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Wednesday, 9 November 2011

Creation of retiree health care trust in Canade cleared by GM

General Motors said it received Canadian provincial court approval to carry through with a plan to shift supplemental retiree health care expenses to a trust similar to a plan used by the automaker and its U.S. retirees.

As per GM it will record a $800 million accounting gain in the fourth quarter as a result of taking retiree health care liabilities of C$3 billion off its balance sheet. The Canadian Auto Workers union said GM will pay more than C$2.5 billion into the trust over the next seven years, including an initial C$1 billion, which the CAW said is the costs of benefits in 2010 and 2011.Automobile News

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