Oct 8, 2007
The UAW agreed to a VEBA with Caterpillar in 1998, under which the company agreed to fund a health care trust.
This fund ran out in six years! Said one Caterpillar retiree, “God, did we get stuck ... Initially the VEBA worked OK, but it just got eaten up by the astronomical rise in medical insurance.”
This same worker said “I wouldn’t want anybody to go through what we’ve gone through.”
Nor would any GM worker want to go through it – if they only knew!