Colt Offered Retirees Several Benefits Options
Colt Industries (now Coltec Industries) did not walk away from its responsibilities to the retirees at its Midland (Pa.) plant, as implied in your story, "Retirees, your health plans look a bit peaked" (Personal Business, Nov. 30). Three options were offered and accepted. Retirees could:
-- Receive payments from a trust that paid their benefits. In fact, a group of retirees continues to be covered under this trust.
-- Receive a lump sum payment in lieu of further medical benefits.
-- Receive enhanced pension benefits to pay for medical costs.
Michael G. Dunn
Coltec Industries Inc.