Labor Department wants exemption for GM health plan
AP/Washington Post, September 18, 2009
The Labor Department said it is seeking an exemption for General Motors' new retiree healthcare plan that would carry out the automaker's plans to transfer company securities into the healthcare trust. The United Auto Workers' retiree healthcare trust fund received a 17.5% ownership stake in the new GM as part of the company's government-led efforts to emerge from bankruptcy protection last summer. The healthcare trust, which begins Dec. 31, will cover 700,000 GM retirees and dependents.
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