Pilots Pressing UPS On Health Benefits As Part Of Contract Talks
The union is calling for a strike vote to help bolster its bargaining position. Also in employee benefit news, Kraft Heinz is moving some retirees to health exchanges.
The Wall Street Journal:
UPS Pilots Union Calls For Strike Vote
The union expects to report an affirmative vote on Oct. 23, however, a strike doesn’t look likely at this point. Supply-chain and shipping industry consultants view the vote call as a bid to push UPS closer to meeting the pilots’ demands on sticking points that include health-care and retirement benefits. (Stevens, 9.9)
Bloomberg:
Kraft Heinz Pushes Retirees To Health Exchange To Cut Costs
Kraft Heinz Co., which counts Warren Buffett’s Berkshire Hathaway Inc. as its largest shareholder, is pushing some of its retirees to health exchanges as the company cuts expenses. The foodmaker is eliminating some benefits as it seeks to provide care in “the most cost-effective manner,” according to a letter to retirees and their spouses dated Sept. 1, a copy of which was obtained by Bloomberg. (Schmidt and Giammona, 9/9)
And more news of mergers in the insurance industry -
The Wall Street Journal:
Sun Life To Buy Assurant’s Employee-Benefits Business In $975 Million Deal
Sun Life Financial Inc. agreed to buy the employee-benefits business of Assurant Inc. in a complicated transaction valued at $975 million, the latest sign of consolidation in the insurance industry. The transaction is part of a deal boom that is combining companies across the health, life and property-casualty insurance sectors. While the Canadian insurer’s purchase of the Assurant unit is much smaller than property-casualty insurer ACE Ltd.’s pending $28.3 billion acquisition of Chubb Corp., it is more typical of the deals that industry executives, bankers and analysts expect in coming months. Sun Life is based in Toronto. (Scism, 9/9)
In other marketplace news -
Bloomberg:
Express Scripts' Wentworth To Take CEO Role As Paz Retires
Express Scripts Holding Co. President Tim Wentworth will become chief executive officer in May, succeeding George Paz, who will remain chairman of the company he helped build into the largest pharmacy-benefit manager. Paz, 60, has held the CEO position since 2005 and has been an executive at Express Scripts since 1998. Wentworth, 55, joined the company as part of the acquisition of Medco Health Solutions Inc. in 2012 and became president in January 2014. (Langreth, 9/9)
