Oct 8, 2007
The GM Highlights claim the new VEBA health insurance fund for retirees “will remain solvent for decades” and will “protect your retiree medical benefits – at current levels.” UAW President Gettelfinger actually said the fund is good for “80 years.”
Read the small print in the VEBA Memorandum of Understanding. The fund is guaranteed only until January 1, 2012. Section 17(c) reads, “The Committee (the VEBA trustees) will be required to maintain benefit levels ... until January 1, 2012.” That’s only four years and three months from now!