001 01 01 01 01 1 01 1 1 1 1 4 1st EDITION 1st EDITION THE HERALD Friday, December 13, 1985 154 Companies scramble to put limit on liability to retiree health plans 1'ho will pay for your health care and medical insur- with Hewitt Associates, ance when you retire? If you don't know the answer, 211 tion. even more frightening point is that your employer nay "In the past, employers not know wittier. The blunt fact is that American corpora- about postretirement tions are just starting to cope of the Cleveland office of with the prospect that paying re- ciate, Ellen Hermanson. tiree health-rare costs coald spell Your No more. Just this year, future bankruptcy.
disclose the amounts they ating to deal with ways to control As a result, efforts are a money those costs, and find methods to By SYLVIA PORTER fund future medical benef.ts. Syndicated Wnter or to discard the plans completely. It's more than possible that legislation eventually will be needed to relieve the problem. Many companies do fund generous health plans for retirees, including, in some cases, lifetime benefits. To illustrate, 94 percent of a group of 250 large companies provide these lifetime benefits.
according to a survey Towers, Perrin, Forster Crosby, a benefits consulting firm. Costs are an obvious factor in the spread of this type of insurance: Informed estimates of providing health and life insurance for retirees range from $10,000 to $50,000 for each individual's lifetime. And the treed is sterdily upward. The total unfunded liability may have hit $125 billion in 1983. the Labor Department reports, and may continue to jump another $5 billion each year.
Unfunded liability means that companies have set aside no money to deal with the expense. A congressional study estimates that the unfunded liabilities of the Fortune 500 Industrial; may exceed their. assets. Traditionally. postretirement medical benefits have been considered operating expenses in the year when benefits are paid.
This means the employer doesn't recognize any cost until the employee retires and receives benefits. Only a tiny number of companies have set aside money now to pay these future costs. In fact. only nine of 4.000 companies surveyed voluntarily funded these liabilities, reports Coopers Lybrand, an accounting firm. in cooperation Mutual funds Your insurance and how these Demographic pressure make it certain that the costs continue to rise.
effectively helped to shift plans. What's more, uncertainty tion of Medicare dollars. and retirees will continue take early retirement, the bills for their employers who retire at 65. Employers in many cut back on generous incentives as a key reason fits. Current retirees, these cutbacks.
In st veral cases where fits, retitoes have sued The result is a limited benefits for current More likely changes tires. Future retirees tributions for spouses, ages and generally measures. Pressure on Congress employers alike to find benents in a manner retrieve the approaching But the outcome is responsibility on you, an costs. List that among sour retirement planning. (c) 1985 Universal Press NEW YORK CIGNA Chestnut Funds: 59 66 NL Hiinco unavoi OST.
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23 Hi ld 10.30 10 76 Bobson Grovp: NY 14 50 NL Gate Op 14 48 Dev Gt 8.01 77 10 33 10.79 Bond unavail Sol Inc 818 NL Gen Elec inv: GutSec 3 24 8 3 Olymn 10.47 11 4J Gwin Entero unavai unavail Tor EI 11 8A ML Elton 11 55 NL 10.09 10.59 50 To Ex 10 14 10 80 Tarfr unovol Eopl Gth 7 47 8.16 Eilnt: 10.03 TINY 11.70 10.35 10.87 17.82 Penn Sq 9 42 NL Tord 45 NL 28 38 Pa. Wid 13 17 NL UMB 8 51 unavait Eaton Vance: 39 95 VolAD Lutheran Bro; Penn Mu 7 31 NL UMB Valve unovai unavail 14 73 15 34 SAS Lg 11.50 Fund 16 46 17 33 PermPrt 11 37 NE BACGI unavail Gy100 Grath 12 7 13 13 01 61 Gen Sec 12.60 incom 9.00 9 41 Phoenix Series: 45 9 23 Philo Bi. BoriBV CInc 17 unovoil 70 HIYId 5 15 5 Gintel 82 60 Moss Financt: 7.39 7.18 Balan 17 71 13 89 GintelEr 38 90 Muni Beat Gin 16 86 NL Inc Invest Bos 8 88 12 9 60 GrdsEm 10 01 NE Ni ME I 11 47 17 32 Grath 16 20 17 70 9 10 CvFd 61 19 75 Apac Benham Hill 23 30 Mun8d 8 07 8 64 Gwthwsh MFG MSMo 10 9 41 95 10 10.45 96 HiYid 9 30 10 00 GrasnEs 13.37 10 29 5pEat 19 60 71 16 10 17 10.65 MSNC 10 50 11 02 PCCO 11.06 15.09 13 14 72 Stock, 13.81 Colt tOTFL F1 10 07 NL Grih Ind 11 65 NL M5VA 10 23 10.74 NL COoN GNMA 10 11 07 04 NL NL V55pl 12.28 13 42 Bond 11.42 NL MIG 11 05 1191 PAR 22 75 23 Tart 18 84 20 59 Guardian Funds: MIT 12 94 13.95 Pilgrim Grp: 10 Berger Group: Emp8ld 16 45 17 27 Ay MID 9 19 10 54 GNMA 16.04 16 71 100 Pd 17 19 Evror Evrorn TH 11.62 NL 20 6 71 72 60 CO 12 43 13 40 Prighti 7 8 90 84 9 8.23 53 12.51 101 Fd 15.87 NL FPA Funds Mom HOA 97 1 62 MEG 16 03 17 20 Pioneer Funa Boston Co: 11 14 12 11 Horl Lev 10 71 NL MFG :4 05 15.15 Bond Hort Gth 11 37 NL MFD 11 86 12 79 Modi CopAp 31 11 35 69 NL Nwinc 9 70 9 71 Hawai 10 72 10 65 MAMB 10 4 41 Fund 22 61 10 71 9 45 SpGth 20 64 NL Peren 18 57 20 30 23 13 05 11 66 7.06 161 111 inc 14 04 19 18 16 22 79 Parmi 14 85 16 Inc 17 Bowser 2 35 51 Foirmi 717 00 NL Hor Mon 25 35 NL MSF 0.14 8 78 Plitrad 13.73 Hmelnv 10 71 ML MMM 10.10 10.60 Bruce 80 NL Erm AG 14 65 NL Humer 12 09 NL MST Md Price Funds: NL CODiG Dear Gp: 15 59 NL Federated Funds: Group: 10 00 10 56 Fquin 10 76 EQuity 11 41 NL NL Exch 43 26 Colli 10 27 10 70 Mothers Meschrt 75 22 44 90 NL NL Gininc 14 01 CoC sh 11 19 NL Bond 11.74 NL Grwth 17 56 H.Y CalMun Id 14 10.63 51 NL NL Folinir Gwth 15 32 ML Merrill Lynch: incom 8 67 NL Golcn 9.19 FT Int 14 74 NL Emro 17 79 HI Yid 10.61 NE 10 01 NL Opting 8.99 NL Bosic 15 45 16 52 Intt 11 32 NL Colvert Group: GNMA 11 46 GutSc 10 14 NL Calf: 10. 44 NL Hex Am Equity 19.27 NL 13 14 Basic 11.30 NL Copil 22.72 23.76 11.83 Inco 16 67 NL HI Icm 17 24 13 09 Noti 10.96 11 CorpDv Era 18.58 1. Social Lt 70 10 57 31 NL NL HiY1d 10 58 AL NY PAu 10 58 11 02 10 54 10.76 Horlt 14 97 NL 15 95 inco 10.94 ML PrecM 9 14 NL Equ Bd 12 95 13 49 Shir8 9.11 TIF Wash Lo Ar NL Short 10.18 NL I RISick 9 12 9.55 FedSc 9 v9 10 66 Tx 8.90 NC 16.34 NL 5th SIGvt 14 10 97 37 NL IDS Mutual: Milne 11 26 NL 51 Tx 10 5.10 50 NL NL dIm 8d 9 Calvin Bullock: 510c 19.84 NE 72 NL Hi On 11 16 11 9 12 9 55 BolShs unavoil Fidellt, Invest: IDSEg 6 68 NI IntH id 11 91 1307 Pro Services: Grwth unuvoti Agres 10 49 NL IDS di 514541 Tr 23 11 46 Med 1 11.35 NL Conan unavail CalMu 10.70 NL IDS Inr Bd 4 5.79 NL LIMal 9 76 9 86 Fund 11 20 ML unovonl Conors unavail 96 5 MunHI 9 79 10 20 Incom 89 NL J56vt unovall Contta unavail 9 11 9 59 Muniin 7 19 7 80 Prudential Bache: ApoGr unavail unovoll TAR 10.54 ML IDS IDS EA DIS 7 4.99 45 5 7 84 25 Mu 10 24 NL AdiPid 24 21 NL Destny unovah IDS Gri 19 27 20.89 IC 9 NL CalMu 10 PO NL Malnco unavail DisC uno vol PucEd 19 11 20.65 Egly 17 67 ML Tr Fre unavail Eg Inc unavail 105 MIY 4 20 4 51 Phnir 11 17 59 Globl 14 67 ML Capotelo 13 20 13 15 Fich unovoil IDS In1 6 80 Retire 10 11 NL GY PI 10 44 NL Cordni 13 26 14 49 1 idel ND 9 9 SciTch 10 46 11 43 10.61 NL Cal Chart Fd 18 7 48 56 ML Flex Bd 7 08 NL iDS MgtRel Prog 6 5.87 97 7 6.17 34 Sol Mid Val 14 04 15.02 GIOD I 77 NL Fredm unovail Mull AM 7 16 8 04 HIYid I 10 Chp Dir 12 02 NL Gut Sec 9.71 NL I 11 12.39 I MIdAHI 5 21 5.69 SHYM 15 21 NE a benefits-consulting organiza- have had a casual attitude medical benefits," Richard Ostuw told any research asso- companies have been told to pay for retiree medical and life expenses are paid for.
plus any percentage of inflation problem will worsen. Medical Changes in Medicare rules have costs to private individuals and persists about future The number of older workers to grow. And when employees potential liability for medical is even greater than for those instances now believe they must plans and they cite lack of tax for not pre-funding these bent. however, will be spared any of employers have trimmed bene. and the courts have upheld them.
ability of employers to retreach employees. include cutbacks for future realso can expect to pay larger conreceive less comprehensive packmeet other cost-containment is growing from employers and a way to fund and vest medical similar to pensions and to help crushing financial burden. vague except to predict greater individual. for paying medical your priorities when next studying MuNY I 11.08 Tolket 24 NL OptG Univ 18 40 NL Qtyin 1 15 99 Stroteole Funds Rich 10 70 6 11 6 58 Util 1270 NL In 1st 4 J8 Funds: Silvr 4 44 1 85 CCArD 47 88 49 11 StrotnDv 26 06 NL CCDsp 48 05 49 78 Strol Gth 19 79 NL CulT 14.48 IS 20 Strongin 19 84 20 04 Copi1 7 78 NL SirnoT 19 29 19.48 Cony 15.07 16 47 TellaSh 15.61 NL EngRs 11 67 17.75 Temaltion Grovp: Georg 17 90 14 10 Fran 12 68 13 86 Groinc 17 48 13 64 Global 36 29 Health 17.35 18 96 Giob 11.94 13 05 Hiinco 12.27 13 16 Grath 11.09 1212 HI Yld 15 63 16 76 World 10 57 14 83 Incom 73) Thomson McKinnon: Into5c 12.57 13 74 Gwth 12 35 NL Int Eq 22 58 24 68 Inco 10 26 NL Invest 11.72 12.81 Opor 17 81 NL NY Tx 15 82 16 61 USGvI 10.19 NL Outn 10 66 11 87 Tudr Fd NL Opinit 11.57 12 64 TratFd 10.6 NL Tor Er 23 47 24 Trust Portfolta: TEHiY 12 99 NE aGth unovon Fins 19 08 NL alac unovon U5Gtd 14.92 15 66 20th Century: Vista 17 34 18 95 Gill 6 31 6 46 Voyap 18 48 20 20 Grwih 15.92 NL Quasar 57 78 NL Select 29.24 NL QuestF 24 NL Ultra 8 06 8 10 Ranbw 4.07 NL USGv 100 21 NL ReaGr 15 39 16 B2 Visio 5 24 5.76 Rghtme 1 78 42 NL USAA Group: Roch Te 10 27 11.22 Cornst 10 72 NL ROwelF unavail Gold 5 87 NL ROYCA 8 54 NL Grwth 15.13 TEat 11.76 Inco 11 NL Safeco Secur: Sbit 16 49 ML quit $0 24 12 66 NL Gr 15 29 TY EIt 11 69 Inco 13 68 NL E5n 10 48 NL Muni 12.66 NL Unitied Mgmnt: Scudder Funds: GenrI 8 78 NL fall 10 31 Gw1h 21.18 NL Devei 60 34 Inco 12 11 Capot 15 29 Indi 8 19 NL G. MIg 15 46 Mull 15.75 NL Grwin 15 10 Ni United Funds: Incom 02 71 NL Accm 8 45 9 45 Intl Fd 29 80 Bond 5 98 6 54 4AMB 8 42 GuiSec 5 68 5 92 NY 10.70 IntGth 6 6) 725 10 06 NL Con Inc 07 1J 19 38 1.
a Fr90 10 06 NL HI Inc 13.64 14 91 T. Fr91 10.67 NL Incom 15 88 17 16 Security Funds: Muni 6 82 7.10 Action 8.91 NACco1 5 47 5.98 Bond 8 75 8 66 Retire 6 78 6 86 Eauly 5 58 6.10 ScEng 9 75 10 66 Inves! 9 05 9 84 Vang 6.18 6 75 Ultra A 34 9.11 Utd Services. Selected Funds: Glashr 3.68 NL Am Sh5 17 99 Nt. GUT 15 08 NL Sol Sht 20.08 NL Growth 1 97 NL Seligman Group: Inco 10 89 NL CapEd 12 76 13.95 LoC.oo 15 NL CmStk 13.84 14 97 Pripcl .54 NL Comun 9 94 10 86 Valfra 10.99 NL Growth 6 14 6 62 Valve Line Fd: Into 12 95 13 96 Burd 13.14 Moss Tx 7.53 Centur 10 91 MichTx 7 82 8 21 Conv 10 91 NL Minn Ta 46 7 80 Fund 14 34 NatiT: 7 60 7 98 Incont 7.01 ML NY Tax 7 68 806 Lev GI 20 75 NL Ohiotx 7 52 7 90 Bd 10.60 NL Cotax 6 14 6 43 Spl Sit 14 25 NL aQ 6 19 47 Van Kompen: GovGId 7.93 8 In taF 15.98 16.78 HIY Id 7 41 7 A8 TY FrH4 14.84 15.58 MigSec 7.74 813 US Gvt 16 20 17.01 Sentinel Group: Vance Exchange: Balon 11 11 50 12 14 74 NL Bond 6 7.10 DBst 47.95 L. Com 5 20.13 72 00 Diver 83.45 NL Gowth 14 76 16 13 ExFd 120.52 NL Sequolg 43.70 NL Ex Sos Sentry 17 15 13.21 107.96 NL Shear son Funds: FIdEx 64 07 ML A tIGI 86.45 NL SecFid 69 51 NC A Tilnc 83 85 NL Vanguard Group A or Gr 12 60 13 26 33 16 NL Appre 72 93 NL 20 80 NL COlAy 14 90 15.68 (remin 03 00 NL FoVal 6 90 1.76 Moro 11 59 NL Globat unavail Noes 40.01 MIY Id 18 94 19 94 Prmco 35 12 11 40 NL 0DIv 17 50 MaGvt 13 49 14 20 QDiv 11 A.29 MMut.
43 15.19 QDvIN 23.35 NY MU 15.38 16 19 STAR 11.29 AL SpOnt NL CInt 33 04 SoX mt I 15 58 NL CU 34 99 Sherm 5 17 GNMA 10.01 Sierra G1 di NL MIY 8d 8.70 Sigmo Funds: (GRad 8 47 Copt 71 8 97 ShrtTr 1051 Inco 8.59 0.39 Ind Tr 24 41 Invest 9 0d. 95 MuN 9 89 5pcl 8 5J 77 Muint 11.36 Trust 12 91 14 11 MuLg 10.11 Vent 11 53 12 40 Ming 10 83 Smith Borner MuSht 15 23 aul 16 04 NL 6.37 incGro 10 08 10.69 V5P HI 14 76 IncR pl 9 47 971 P5v 15.99 U5Gvt 10 9) 14 99 VIP TC 11 61 SoGen In 16.18 16 90 Welis! 15 60 51 hesto 11 30 L. Nellin 14.22 Swininc 94 NL Wndsr 14 21 sover In 21 37 24 60 Winds 11 10 47 5tote Bond Grp: Widint 7 39 NL Com SI 6 79 6 87 WidUs NL Olyers 720 7 87 Venture Advisers: Progrs 9.26 10.12 NYven 8 98 9 81 5t Form Eds: RPF Ad A 00 NL Balon 16 67 NL APF E. 10.84 NL Gwth 11.81 NL InC PI 11.16 12 20 Muni 7 21 NL WPG 74 40 NL Inv: WallS! A 93 9 45 Exch 102 86 NL Wein Ea 18.02 NL Grwth 64 41 NL Witard 10 46 11 41 Invit 00 72 80 59 Wood Struthers: Steadmon Funds. deVeu 1445 NL Am Ind 2 86 NL Neuw 27 17 NL AsSOC .95 NL Pine 13.81 NL Invest 1 47 NL Wridt: 9 45 10 22 Ocean 5.75 NL Yes Fd 92 8 23 Stein Roe Fds: NL Nolood soles Dond 9 76 NL charge.
Cop Op 23 44 NL Prevlous day's Discy 10.95 11.01 P. Redemption Spect 18 10 NL charge may apply. Stock 17.41 NL Ex dividend. Foreign exchange Norway .1303 .1301 7 6730 7 6725 NT YORK (AP) Foreign Denmark .1096 .1098 9.1250 9.1100 Pakistan .0676 15 98 15.98 change. New York prices.
in (- Lgypl .7380 73A0 1.3550 1 125.40 3550 y. Peru .000072 .000072 13908 13908 Fyn. currency Dollar Ecuador .007974 .007974 125.40 Philpines .0562 .0562 17.8000 17.8000 in dollors (gn. currency Finlond .1821 .1821 5.4900 5.4900 Portupal .006770 .006770 159.50 159.50 France .1299 ,1299 7.6955 7.6980 Saudi Arab .2740 .2740 3.6500 3.6500 Fri. Thu.
Fri. Thu. Greece .0066 .0066 150.50 150.50 Singopore .4718 .4718 2 1195 2 1194 1 Argent 1.7500 1.2500 .8000 .8000 Holland .3532 .3525 7 8310 2 7.8040 8370 So. Korea .001122 .001172 891 18 891.18 Au trollo .6855 .6855 1.4588 1.4588 Hong Konn .1281 .1281 7.8050 1507 So. Africa .3810 .7810 2 67470 2 62470 Aust: 10 ,0566 .0566 17 67 Indio .0823 .0823 12,1507 12 Spain .006394 .006394 156 40 156.40 c.
Belolum .0195 .0194 51.37 51.44 Indonesia .000890 .000890 1124 00 .8147 Sweden .1307 .1302 7 6300 7.6800 1124.00 .0193 .0193 51.74 9755.00 51.74 ireland 1.2275 1.2775 1497.00 .8147 1492.00 Switzerlnd .4738 2.1065 2 1105 Brazil .000103 .000103 9755.00 Israel 000670 1720.00 30-day fut .4762 .4753 2.1000 2.1039 Britain 1.4425 1.4145 ,6932 .6971 Holy 000582 .000581 1717.00 60 day fol .4770 2.0901 2.0966 30 day fut 1.4383 1.4303 .6953 .6992 Japon .004948 .004916 202 10 702.20 90 day ful .4790 .4783 2.0875 7 0908 60 day fut 1.4239 1.4257 .7014 30-00Y f1 .004947 .001944 202.14 702.77 Turkey .001767 565.95 565.95 90-day 1ul 1.4302 1.4219 .6997 7033 60 day ft .004948 .004945 207 202.17 00 /07.23 702.00 7-Uruguny .0080 0080 124 7 174 2 (anodo .7199 .7193 1.3890 1.3901 1.3914 90-doy It .004950 .004950 .36970 .36 $70 Venturi .0677 .0677 14.7700 30-day tut .7193 .7187 1.3902 Jordan 2 7049 2.7049 .22905 .79905 W. Grinny .3976 .3970 2.7150 2 5190 60-day fut ,7187 .7181 1.3914 1.3939 1.3776 kuwait 3.3439 3.3439 .0559 17.900 30-duy fut .3988 .3970 2.5078 2.5190 90-day ful .7180 .7174 1.3¥27 178.79 .002137 .0559 .002137 468 00 468.00 60 day fut .3999 .3981 2.5008 2.5118 -Chile .0056 .0056 178.79 7 Mexico 90-day fut .4002 2.4951 2.4987 Cofombio .0058 .0058 171.25 171.25 N. Zealond .5320 .5320 1.8/97 1.6797, (API NASDAQ Detlows Madison YORK CPI ose 20. DesIDA.71 Nodro tionol (. SP Denier .20 Market trades for ACI DeniMd pG 24 Thursday.
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