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Delphi Says Law Will Affect Payouts

Delphi has said the Medicare prescription-drug law passed last month may reduce the company’s future payouts for retiree health-care coverage by $454 million. The company’s obligation at the end of 2003 would have been $8.02 billion with the legislation, or five percent less than $8.47 billion reported, Delphi said in an annual regulatory filing.

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From Detroit Free Press

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TROY, MI — Delphi has said the Medicare prescription-drug law passed last month may reduce the company’s future payouts for retiree health-care coverage by $454 million.

The company’s obligation at the end of 2003 would have been $8.02 billion with the legislation, or five percent less than $8.47 billion reported, Delphi said in an annual regulatory filing.

Delphi is among the first companies to reveal how it may be affected by the $395 billion overhaul of Medicare, the federal health program for the elderly and disabled. The law includes $89 billion in subsidies and tax benefits over a decade to encourage companies to maintain health benefits for retirees.

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