LandAmerica halts life, health coverage for retirees
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Richmond Times-Dispatch
Published: November 28, 2008
LandAmerica has canceled all life and health-insurance benefits for retirees.
The title insurance company cancelled the insurance benefits Monday night, two days before the holding company and a subsidiary filed for bankruptcy and announced the sale of three subsidiaries.
A letter to employees, dated Wednesday, began arriving today, five days after the benefits were stopped.
“Given the extreme financial challenges currently facing LandAmerica, our Board of Directors has made the very difficult decision to terminate Land America’s retire health and life benefits,“ the letter to retirees stated. Life, health, dental and prescription coverage was cancelled.
Marie Jennings’ father found out this morning when he tried to fill a prescription.
“I can’t believe they would cancel your insurance right in the middle of the month,“ Jennings said.
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Posted by ( LZMorgan ) on December 01, 2008 at 5:08 pm
This is obscene. I personally know people who worked their entire careers, 35+ years at Landamerica (or its prior incarnation, Lawyers Title). They worked for an agreed-upon compensation that included retirement benefits. This is nothing less despicable than robbing the retirees at gunpoint. Worse—you can fight back against armed robbery. Legalized robbery is another thing.
I worked for LandAmerica for 13 years before being laid off in 2006. They gave me a great severance package and tons of notice, and I have no gripes with them on my own account. But it seems like the company I left lost all its integrity when the big bucks were to be made. My prayers go out to all my former co-workers.
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