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ALLTEL ANNOUNCES EARLY RETIREMENT PROGRAM

 LITTLE ROCK, Ark., March 2 /PRNewswire/ -- ALLTEL Corporation (NYSE: AT) today announced an early retirement incentive program for its telephone operation which will enhance the company's ability to meet the competitive environment in the future.
 Under terms of the program, eligible employees who elect the program will receive increased retirement benefits including an additional five years of age and service for pension benefit determination.
 Approximately 320 employees within ALLTEL's telephone operations are eligible to consider the early retirement incentive program.
 This early retirement incentive program is being offered in connection with plans announced Feb. 3, 1993 to reposition and reorganize ALLTEL's telephone operations. These plans include exchanging certain telephone properties with GTE Corp., consolidating regional headquarters locations and streamlining the telephone service corporation.
 Excluding related one-time items, ALLTEL expects the repositioning and reorganization to have no material impact on 1993 earnings. The one-time items, which include the early retirement incentive program and other repositioning costs, will be more than offset in 1993 by a gain on the disposition of the properties being traded, when the transaction is finalized.
 Joe Ford, ALLTEL chairman and president, said, "The purpose for repositioning our telephone operations and becoming more efficient is to meet the increasingly competitive demands of the telecommunications environment, which, of course, protects our future earnings stream. These moves will sustain our position as a low-cost company within our industry."
 ALLTEL Corporation (NYSE: AT) is a leading telecommunications and information services company. In addition to providing local telephone service, ALLTEL subsidiaries provide cellular telephone service, information services and communications products.
 -0- 3/2/93
 /CONTACT: Ron Payne, vice president-corporate communications, ALLTEL Corp., 501-661-8989/
 (AT)


CO: ALLTEL Corporation ST: Arkansas IN: TLS SU:

KK -- CL004 -- 1794 03/02/93 09:07 EST
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Publication:PR Newswire
Date:Mar 2, 1993
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