The Municipal Labor Committee July 14 overwhelmingly approved a transition from the city's Medicare program for retired employees and their beneficiaries to a privately managed plan that is expected to upgrade benefits in key areas while saving the city $500 million annually in health-care costs.
That savings will be used to fortify the Health Stabilization Fund, which offers supplemental help to employee welfare funds in areas such as dental and prescription-drug benefits but has reached a point of near-depletion.
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