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THE ST. PAUL COMPANIES ANNOUNCES SPECIAL EARLY RETIREMENT OFFER

 THE ST. PAUL COMPANIES ANNOUNCES SPECIAL EARLY RETIREMENT OFFER
 ST. PAUL, Minn., Sept. 2 /PRNewswire/ -- The St. Paul Companies (NYSE: SPC) today announced a voluntary special early retirement offer available to about 500 employees in the company's underwriting operations in the United States.
 The company is making the offer as part of its ongoing efforts to control expense growth and to provide the financial flexibility to some employees who might be interested in pursuing other interests, Chairman Doug Leatherdale said.
 The company provided similar offers to employees in 1984 and 1989.
 "Our early retirement programs have been mutually beneficial to the company and those who've elected to retire early," he said. "They've helped the company manage expenses, while making it easier for employees who have other interests to pursue them. We're confident this offer will again serve the company and our employees well."
 The offer is available to employees meeting age and years-of-service requirements. Eligible employees who elect the offer will receive five additional years of credited service up to the plan maximum of 30 years. Also, there will be no reduction of benefits for retiring early.
 The offer is expected to cost the company up to $35 million as a one-time charge in 1992, depending on how many employees accept it. The company would expect to recover this cost over the next couple of years.
 -0- 9/2/92
 /CONTACT: Steve Williams of The St. Paul Companies, 612-223-2007/
 (SPC) CO: The St. Paul Companies ST: Minnesota IN: INS SU:


KH -- MN010 -- 5926 09/02/92 12:36 EDT
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Publication:PR Newswire
Date:Sep 2, 1992
Words:259
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