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Here is the situation. I worked for a company based in Texas for over 39 yrs. The company is privately owned and based out of New York.  I recently retired with benefits of  

  • Pre-65 medical
  • Retiree life insurance
  • Medicare supplement account .

I am currently 60 yrs. old

 

4 months into retirement the company is no longer going to offer these benefits as of Dec. 31,2019.  This will leave me with no medical insurance, nor the other 2. 

 

Is this legal or being a privately owned company they can do what they want? Do I have any grounds on this matter.

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3 minutes ago, BPONB said:

4 months into retirement the company is no longer going to offer these benefits as of Dec. 31,2019

 

To you or to current employees? That's the first question. Check it to see if you misunderstood something.

 

If, indeed, they are discontinuing your benefits, you will need a thorough review of any documents issued by the employer regarding the retirement benefits. Obviously, we can't do that from here.

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These changes are going to be across the board for current employees as well as retired employees. If you are retired and not as of yet 65, these changes will effect you.

If you are still working then you will lose the same benefits as of Dec. 31,2019

 

Reviewing any documents issued for what? What am I looking for?

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23 minutes ago, BPONB said:

Reviewing any documents issued for what? What am I looking for?

 

Plan documents. Memos. Correspondence.

 

Anything that might make your benefits a contractual obligation of the employer.

 

You might also talk to an attorney who specializes in ERISA, the federal law regarding retirement plans.

 

Seems to me that there must be something that protects you from losing benefits that you have already acquired. I could be wrong.

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One can't lose retirement benefits which have vested, but other non-required benefits can change or be discontinued. I've handled such changes and you do need to find out if it only affects new retirees or if you are personally affected as well. I've always grandfathered existing retirees, which it is possible to do so. It isn't always as there are some cases where certain benefits are just not being continued for anyone at all.

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There is no overall law requiring  that employees be grandfathered on older policies when new policies come into play. There is no answer other than the ones already provided. You are going to need to take all the associated documentation to an attorney in your state who can review them and determine if you are guaranteed these benefits unquestionably or only for the duration that they continue to be offered.

 

But please keep in mind; your employer very likely has attorneys of their own who have reviewed these policies before making the announcement. While it's always possible, and definitely worth a look, I would not hold out a lot of hope that your attorney will find some overlooked loophole that will force them to continue these benefits for you while cancelling them for others.

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