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Article: Lucent Pares Health Care Benefits for Some Retirees.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- September 9, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Martha McKay, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Sep. 9--Citing slumping business and the skyrocketing cost of health care, Lucent Technologies will slash health care benefits to legions of its retirees.
The Murray Hill telecommunications equipment maker will raise premiums and no longer pay certain health care or dental costs for a group of about 50,000 mostly management retirees and their dependents, the company said Monday in a filing with the Securities and Exchange Commission. The move will save Lucent about $75 million a year, the company said.
"These are difficult decisions but they are ones we ...