Reply #25: Neither does GM. As of the 2007 contract: [View All]

[Hannah Bell]

"GM would put $24.1 billion into the VEBA in January 2008, although the fund won't start covering retiree health care until two years later. GM will make up to 20 additional $165 million payments to the VEBA anytime the fund's level is insufficient to provide benefits for at least 25 years.

GM would pay cash interest on a $4.37 billion convertible note for the benefit of the VEBA, and the fund's trustees would be able to convert that note to GM stock. GM's active workers also would be required to contribute 4 cents per quarter for the VEBA."

http://www.usatoday.com/money/autos/2007-09-25-uaw-wed_N.htm