Association of Retired Xerox Employees Initiate Legal Proceedings Against Xerox Corporation
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Association of Retired Xerox Employees Initiate Legal Proceedings Against Xerox Corporation WEBSTER, N.Y., Sept. 30 /PRNewswire-USNewswire/ -- The Association of Retired Xerox Employees, Inc. (ARXE) has retained Counsel (Rupp, Baase, Pfalzgraf, Cunningham & Coppola LLC (David R. Pfalzgraf, Jr., Esq., and Danielle Shainbrown, Esq.) and James A. Marino, Esq., (of Counsel)) to institute legal action against Xerox Corporation, in an effort to maintain and restore health care benefits for Xerox employees and retirees. Beginning in 2010, nearly 25 percent of Xerox retirees will be stripped of supplemental health care coverage, a promised lifetime benefit for all retirees. Xerox employees relied, worked and made retirement decisions based on Xerox's annual guarantees. ARXE Chairman David Coriale said, "Retirees are in the disturbing and unenviable position of having to initiate litigation against their former employer to preserve the benefits promised to them for their lifetime of work." For years, Xerox employees and retirees received annual documentation assuring them of guaranteed Xerox medical and dental benefits to protect them during retirement. However, the company capped contributions to certain health care benefits to contain costs. Former employees, some who had retired nearly ten years earlier, lost a fully paid health plan in exchange for the company's fixed contribution based on years of service. Retirees gratuitously agreed to that benefit reduction in an effort to assist Xerox in a time of financial hardship. Now Xerox Corporation is unilaterally eliminating a "Post-65" health care benefit. Xerox's annual gross revenues exceed $15 billion per year. Xerox reports yearly profits in excess of $1 billion with its top three senior management executives collecting more than $23 million annually in salary and bonuses. The health care coverage elimination is expected to save Xerox only $11 million annually. Further, that cost savings represents less than 1 percent of Xerox's 2008 $4 billion stock repurchase program. ARXE will accept financial support for its Legal Defense Fund. Details are available on the organization's Web site at www.arxe.org. The Association of Retired Xerox Employees, Inc. (ARXE) is a not-for-profit corporation serving as an advocacy and educational organization that focuses on providing current retirement benefits information and promoting equitable retiree benefits from Xerox Corporation. Since its inception in 2003, ARXE has provided advocacy for retirees in matters affecting retirement benefits, including facilitating numerous agreements and concessions to restore previously reduced benefits, especially for the most recent class of retirees. The Association is comprised solely of Xerox retirees and has no formal affiliation with nor receives any financial support from Xerox Corporation. SOURCE Association of Retired Xerox Employees, Inc. David Coriale, Association of Retired Xerox Employees, Inc., Chairman, +1-585-872-4577 daytime
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