Health-Care Bill Will Cost AT&T $1 Billion, May Lead to Cut in Retiree Drug Coverage: Who's to Blame?

The news: several companies, including 3M, John Deere, and Caterpillar, have already announced that due to the health-care plan recently (and with incredible tumult) signed into law, they'll see raised expenses this year, which could be tough in this economic environment. But all of those companies' added expenses combined don't add up to half of AT&T's proposed problem, announced on Friday and reported by The New York Times: the telecommunications giant says they'll see a whopping $1 billion "noncash accounting charge" this year. In other words, AT&T will have $1 billion less in 2010 than in 2009, explicitly because of this bill--and such a big change in the books may mean AT&T will pass on the loss to its employees, possibly resulting in a loss of health-care benefits for retirees.  Full Story

 

 

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