October 17, 2013 online at www.uawlocal2250.com
The Diversity Celebration has been rescheduled for next Thursday, Oct. 24. It will be held in the cafeteria and feature displays from various ethnic groups and free popcorn.
General Motors will announce 3rd quarter earnings Wednesday, Oct. 30. In case you’re wondering, accumulated profit sharing year-to-date is $3250.
From Bloomberg: The UAW Chrysler Health Care Trust said its assets grew by $1.58 billion last year, more than half of which came from the rising value of its Chrysler holding. The trust’s net assets grew by 18 percent in 2012 to $10.3 billion, according to its 2012 financial statement, filed Oct. 11. Almost $900 million of the gain resulted from an increase in the value it placed on its Chrysler stake. Expenditures for benefits rose less than 0.1 percent to $631.1 million.
Health-care trusts for retirees from General Motors Co. and Ford Motor Co. also reported increases, a reversal after the three funds showed losses for 2011. Chrysler’s trust, organized as voluntary employee beneficiary plan, or VEBA, had lost $733.6 million a year earlier. Its liabilities more than doubled last year to $349.6 million. The GM UAW retiree health-care trust ended 2012 with almost $30 billion in net assets, 5.8 percent increase from the beginning of the year, according to records filed with the U.S. Department of Labor on Oct. 11. The trust completed 2012 with a net income of $1.65 billion compared with a $4.7 billion loss in 2011. The GM VEBA paid $2.48 billion in benefits and reported $170 million in administrative expenses. In September, Detroit-based GM said it plans to buy back almost half of the trust’s preferred shares in the automaker for $3.2 billion. The Ford UAW retiree health care trust ended 2012 with $15.9 billion in net assets, a 5.4 percent increase from the beginning of the year, according to its filing. The trust ended the year with net income of $806.8 million compared with a $973 million loss in 2011. The Ford VEBA paid $1.05 billion in benefits and $75.8 million in administrative expenses.
Tennessee Gov. Bill Haslam has been adamant that VW’s flirtation with union representation is bad for business in his state and is causing some companies to reconsider moving operations there. “Companies… have said that in looking at Tennessee, ‘that is a concern of ours.’ I am not anti-union. I think it will have repercussions on additional job development in Tennessee.” Ironically, he made this statement at a news conference announcing that South Korean tire maker Hankook Tire Co. plans to invest $800 million in the state on a brand new tire plant.
Tom Brune
UAW/GM Communications Coordinator
Wentzville Assembly
636-327-2119
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