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The Emergency Retiree Health Benefits Protection ActSummary of the Bill
Congress has a responsibility to protect the retirement health benefits earned by our nation's senior citizens, many of whom spent their entire careers at Fortune 500 companies. Specifically, this legislation will: 1. Prohibit group health plans from making post-retirement reductions in retiree benefits; 2. Require plans to adopt provisions barring post-retirement cuts in retiree health benefits; 3. Require employers to restore benefits reduced after retirement; 4. Provide an exemption for employers who are unable to restore benefits because they would experience substantial business hardship to be determined by the Secretary of Labor; and, 5. Create a loan guarantee program to assist employers in restoring retiree health benefits. To see the complete bill click here:
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