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Administration December 6, 2002
AT&T Shareholders Vote on Cash Balance Plan
June 12, 2002 (PLANSPONSOR.com) - As the 2002 proxy
season winds down, Domini's final shareholder resolution this
year challenges the fairness of AT&T's conversion to a
new retirement plan.
Reported by Camilla Klein
The resolution requests that long-term employees be offered a choice between the new plan, which AT&T converted to in 1997, and the previous traditional plan.
Last year, this proposal was voted against by 2.5 billion shares, or 85.3% of the vote (see AT&T Shareholders Vote on Pension, Restructuring Proposals ).
Time has shown that such resolutions are difficult to
pass. Last year, for the second time, IBM shareholders
voted against such a resolution
(see
Mad as Hell
and
IBM Pension Protest
Falls Short – Again
).