ELNY Cuts Went Into Effect August 8, 2013
The Restructuring Agreement approved by the liquidation court last April “closed” on August 8, 2013 and cuts to over 1500 Executive Life annuitants went into effect immediately. The revised schedule of cuts posted on the GABC website revealed that most annuitants saw increases in their shortfalls of 3-4%. The final schedule is expected to be published soon.