Caterpillar: Health care plan will cost us $100 million in first year

Caterpillar Inc., the largest employer in Samaritan’s home base of Peoria, Ill., says the health care plan likely to be voted on this weekend by the U.S. House of Representatives will cost it $100 million — in the first year alone.

According to Chicago Breaking Business News, executives of the construction machinery manufacturer sent a letter on Thursday to House Speaker Nancy Pelosi and House Minority Leader John Boehner urging lawmakers to vote against the health care bill as it stands “because of the substantial cost burdens it would place on our shareholders, employees and retirees.”

“We can ill-afford cost increases that place us at a disadvantage versus our global competitors,” said the letter signed by Gregory Folley, vice president and chief human resources officer of Caterpillar. “We are disappointed that efforts at reform have not addressed the cost concerns we’ve raised throughout the year.”