Nokia Benefits Website

Retirees can use the YBR website for benefit-related activities such as:

• Enrolling in Nokia’s health and welfare plans (e.g., medical and dental);
• Making and/or changing Nokia Savings/401(k) Plan elections;
• Updating dependent or beneficiary information
• Projecting pension benefits and/or electing to commence pension benefits.

Nokia Benefits Resource Center (NBRC)1-888-232-4111
International Long Distance 1-212-444-0994

https://digital.alight.com/nokia  

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The entire NRLN 2023 legislative program is available by clicking here. In particular, these issues of interest to our members are being pursued by the NRLN: 

Life Insurance Benefit: The LRO has been dealing with Nokia for years to secure additional funding for the underfunded Group Life Insurance Trust (GLI). Recently Nokia announced it plans to transfer $316 million of the excess pension assets to pay for Group Life coverage for eligible Lucent / Nokia retirees. The current pension funding exceeds the current law’s threshold of 120% and thus allows the transfer.  

The NRLN’s proposal was passed into law in December 2022 that set the pension plan funding threshold at 110% of when pension plan sponsors can use excess to provide retirees with healthcare and life insurance benefits. 

Pension Recoupment: This is when a pension plan sponsor finds an error in the pension payment calculation and forces a retiree (some Lucent retirees have experienced this) to pay back thousands of dollars and suffer a cut in his/her pension benefit. The NRLN was successful in getting legislation passed in December 2022 that limits retirees’ exposure to pension recoupment of over-payments to three years rather than unlimited years; may not recoup more than 10% of overpayment per year, and it may not recoup against a beneficiary. 

Annual Funding Notice: In the future the Annual Funding Notice that Nokia Pension Plan sends to us will be streamlined due to legislation that the NRLN was able to gain near the end of last year. Before this new law, pensioners received their AFN and it failed to provide a clear picture of how well their pension plan was funded. This was because by the time they received an AFN in April, it contained data calculated 16 months earlier. With the law changes, the AFN will use year-end valuation so when retirees receive their AFN the date is only four months old. Also, the AFN will be simplified by moving all relevant data to a table on the front page.  

Corporate Mergers: We have gone through the corporate mergers with Alcatel-Lucent and Nokia. The NRLN has developed a whitepaper and is lobbying Congress for legislation to protect retirees in corporate mergers, acquisitions and spin-off. 

Social Security: Until 2033 Social Security will be able to pay 100% of total scheduled benefits, according to the 2023 Trustees’ report. At that time, the fund’s reserves will become depleted and program income will only be sufficient to pay 77% of scheduled benefits. The NRLN is urging Congress to strengthen funding for Social Security to make it secure for the next 75 years. 

Medicare & Medicare Advantage: Original Medicare Part A will only be able to pay 100% of scheduled benefits until 2031, according to the 2023 Trustees’ report. At that point, the fund’s reserves will become depleted and program income will only be sufficient to pay 89% of scheduled benefits. The NRLN is urging Congress to strengthen funding for Medicare. Congress is allowing the Centers for Medicare and Medicaid (CMS) to use taxpayer dollars to subsidize insurance companies for Medicare Advantage (MA) plans to serve as a move toward privatization. The NRLN opposes the use of MA plans to privatize Medicare. The NRLN is also advocating that original Medicare participants have access to the special benefits being offered in MA plans. If Medicare is privatized, current MA plan participants should be grandfathered to protect their benefits and subsidies. 

Prescription Drug Prices: – NRLN is advocating that Medicare increase the number of prescription drugs it will negotiate for price reductions. Legislation should be passed to end pay-for-delay and other brand-name drugmakers’ tactics. The NRLN is also supporting bills to allow Americans to import prescription drugs from licensed Canadian sellers. 

The LUCENT CHAPTER is working with the NRLN to influence Congress on issues important to us. 

How we run our money: Nokia

In the article below, Arto Sirvio, Nokia’s director of pensions, tells Carlo Svaluto Moreolo how the communication and information technology company manages a large portfolio of pension plans. Reprinted from January 2018.

In a world where corporate behavior comes under closer scrutiny, the way companies treat current and past employees is critical. Ensuring they are financially secure in retirement is not something that can be overlooked by management boards. But for a company such as Nokia, which has about 100,000 staff and more than 200,000 retired employees, pensions can become a great challenge.

Click here for the full article.