Sears Retirees’ Life Insurance Payouts Could Be Just $135 Each
- Plan had provided death benefits of up to $14,500 for workers
- Estate says it doesn’t have enough money to pay premiums
The Sears, Roebuck & Co. mail order building in the Boyle Heights neighborhood of Los Angeles.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Workers who retired after years of folding shirts and selling refrigerators for Sears Holdings Corp. banded together earlier this year to complain when the retailer’s bankrupt shell terminated their life insurance plan.
Those benefits were potentially worth thousands of dollars to heirs of the former employees. Now the Sears estate has responded with a proposal that would pay them about $135 each.