Nissan trims medical coverage and retirement benefits

Trend: Employees cannot expect employers to cover health care and retirement expenses in the future.

IBD reports a move by Nissan to place more responsibilty for health care and retirement on the workers.

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North American manufacturing plants of the Japanese automaker will stop offering comprehensive medical coverage for retirees. In a bid to cut costs, Nissan (NSANY) also is switching its pension plan from a defined benefit to a contribution plan, similar to a 401(k), for new hires. The health care move affects employees who turned 65 after Jan. 1.