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Loyalty Is A 4-Letter Word

 article about Loyalty Is A 4-Letter Word
Now, more news of bosses screwing former employees. Shh... loyalty is a 4-letter word in corporate America.

The Employee Benefit Research Institute calls it "the ticking retirement time bomb." Kaiser Family Foundation (KFF) President Drew Altman says employee-sponsored retiree coverage is going, going, gone thanks to sky rocketing costs. Nationally, retiree premiums this year cost 24-27 percent more than last year.

Lobbyist Jim Norby has remarked names like Boeing and IBM are telling retirees ‘don't be too proud to beg.' Just outside Philadelphia, Pennsylvania Power & Light (PP&L) is a top-traded stock, yet they're slashing benefits.

Of 300+ corporations surveyed, 18 percent- including a fifth of the Fortune 500- say they're planning for retirees to maintain company coverage, but shoulder 100 percent of cost, said a new KFF study. Another 11 percent plan to terminate ALL access to ANY health coverage for future retirees.

If that isn't bad enough, corporations re-working retiree health plans on the eve of Bush's Medicare Modernization Act (MMA) actually need to be told to educate former employees about these adjustments.

Bush's MMA, which will include a prescription drug benefit starting in 2006, had caused many analysts to speculate employers would dump burdensome retiree healthcare costs in the government's lap. Much of alternative media also wrote MMA was a pat on the back for corporate RNC contributors.

And conservatives said Kerry wanted to socialize health-care?

The KFF report concluded double-digit increases in retiree premiums continue to hasten the trend to employee cost burden. Duh.

"Given the complexity of the new law, educational efforts could help ease the transition for retirees as MMA is implemented," the report said.

Nearly 30 percent of employers said they would NOT educate their people about coverage changes. A frequent contributor to online and print publications, Moore is best known for her massive collection of Tom Snyder quotes. "You know the two things I like best about Larry King? His face!" Visit her blog, updated semi-weekly, where she rips on Visa, why the world is the way it is, and other earth shattering topics.



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