ArvinMeritor Standardizes Retiree Benefits Plans
TROY, Mich., Feb. 4 -- ArvinMeritor, Inc. today announced modifications to the health care benefit plans for roughly 5,500 ArvinMeritor retirees in the United States. The changes implemented also modify the medical plan available to 4,500 of ArvinMeritor's 12,000 active U.S. employees when they retire. This action is designed to standardize the medical plans of the company's U.S. retirees, as well as to address the rising cost of health care benefits. "Today's announcement reflects our continued efforts to proactively preserve ArvinMeritor's financial strength," said Ernie Whitus, ArvinMeritor senior vice president of Human Resources. "Generally, retirees will see an increase in cost-sharing for medical treatment. That change is consistent with the increases experienced by our active employees over the past few years." The modifications to the retiree benefits plan will take effect on April 1, 2003. The company will introduce a preferred provider organization (PPO) program in standardizing the 32 medical benefit plans currently being administered for these retirees. In addition, the modifications will eliminate certain non-medical benefits, including coverage for hearing aids, vision care and dental care currently available to a portion of the company's retirees. ArvinMeritor, Inc. is a premier $7-billion global supplier of a broad range of integrated systems, modules and components to the motor vehicle industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and related aftermarkets. In addition, ArvinMeritor is a leader in coil coating applications. The company is headquartered in Troy, Mich., and employs 32,000 people at more than 150 manufacturing facilities in 27 countries. ArvinMeritor common stock is traded on the New York Stock Exchange under the ticker symbol ARM. For more information, visit the company's Web site at: http://www.arvinmeritor.com .