From Hartford Business.com:
3M drops retiree health coverage
Yesterday
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Manufacturing conglomerate 3M Co. -- with major operations in Connecticut - said it will no longer offer its health-insurance plans to retirees beginning in 2013, a move being spurred by federal health care reform, The Wall Street Journal reports.
The maker of Post-it notes and Scotch tape, which is headquartered in Minnesota, but has operations in Enfield, Wallingford, Meriden and Stafford Springs, notified employees on Friday that it would change retiree benefits both for those who are too young to qualify for Medicare and for those who qualify for the Medicare program.
Both groups will get an unspecified health reimbursement instead of having access to a company-sponsored health plan.
Company officials made the announcement now to give retirees a chance to explore different options during this year's benefit-enrollment period, according to a 3M memo reviewed by The Wall Street Journal.
The new health care reform law is forcing all companies to reassess their health care offerings to employees. Some companies, like McDonald's, are even considering getting ridding of insurance plans for employees altogether
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