More companies are pulling back on health insurance and other benefits for retirees, citing cost concerns. While the Pension Benefit Guaranty Corp. provides protection for pension benefits from some bankrupt firms, health insurance is not covered. "It's very devastating to retirees," said Ed Beltram of the National Retiree Legislative Network. "Many of them have counted on the promises from their companies for a secure retirement and suddenly they find themselves in dire financial straits."

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