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ITT TO OFFER ALTERNATIVE HEALTH PLAN TO RETIREES TRANSFERRED TO NEW VALLEY CORPORATION

 ITT TO OFFER ALTERNATIVE HEALTH PLAN
 TO RETIREES TRANSFERRED TO NEW VALLEY CORPORATION
 NEW YORK, Sept. 21 /PRNewswire/ -- ITT Corporation (NYSE: ITT) said today that it has been advised by New Valley Corporation (NYSE: NVL) (formerly Western Union) that the company has decided to make significant changes in the health plan of its retirees. In response to this decision, ITT will offer an alternative to the New Valley Corporation Plan to its more than 250 former salaried ITT Worldcom employees who were retired as of Dec. 31, 1987, or who were eligible to retire as of that date, and their eligible dependents. ITT sold Worldcom, its international telex business, to New Valley Corporation in 1987.
 "ITT's alternative plan will offer health coverage to our former employees at a significantly lower cost than the proposed New Valley Corporation plan," the company spokesman said.
 In 1990, ITT assisted this same group of retirees with a supplement after New Valley Corporation had announced major cost increases in their retiree medical plan at that time.
 "We are in the process of contacting all of these retirees to make them aware of our alternative, which would become effective Jan. 1, 1993. It is unfortunate that New Valley Corporation finds itself in this position. In these circumstances, ITT feels it appropriate to provide these former long-service ITT employees with affordable health coverage."
 In addition, ITT said that the company is working with New Valley Corporation to transfer the pension benefits of these retirees into the ITT Salaried Retirement Plan.
 -0- 9/21/92
 /NOTE TO EDITORS: James B. Lockhart, executive director of the Pension Benefit Guaranty Corporation, is available to comment on ITT's action. Mr. Lockhart can be reached at 202-778-8840/
 /CONTACT: Jim Gallagher of ITT, 212-258-1261/
 (ITT NVL) CO: ITT Corporation; New Valley Corporation ST: New York, New Jersey IN: SU:


GK -- NY068 -- 6420 09/21/92 14:24 EDT
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Publication:PR Newswire
Date:Sep 21, 1992
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