sprinter Posted July 17, 2008 Share Posted July 17, 2008 http://www.baltimoresun.com/news/health/ba...2C4246037.story The automaker, hemorrhaging sales in its core U.S. market, announced yesterday deep cuts and other actions to raise cash that would generate $15 billion in savings through 2009. Among the casualties: health benefits for salaried retirees 65 and older. GM is the latest big company to abandon retiree health coverage, though it will continue to pay for those younger than 65. Thousands of Bethlehem Steel workers in Baltimore and nationwide lost coverage after the steelmaker went bankrupt in 2003. General Growth Properties Inc., the Chicago real estate giant that bought Columbia developer Rouse Co., dropped company-paid health and life insurance for Rouse retirees in 2005. And in March, the Supreme Court made it easier for companies to reduce health benefits for millions of retirees who turn 65 and become eligible for Medicare by turning away a legal challenge from AARP. The advocacy group had argued that lower benefits for older retirees amounted to age discrimination. Eliminating retiree health coverage for those 65 and older was just one part of GM's latest cost-reduction plan. The automaker also said it would cut its white-collar expenses by 20 percent in the United States and Canada, slash thousands more blue-collar jobs by cutting truck production, sell assets and suspend its dividend for the first time since 1922. Quote Link to comment Share on other sites More sharing options...
Lostinindy Posted July 18, 2008 Share Posted July 18, 2008 Hell Ford did it to their retirees last year. Quote Link to comment Share on other sites More sharing options...
cliffster51 Posted July 18, 2008 Share Posted July 18, 2008 http://www.baltimoresun.com/news/health/ba...2C4246037.story We're pretty much all stuck in Health Care Prison..................... http://cliffster51.nfshost.com/HealthCarePrisonBlues.mp3 Quote Link to comment Share on other sites More sharing options...
Lostinindy Posted July 18, 2008 Share Posted July 18, 2008 We're pretty much all stuck in Health Care Prison..................... http://cliffster51.nfshost.com/HealthCarePrisonBlues.mp3 That song says it all. Quote Link to comment Share on other sites More sharing options...
cliffster51 Posted July 19, 2008 Share Posted July 19, 2008 That song says it all. Thx, here's my latest commentary on the recent Ford and GM salaried retiree benefit cutbacks. http://cliffster51.nfshost.com/WhatDidIWorkFor.mp3 Quote Link to comment Share on other sites More sharing options...
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