Sears cutting life insurance benefits for up to 90,000 retirees: report

[corbe]

Sears cutting life insurance benefits for up to 90,000 retirees: report

By Aris Folley - 03/30/19 07:36 PM EDT 

Sears notified up to 90,000 of its retirees this month that it would be ending their life insurance benefits, CBS News reports.

Ron Olbrysh, the chairman of the National Association of Retired Sears Employees (NARSE), told the news agency this week that the company sent letters to eligible retirees notifying them that they would be losing their life insurance benefits on March 15.

But Olbrysh said he didn’t receive the notice until March 20.

The notice reportedly offers retirees the option to convert all or a portion of their group coverage into an individual whole life policy and cover the costs of premiums.

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https://thehill.com/policy/finance/436593-sears-cuts-life-insurance-benefits-for-up-to-90000-retirees

[Applewood]

Sad, but the company is bankrupt and it no doubt has creditors who take precedence over employees and retirees.  It's the way bankruptcy works. 

[corbe]

   FTA:

The move comes months after a U.S. bankruptcy court approved Sears's request to pay as much as $25.3 million in bonuses to the company’s top executives and high-ranking employees in December. The company had filed for bankruptcy months before.

[IsailedawayfromFR]

from article:

Olbrysh said insurance coverage was the "last benefit that retirees had" aside from getting discounts at the chain’s stores.

Are you kidding?  Life insurance is all a retiree has at Sears?

Any people with sense would have left that company long ago if that was all a retiree gets.

I smell this is all hocus pocus to drum up sympathy for retirees.