DETROIT, Feb. 22 (UPI) -- The United Auto Workers Friday said it has filed a proposal that would create a union-run healthcare trust for General Motors Corp. retirees.
The UAW proposed a trust called the Voluntary Employee Beneficiary Association.
It would be funded by "billions of dollars in cash, stock and other assets from General Motors" and governed by 11 trustees, five of whom would be appointed by the UAW, the union said in a statement.
The proposal, filed in the U.S. District Court for Eastern Michigan, is subject to court approval. The GM-UAW settlement will be considered at the court hearing in Detroit in June, the Detroit News reported.
The healthcare trust would cover the heathcare benefits of current and future GM retirees, the statement said.
"We are confident it will have sufficient assets and sufficient cash flow to pay benefits to our retirees for the next 80 years," said UAW President Ron Gettelfinger.
