Retiree drug benefits may disappear

03/31/2010 | Star-Ledger (Newark, N.J.), The

Up to 2 million retirees stand to lose their prescription drug coverage as a result of the new health care law, which will revoke a tax deduction for companies that provide the benefit to their former workers. Companies will "take the financial hit this quarter because they have to, then they'll plan on what they're going to do once that subsidy becomes taxable," said Ken Sperling of Hewitt Associates.

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Star-Ledger (Newark, N.J.), The

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