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GM Eliminates Retiree Healthcare

Last updated on July 16, 2008

As part of General Motors’ press release from this morning (this link may only work in IE), it has been announced that:

…health care coverage for U.S. salaried retirees over 65 will be eliminated, effective January 1, 2009. Affected retirees and surviving spouses will receive a pension increase from GM’s over funded U.S. salaried plan to help offset costs of Medicare and supplemental coverage.

This is awful. I can only hope that it helps push through some manner of base level (at least) socialized health care in the US.

Oh, and (as of right now) the stock is up almost 6%.

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