Honeywell Stops Offering Some Retirees Group Coverage - Bloomberg
Honeywell International Inc., the maker of turbochargers and plane parts, amended its U.S. retiree medical plan during the third quarter to no longer offer group coverage to some retirees who are older than 65.
The change reduced the post-retirement benefit obligation by $137 million, Morris Township, New Jersey-based Honeywell said today in a regulatory filing.
“The independent market offers better and more cost- effective options than Honeywell can provide,” Rob Ferris, a company spokesman, said today in an e-mail. “We’re providing advisory services to help our retirees select and enroll into this new coverage to ensure a smooth transition.”
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