February 23, 2002 at 1:41 AM EST - Updated July 3 at 5:00 PM
CLEVELAND (AP) - Approximately 85,000 retirees from bankrupt LTV Steel will lose their health benefits several months earlier than anticipated, the company announced on Friday.
In November, LTV created an $85 million fund to cover health and life insurance benefits for retirees. The original estimate was that fund would last until June.
But LTV has announced that the fund is running out of money, and that all retiree insurance plans will be terminated as of March 31.
Retirees covered by the LTV plan were paying between $115 and $130 a month for health insurance, said Marco Turbovich of the United Steelworkers of America. Now they will have to pay hundreds more for private coverage.
(Copyright 2002 by The Associated Press. All Rights Reserved.)