We are close to finalizing the analysis of the GM pension fund. As one Detroit reporter recently said, ‘Until now, trying to make sense of GM’s numbers during its bankruptcy and the aftermath has been like reading Egyptian hieroglyphics.’ We couldn’t agree more.
A GMRA team recently met with the director of the GM Pension & Savings Plan.We asked a lot of questions, checked facts and collected new data and statistics. The health of the GM pension fund is at the top of our priority list, as I’m sure it is with many of you.Once the report is complete, we’ll make it available to registered GMRA members on the website, where you can use your GMRA ID to securely access the analysis. We’ll let you know when it is available. If you have not renewed your 2010 GMRA membership, I encourage you to do so as soon as possible.
We’ve also had a couple meetings with GM to talk through concerns and issues that have been brought to our attention by GMRA members. Although all is still in the discussion stage, we are encouraged by these conversations and are working closely with GM to identify new retiree-exclusive programs that might interest some of you. We’ll share more once the details are worked out and are in place.
We’ve had a few questions about the Early Retiree Reinsurance Program, a new government program that goes into effect this year as part of the larger health care bill. The program makes financial assistance available to employers in order to help them maintain benefit coverage for early retirees age 55 and older who are not yet eligible for Medicare. GM is reviewing details of the program and filing an application to participate in the program. GM cautions that it is too early to tell if all will work out.
Finally, we’ve had reports that somemembers are experiencing difficultieswith Medco. If you have unresolved issues with Medco, send us an email with your name and phone number to [email protected] by June 4. A GMRA representative may be contacting you to follow-up on details and we will address the issues in a meeting that is planned with Medco and GM.
Thanks to all of you for your input and feedback and keep it coming. Together, we can make a difference.
