Chrysler LLC’s white-collar retirees are losing free life insurance benefits but are eligible for a one-time pension boost of up to $4,000, according to a letter retirees should receive this week.
Chrysler is the first of Detroit’s Big Three automakers to cut the benefit. Eliminating life insurance is the latest in a series of cost-cutting moves for Chrysler under the private ownership of Cerberus Capital Management LP.

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