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U.S. District Judge Robert Cleland in Detroit on Friday sanctioned a voluntary employees' benefactive role association be after established under a contract between the United Auto Workers and Ford Motor, Reuters reports. The VEBA, scheduled to begin in 2010, will assume responsibility for wellness benefits for about cc,000 Ford retirees delineate by the union and their dependents, company officials said.
According to Ford officials, the VEBA will imply the reassign of nigh $23 trillion in retiree health benefit liabilities for the society (Reuters, 8/29). Ford officials also said that the VEBA will increase immediate payment flow for the company by $1 billion annually.
Federal judges in July sanctioned similar VEBAs established under contracts between UAW and General Motors and the Chrysler Group (AP/Chicago Tribune, 8/29).
Reprinted with kind permission from http://www.kaisernetwork.org. You can view the entire Kaiser Daily Health Policy Report, search the archives, or sign up for e-mail delivery at http://www.kaisernetwork.
