pension and benefits? NOT TAKE MORE AWAY.
Edward J. Karecki, Sr.