Vanguard’s CEO has apologized for cutting a key medical benefit for workers and retirees. The Malvern investment firm restored the popular perk after facing a backlash from staffers.

Plus, Rite Aid told thousands of employees to permanently work from home. Hurricane Ida wrecked a water plant in the Philly suburbs. And officials at Pennsylvania’s biggest pension plan updated their financial disclosures as the FBI investigates the fund.

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Vanguard CEO: We got it ‘dead wrong’ cutting medical benefit for retirees and current employees

Investment giant Vanguard has backtracked on plans to cut a popular medical benefit that workers depend on to pay healthcare costs. Some retirees stood to lose hundreds of thousands of dollars they accrued during their decades-long careers, my colleague Erin Arvedlund reports.

The $8 trillion asset management firm restored the retiree medical accounts, or RMAs, a day after abruptly terminating them. Vanguard CEO Mortimer “Tim” Buckley later issued a mea culpa to upset staffers, saying Vanguard’s decision to cut the benefit was “dead wrong.”

Vanguard has the right to end the RMA program at will, Arvedlund writes, but many current and former employees never expected the company to cut it completely and so suddenly. The benefit will now remain until the end of 2022.

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