Murphy Comments on Changes to Retirees Medical Benefits
Christopher J. Murphy, a Partner in the Firm's Labor, Employment and Employee Benefits Practice Group in the Philadelphia office, was quoted in this article about changes being made to retired workers' medical benefits.
"There is unquestionably a trend that, where possible, employers are looking to get retirees to share more of the cost of retiree health benefits," Mr. Murphy said in response to aerospace company Boeing's decision to raise medical insurance premiums for its union-represented retirees to reduce increasing health care costs.
Mr. Murphy said Boeing is one of many companies changing the medical benefits of retired workers due to the growing population and rising costs.
Mr. Murphy also mentioned that an employer can make changes to medical benefits if documents governing the benefits state the company reserves the right to terminate, amend or modify the plan.