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 ).