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Old July 15th, 2008, 09:13 AM   #1
RICK
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Default Gm Eliminates Health Care for Retirees over 65

GM announced today health care coverage for salaried retirees [and surviving spouses] over 65 will be eliminated, effective January 1, 2009. Affected retirees and surviving spouses will receive a pension increase ... to help offset costs of Medicare and supplemental coverage.
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Old July 15th, 2008, 09:16 AM   #2
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Wow.
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Old July 15th, 2008, 09:21 AM   #3
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We as a nation are facing 1929 all over again.

The industrials, financials, and real estate in general are all in very bad shape.
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Old July 15th, 2008, 09:24 AM   #4
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Quote:
Originally Posted by RyeBread View Post
We as a nation are facing 1929 all over again.

The industrials, financials, and real estate in general are all in very bad shape.
No
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Old July 15th, 2008, 09:27 AM   #5
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"we are a nation of whiners"



in seriousness - that sucks.
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Old July 15th, 2008, 09:30 AM   #6
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That sucks. Most health care companies charge 1500-2000 a month for family medical care. When you are the age of 65 and over I'm sure it's much more than this. I don't think a pension increase would cover the cost for more than a couple years at best.
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Old July 15th, 2008, 09:37 AM   #7
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Originally Posted by KartRacer View Post
No
Head in sand?

The nation is facing a margin call, that will be very, very painful, and expensive for this nation to make. You don't have to look towards media-centric news sources such as Fox News to see it either...
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Old July 15th, 2008, 09:44 AM   #8
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Does this have something to do with the union taking over the health care coverage in the last contract?
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Old July 15th, 2008, 09:44 AM   #9
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I was listening to the radio this morning & they said something along the lines that Bed Bath & Beyond is a stronger company than GM. Don't recall the specifics but that sure doesn't sound too good.
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Old July 15th, 2008, 10:00 AM   #10
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Do you have any article links you can post? Where did you here this?
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Old July 15th, 2008, 10:02 AM   #11
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Here's the link to the GM press release:

http://media.gm.com/servlet/GatewayS...27&docid=47123

Last edited by RICK; July 15th, 2008 at 10:15 AM.
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Old July 15th, 2008, 10:07 AM   #12
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Quote:
Originally Posted by Bow_Extreme View Post
That sucks. Most health care companies charge 1500-2000 a month for family medical care. When you are the age of 65 and over I'm sure it's much more than this. I don't think a pension increase would cover the cost for more than a couple years at best.
Actually, it's often less over 65, because Medicare is the primary payor, and all the medical insurance has to do is pick up the difference between the Medicare approved amount and the Medicare paid amount.
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Old July 15th, 2008, 10:10 AM   #13
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Here is the listing - "GM plans further salaried headcount reductions in the U.S. and Canada in the 2008 calendar year, which will be achieved through normal attrition, early retirements, mutual separation programs and other separation tools. In addition, 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. And there will be no new base compensation increases for U.S. and Canadian salaried employees for the remainder of 2008 and 2009."
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Old July 15th, 2008, 10:14 AM   #14
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[RANT] My typical people need to quit buying foreign cars speech... [/RANT]
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Old July 15th, 2008, 10:39 AM   #15
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Quote:
Originally Posted by jeepfreak81 View Post
Does this have something to do with the union taking over the health care coverage in the last contract?
I was under the impression that the vast majority of the GM Salaried employees were not union.
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Old July 15th, 2008, 10:47 AM   #16
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Quote:
Originally Posted by RyeBread View Post
Head in sand?

The nation is facing a margin call, that will be very, very painful, and expensive for this nation to make. You don't have to look towards media-centric news sources such as Fox News to see it either...
x2
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Old July 15th, 2008, 10:50 AM   #17
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Quote:
Originally Posted by RyeBread View Post
We as a nation are facing 1929 all over again.

The industrials, financials, and real estate in general are all in very bad shape.

The differences between the Great Depression and now:

Then - They had Prohibition making everyone "depressed"
Now - We have our major American Beer now owned by the Belgium’s

Then - Fannie Mae and Freddie Mac bailed out the tax payers allowing them to keep their land from going into foreclosure.
Now - The taxpayer is bailing out Fannie Mae and Freddie Mac and we are still losing our land through foreclosure

Then -Taxing: Herbert Hoover would not veto the pending Hawley-Smoot Tariff bill
Now - George Bush giggles every time he hears the word "Hawley-Smoot"

Then - The Rockefeller’s and William Durant use their vast fortunes to try and stop the financial decline of the stock market and nation in general.
Now- Warren Buffett and Bill Gates give their vast fortunes to other people with vast fortunes i.e. Buffett gives to "The Bill and Melinda Gates Foundation" while Gates gives to the "Rockefeller Foundation".

Then - Herbert Hoover claims that everyone will be prosperous under a Hoover presidency "A chicken in every pot and a car in every garage"
Now - George W. Bush "The German asparagus are fabulous." --George W. Bush, Meseberg, Germany, June 11, 2008
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Last edited by MT-Dawg; July 15th, 2008 at 10:54 AM.
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Old July 15th, 2008, 11:08 AM   #18
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Quote:
Originally Posted by RyeBread View Post
I was under the impression that the vast majority of the GM Salaried employees were not union.
Oops... I missed the salaried part. I suck at the reading.
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Old July 15th, 2008, 11:14 AM   #19
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Quote:
Originally Posted by jeepfreak81 View Post
Oops... I missed the salaried part. I suck at the reading.
I missed it originally as well. When Rick posted the title it didn't have "salaried in it". The paste from the press release does however.
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Old July 15th, 2008, 11:19 AM   #20
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It sucks to have the rug pulled out from under you like that.

Can't say anyone didn't see it coming though...
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