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A smaller group of a dozen retired senior executives had policies with death benefits between about US$356,000 and US$2.7 million.Limited FundsThe proposal to modify the plan would terminate the plan and award eligible Sears retirees an unsecured claim of US$5,000. But given the estate limited resources, holders of unsecured claims will receive estimated payouts of 2.3 per cent to 2.7 per cent, according to the filing or about US$115 to US$135.new plan is totally unacceptable to the retirees, said Ronald Olbrysh, chairman of the National Association of Retired Sears Employees. He added that many Sears retirees aren able to obtain new life insurance policies now because they too old.

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