CHARLOTTE, N.C. — Duke Energy, the nation’s largest electric utility, has become the latest corporation to end its longstanding practice of insuring its retirees, according to the News and Observer.
About 14,500 retirees of Duke Energy, Progress Energy and others, including 6,600 retirees in North Carolina, began receiving notices last week alerting them that the utility company will no longer provide retiree insurance to supplement Medicare coverage.
Instead, according to the paper, the company will pay retirees an annual stipend and the former employees will be responsible for picking their own insurance.
To qualify for the company’s stipend, however, the retirees will have to buy coverage from UnitedHealthcare.
The move will affect not only retirees but also their spouses and dependents 65- years-old and over who receive retirement benefits from the company or any of its predecessors or subsidiaries in six states. That includes Progress Energy, Carolina Power & Light, Cinergy, Florida Progress and others.
Read more: News and Observer