Your Tax Dollars At Work- Feds Step In To Fund Auto Parts Suppliers Pension Plan

More than 10,000 retirees from auto suppliers in Michigan, Ohio and Wisconsin whose pension plans were abandoned by their employers can join a new health care trust that will qualify for a hefty government subsidy.

The Voluntary Employee Beneficiary Association or VEBA will offer group health, prescription drug, dental and vision care benefits. It will be open to retirees — age 55 or older, but not yet 65 and eligible for Medicare — from Delphi, Collins & Aikman, Hayes Lemmerz International, Meridian Automotive Systems and Plastech Exterior Systems.

Participants in the Auto VEBA Trust will be eligible for a 72.5 percent federal subsidy. The U.S. Bankruptcy Court in New York overseeing the remnants of Metaldyne Corp. approved the VEBA plan on Monday. Most of the company emerged from bankruptcy in 2009 as Metaldyne LLC.

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DrtyEuro - 10/20/2011 7:07:22 PM

-6 Boost

I thought wall street and the fed were bankrupting this country,but of course its Michigan, how did I miss that!

Agent009 - 10/20/2011 2:47:16 PM

+7 Boost

That's what happens when to start an entitlement society.

Just go to Detroit news and search unions an looks at the news:

Casino union in talks
Ford union vote
GM union vote
Chrysler union vote
Bus union issues
City union issues
Letter carrier union hire former car czar
Teachers union issue

And that is just the tip of the iceberg. Everybody wants a slice of a pie that isn't there.

DrtyEuro - 10/20/2011 7:08:29 PM

-7 Boost

the slice of pie isn't there because the corporations ate it all up

MBCLS07 - 10/20/2011 4:32:38 PM

+7 Boost

Harry Reid (D) actually admitted that the latest version of Obama's "Jobs bill" is simply intended to increase GOVERNMENT jobs, rather than private sector employment. Of course, the bill is nothing but a ploy to funnel taxpayer dollars to the democratic election fund, as gov't employees belong to unions which contribute massive amounts of money to democrat politicians. So, if there was any doubt that democrats intend to follow the Greek model of economic disaster, there isn't anymore.

http://thehill.com/blogs/floor-action/senate/188443-reid-says-government-jobs-must-take-priority-over-private-sector-jobs

1c3am5 - 10/21/2011 7:52:22 AM

-4 Boost

I don't think many in Michigan would mind being part of Canada. In fact, tell me the downside to Canada besides having to give a damn about hockey (which most people in Michigan already enjoy).

Their banking system and economy are in far better shape than the US. No Ghettos. Doesn't border Mexico. Full of oil that they aren't afraid to use (Oil Sands). Gun laws are tighter, but not a full ban like Europe. Still has an Ameri-centric car culture. No baggage or race problems from an inbred-hillibilly south. In fact, the only major downside I can see is cold weather, but lots of Canadians solve that with winter homes in Florida and Arizona.

Shredmo - 10/21/2011 11:38:39 AM

0 Boost

Why was this deboosted so much?

Joe_Limon - 10/21/2011 12:12:45 PM

+2 Boost

I think it's because he missed the other glaring issue of Canada, the tax rate. Depending on how much you make the government could be taking half of your money.

Shredmo - 10/21/2011 2:00:05 PM

+1 Boost

Ah yes, good call.

AdmiralT20 - 10/24/2011 1:03:51 PM

+1 Boost

Too complicated for most people here to understand.
Can you dumb it down for Agent009 and his cohorts to understand.