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Ford finishes VEBA transfer; hourly workers put in union health trust; carmaker pays $500 million

Posted on Tuesday, January 5th, 2010 at 11:25 AM EST.(Employee News)

Ford Motor Co. announced Monday it had completed the transfer of all its U.S. hourly retiree health care liabilities to a union-run Voluntary Employees’ Beneficiary Association, or VEBA, and made an extra payment of $500 million toward its future obligations to the trust, the Detroit News reported.

The company has now contributed approximately $6 billion in cash to the VEBA and issued some $7 billion in bonds to cover the remainder, the News said.

“The transfer of these health care liabilities to the VEBA trust is the culmination of several years of work and will significantly improve our competitiveness in the U.S.,” said Lewis Booth, Ford’s chief financial officer, according to the News. (Detroit News)
 
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