Verizon will save between $250 million and $500 million annually...
Verizon will save between $250 million and $500 million annually as a result of changes to employees’ health benefits and premiums included in its three-year contract agreements with the Communications Workers of America and the International Brotherhood of Electrical Workers,…
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it said Friday in an SEC filing. The contracts, which union members approved Oct. 19, cover 43,000 Verizon workers. The carrier said it did not anticipate “significant” savings from the plan changes in Q4, but did believe the savings will begin to be noticeable in 2013. The savings should grow each year until the contracts expire Aug. 1, 2015. Verizon also noted in the filing that its wireline and wireless businesses have been impacted by the effects of Hurricane Sandy, which has resulted in the carrier “directing its resources toward significant remediation efforts to restore communications services to affected customers, which may take some time.” Verizon said it could not estimate the final effects Sandy and restoration efforts would have on its Q4 results, but believed they would be “significant” (http://xrl.us/bnxnon).