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that retirees have a right to benefits only if the employer explicitly or implicitly promises lifetime benefits to them. If employers clearly and unambiguously reserve the right to cancel health insurance, retirees are not protected.
What became clear to me at this hearing is that additional protections are needed to assure the continued delivery of retiree health care benefits. But in doing this, we must not do anything that will encourage employers now voluntarily providing coverage to terminate their plans.
The Aging Committee is considering a number of recommendations to better protect company retirees, including a requirement that employers give retiring workers the opportunity to continue in group health coverage by paying a premium equal to the group rate plus administrative costs.
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