GM, UAW Look for Solution to $50 Billion Health Bill

Negotiations between General Motors and the United Auto Workers may include the creation of a Voluntary Employees Beneficiary Association, or VEBA. The move could allow GM to clear its books of some $50 billion in unfunded retiree heath care liabilities, says consultant Lance Wallach.

Wallach tells NPR's Robert Siegel the benefit to the union would be its control of the trust, which would amount to less than $50 billion, but would be solely dedicated to covering retiree benefits.