LAWSUITS NEWS & LEGAL INFORMATION
Steel Workers' Health Care
Westchester Township, OH: (Oct-08-07) A lawsuit was filed against AK Steel Corp. in 2006 as a result of the company's attempt to change retiree health care costs. The move was thwarted after a preliminary injunction that followed in September 2006 ruled the changes could not immediately be made. The suit was filed by retirees of Middletown Works under the name Concerned Armco/AK Steel Retired Employees (CARE).
As part of a settlement, the company reached a deal with nearly 4,600 local retired steel workers. In a release, AK Steel stated that it will initially fund the VEBA trust with a $468 million contribution, including three subsequent contributions of $65 million, making the total payout $663 million. As per the terms of the deal, the company agreed to transfer all of its health care obligations for the covered retirees to a Voluntary Employees Beneficiary Association (or VEBA) trust. Sources claim that the trust will be managed by the retirees to fund covered benefits. [MIDDLETOWN JOURNAL: STEEL WORKERS BENEFITS]
Published on Oct-9-07
As part of a settlement, the company reached a deal with nearly 4,600 local retired steel workers. In a release, AK Steel stated that it will initially fund the VEBA trust with a $468 million contribution, including three subsequent contributions of $65 million, making the total payout $663 million. As per the terms of the deal, the company agreed to transfer all of its health care obligations for the covered retirees to a Voluntary Employees Beneficiary Association (or VEBA) trust. Sources claim that the trust will be managed by the retirees to fund covered benefits. [MIDDLETOWN JOURNAL: STEEL WORKERS BENEFITS]
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