A coal company plans to slash promised benefits from retired salaried workers in West Virginia at the end of this year, according to a recent article in the Charleston Daily Mail.
Murray Energy Corp. will cut the benefits for an estimated 1,200 non-union workers from five different West Virginia coal mines, collectively purchased last year from CONSOL Energy Inc. The Obama administration should take much of the blame for the current situation because the president and his appointees have forced the closure of nearly 400 coal-fired electric plants in America, the company said in a statement. Consequently, the coal industry and subsequent markets have been destroyed.
Upon the transaction between the two companies last October, Murray agreed to pay $850 million and take on almost $2.4 billion from CONSOL debt and liabilities, according to the article.
Murray, a privately-held company, hinted at helping the retired workers find other benefits before their current plans expire on Dec. 31.