Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

TexasTowelie

(111,322 posts)
Fri Jun 21, 2019, 06:38 PM Jun 2019

3M slashes life insurance payouts for retirees

Retirees of 3M Co. learned in late May the company was cutting their life insurance policies nearly in half.

A letter shared with the Pioneer Press said the maximum life insurance payout would fall to $8,000 from $15,000 on Aug. 1. The change affects about 28,000 retirees, a company spokeswoman said.

Dick Hansen, who worked for 36 years in the company’s health care unit, said the change came as a surprise. Hansen is now living on the Florida Gulf Coast.

“I wrote them and said I have no intention of dying by Aug. 1 so I guess my estate is out $7,000,” the 89-year-old said in a phone interview.

Read more: https://www.twincities.com/2019/06/21/3m-slashes-life-insurance-payouts-for-retirees/

5 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies

SWBTATTReg

(21,859 posts)
3. 3M probably pays for this insurance...a benefit that's under pressure too from companies...
Fri Jun 21, 2019, 07:04 PM
Jun 2019

cutting costs to the bone...

in2herbs

(2,942 posts)
5. Boeing cut its life insurance benefit for retirees about 6 years ago. Read a week or so ago that
Fri Jun 21, 2019, 07:20 PM
Jun 2019

Boeing has given its retiree pension plan over to an insurance company who is funding it with annuities. I figure in about 10 years Boeing retirees and those who are already receiving a Boeing pension will be given the option of a buy out (which will favor the company) or nothing.

Latest Discussions»Region Forums»Minnesota»3M slashes life insurance...