Word: trusted
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Dates: during 2000-2009
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...trust that GM has in mind, called a voluntary employees' beneficiary association (VEBA) according to the 1928 tax law that governs such trusts, would create an independent body, run by the UAW, with the sole responsibility of paying for the health care of GM's retirees and their spouses. It won't come cheap. Analysts estimate that GM could end up paying 60 to 70 cents on the dollar of its $50 billion obligation to establish the trust. But investors have been pushing for a VEBA since Goodyear set up a similar plan with the United Steelworkers last year. Wall...
...issue," says a Chrysler official. The companies can use the freed-up cash to spend on developing and selling better cars to take on Toyota, which this year surpassed GM in sales. But that's in the long run. In the short run, funding the trust could put carmakers in a tighter cash squeeze unless they raise the money by floating stock or issuing debt. "It's not the best time to go out and raise money," says GM CEO Rick Wagoner...
...country where the number of people over 65 will nearly double from 35 million in 2000 to 69 million in 2030, the idea of a health-care trust fund may soon become a model for other companies, particularly those in other struggling Rust Belt industries with lots of retirees. "It's not a bottomless pit, which is what employers are afraid of," says Helen Darling, president of the National Business Group on Health, a health-care-policy group for FORTUNE 500 companies. That fear has pushed many companies out of providing retiree health benefits; only 33% of companies with more...
...meet that gap, New Jersey has asked retirees to pay more in premiums, but the state may eventually have to scale back spending on services like public colleges and mass transportation. Some cities, such as New York and Duluth, Minn., have already set up health-care trust funds. Others may follow--or risk getting downgraded by bond-rating agencies...
...wagged their fingers. Editorials called Belichick a disgrace. And us fans? Well, when Belichick's mug appeared on the video screen just before the Pats' second game, the hometown crowd cheered so loudly and so long that Belichick actually waved. Some diehards unveiled a banner reading in bill we trust...