Yahoo! News – Weirton Wants Conditions on Rival Bidders: “The sale also would affect Weirton’s 10,000 retirees, dependents and surviving spouses.
Glyptis said ISG has agreed in principle to provide health insurance coverage for some 8,000 union retirees through a Voluntary Employee Beneficiary Association. ISG would contribute more than $3.7 million in seed money for the plan, but enrollees would also pay premiums.
The agreement submitted to the court says Weirton would terminate its retiree health coverage ‘as soon as administratively possible’ after the sale is finalized.
Many retirees have complained they accepted lower wages as workers in exchange for free, lifelong health care. But Weirton CEO Leonard Wise said last week those promises were made when health costs were lower and Weirton’s fiscal position was stronger. “
The article touched on many other matters too, but I found this one most interesting …