UAW Chief Says Union Will Sell Its Chrysler Stock

By: Associated Press Email
By: Associated Press Email

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The United Auto Workers union says it intends to sell off its 55-percent stake in the new Chrysler as soon as possible to help cover the trust fund that be will responsible for retiree health care as of next year.

The total retiree health-care obligation is nearly $11 billion. That covers some 82,000 Chrysler retirees plus current workers who will eventually retire.

Union President Ron Gettelfinger says the fund will be starting with $1.5 billion from an existing company health-care trust and will get $300 million from Chrysler next year. He says he's confident it will work out long term, but acknowledges that initially, the fund "will be on life support" and may have to further trim benefits. Dental and vision coverage have already been cut.

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