When Nortel went into Chapter 11 protection many people were immediately concerned about the continuance of their medical benefits. This especially applied to retirees who are less than 65 years old and don't have the Medicare safety net to fall back on.
The benefits have been continuing so far since there are still employees working at Nortel and the payments have continued to be made to Cigna. However we all know that at some point those benefits will stop.
A recent posting on Yahoo Nortel Pension Group indicated that someone from Nortel HR shared services advised a retiree that there would be a 2-3 month notification before those benefits stopped. That is certainly better that immediate stoppage like what happened to our Non-Qualified pensions and severance. I am not certain how true the statement is, but it's a slight glimmer of hope for a few of us.
Monday, September 14, 2009
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