Benefits Left Out In the Cold

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It was freezing and windy in Washington last week, but that did not stop hundreds of LTV retirees from rallying at the Capitol. They were demonstrating to save their medical- and life-insurance benefits, which the steel and defense company canceled when it went into bankruptcy proceedings last July. Although the benefits were restored by the bankruptcy court and Congress passed a measure last October that extended the benefits, that protection expires on May 15, and the retirees are lobbying the lawmakers to give them permanent insurance coverage. Congress is considering legislation that would require all bankrupt firms to get court approval before eliminating retiree benefits.