U.S. Ruling Backs Benefit Cut at 65 in Retiree Plans
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A new regulation allows employers to establish two classes of retirees, with more comprehensive benefits for those under 65 and more limited ones, or none at all, for those older.
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JACKSON HOLE, Wyo.  - Rising pressure on U.S.  finances from an aging population make it vital quickly fix the  social safety net with such steps as raising the age for full  retirement benefits, Federal Reserve Chairman Alan Greenspan  said on Friday.
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Retirees with company-sponsored medical benefits face higher costs, more restrictions and different plan options as their former employers move to curb their spending on such perks, a new study said.
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Since 2000, federal employees have been able to pay their health insurance premiums on a tax-free basis. The tax code does not extend this perk to federal retirees, to their dismay.
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Most employers that offered retiree health benefits this year will continue to do so in 2005. But the percentage of employers that are dropping retiree benefits for current retirees will rise to 11% in 2005
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WASHINGTON -- When DuPont &amp; Co. disclosed plans last week to scale back its traditional pension, it became the third large employer to cut back on retirement benefits since Congress passed the Pension Protection Act of 2006.
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A US District Court Judge ruled last year that Big Blue had violated age-discrimination laws by amending its pension plan in a way that would make older employees accrue retirement benefits at a lower rate than younger workers.
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CHICAGO _ The leaders of United Airlines pilots union have agreed to accept a 15 percent pay cut and not oppose the elimination of their pension plan, setting a precedent both
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Employers can reduce their health insurance expenses for retired workers once they turn 65 and qualify for Medicare, the Equal Employment Opportunity Commission has affirmed.
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A new regulation allows employers to establish two classes of retirees, with more comprehensive benefits for those under 65 and more limited benefits â or none at all â for those older.
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WASHINGTON -- Without a doubt, many employees who have access to a retirement plan at work contribute some money to it.
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The telecom company cuts medical benefits for its retirees.
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Five-year, $1.8 billion cost-cutting contract approved Thursday also reduces retirement benefits, increases work hours and eliminates retiree medical coverage.
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Doctors who treat the elderly and disabled will face a 10 percent cut in their reimbursement rates from Medicare next year under a federal rule issued Thursday.
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Many companies are dropping their promise of health benefits for future retirees, who now might have to stay on the job longer and rely on government health care in their old age.
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The Senate approved and sent to the White House pension legislation to give millions of Americans a better chance of getting the retirement benefits they've earned while sparing taxpayers from possibly paying for failed pension plans.
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President Bush challenged a hesitant Congress on Wednesday to "strengthen and save" Social Security, saying the nation's costliest social program was headed for bankruptcy unless changed. Bush's plan would cut guaranteed retirement benefits for younger Americans but would not affect checks for people now 55 and older.