SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 24, 1994
NYNEX CORPORATION
A Delaware Commission File I.R.S. Employer Identification
Corporation Number 1-8608 No. 13-3180909
1113 Westchester Avenue, White Plains, New York 10604
Telephone number (914) 644-6400
<PAGE>
- 2 -
Form 8-K NYNEX Corporation
March 24, 1994
Item 5. Other Events.
NYNEX Corporation ("NYNEX"), the Communications Workers of America
and Local 2213 of the International Brotherhood of Electrical
Workers ("IBEW") in New York have reached a tentative agreement
on a new contract extending existing labor agreements, which were
to expire in August 1995, to August 1998. The tentative
agreement, which includes basic wage increases of 10.5
percent over the three-year contract extension period and a
retirement incentive, is subject to the completion of local
bargaining and ratification by the union membership. Talks
began on March 21, 1994 in attempts to reach similar agreements
with locals of the IBEW in New England.
NYNEX anticipates recording additional after-tax charges of
approximately $1.3 billion as employees leave NYNEX
through 1996. These charges include the additional costs of
NYNEX's enhancements to the management and nonmanagement pension
plans as well as the additional postretirement medical costs
associated with these enhancements. These charges are in
addition to the business restructuring charges recorded in
the fourth quarter of 1993. Much of the cost of the pension
enhancements will be funded by the NYNEX Pension Plans.
For a discussion of the business restructuring charges and the
enhancement to the management pension plan, see Management's
Discussion and Analysis of Financial Condition and Results of
Operations in NYNEX Corporation's 1993 Annual Report on Form
10-K.
<PAGE>
- 3 -
Form 8-K NYNEX Corporation
March 24, 1994
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NYNEX Corporation
By P. M. Ciccone
P. M. Ciccone
Vice President and Comptroller
March 31, 1994
