Thursday, May 17, 2007

GoodYear~USWA ~ VEBA !

Voluntary Employee Beneficiary's Association ?

Does anyone wonder why there is not any news in regard to the recently negotiated VEBA ?

I`m told the courts must approve this VEBA ? I was wondering where Goodyear was going to get $1 billion dollars to put in the VEBA Account. Now, we know, $700 million to be cash.$300 Million in stocks. We all must realize that this is not and must be added too, over the next few years. Over the life of the 2006 agreement, the first $1.00 in COLA will be diverted to the VEBA. It is estimated that this could generate more than $80 Million additional funding dollars. Under the proposed profit sharing program, 100% of profit sharing proceeds will be diverted to the VEBA for calendar years 2008 and 2009. It is estimated that up to $55 million more dollars could be diverted to the VEBA as a result of the profit sharing formula. This is your new Medical Coverage program, like it or not ? Start-up of the VEBA and hand-off of administration from Goodyear to the VEBA will take place over the next several months ? Now to the very important Committee(Board of Trustees) that will govern the VEBA. Who comprises`s this all-important Board/Committee ? Three of them(3) will be designated by the USWA and four(4) independent members selected jointly by Goodyear and the USWA. It will be the responsibility of the Board/Committee to manage the assets of the VEBA, and determine and maintain the benefit programs provided to eligible participants/you.
This all-Important Board/Committee, who will they be ? They will represent you and me. Do we have an input ? I would like to suggest someone. Would you ? Hey Leo Gerard, are you reading /listening ? What say we appoint someone not only qualified, but dedicated to the union movement. No cronies ! Someone with experience and background in insurance and negotiations. A person who is retired from and worked for Goodyear.
A person who has as much to lose, as say, I do ! No not me. That individual is,
J. Michael Stanley, who is not with the USWA any longer, but still involved and working for a large international union. Take personalities`s out of this selection and choose the correct man for this job. I could have written a letter to Bro. Gerard and perhaps that's the way to go ? I still can. I`m sure there are several qualified individuals for this Board/Committee, but none are more qualified than Mike Stanley ! He may not be interested in this position ? But, if he is, he`s the Man ! This is just one appointment, and if Goodyear must approve his appointment, it won`t happen. Another point in his favor. Just this writers opinion.
"Saving America"