Events Calendar
In This Section
Most Read Stories
Family found dead in Ohio home
Man gets 3 years in prison for having sex with horse
Sex-toy study at Duke University raises some eyebrows
Robbers order bar patrons to empty pockets
Akron man turns himself in after authorities turn up heat
Man appears alive at own funeral
Take comfort in knowing Browns could be bigger losers
Brown still testing Cavs' lineup
High school sports scoreboard - Nov. 7
Judicial colleagues give magistrate job to judge who lost election
Warriors give coach perfect birthday gift: regional title
Akron police follow blood trail to murder suspect
Blogs:
Pets:
Not 101 Dalmations…but close!
The Heldenfiles:
Friday Notebook
Patrick McManamon:
For your perusal
Akron Zips:
The morning after
Tribe Matters:
Tribe makes roster moves
Cleveland Browns:
Lewis doesn't like boycott
Kent State Sports:
Kent State falls to Akron, 20-28
Cleveland Cavaliers:
Gameblog: Cavs at Knicks
Buckeye Blogging:
Weekly ‘B’ Deck Report – New Mexico St.
Varsity Letters:
Wrestling, bowling teams prepare for season
All Da King's Men:
If It Looks Like Islamic Terrorism…
Blog of Mass Destruction:
Dems Message To Women: Don't Enjoy The Sex
Akron Law Café:
Health Care Financing Reform: (62) The Stupak Amendment
See Jane Style:
Muffle Your Muffler
Car Chase:
Perfect Weather for an Autumn Drive
Let's Talk Real Estate:
RUMORS: Downtown Restaurant Explosion
Ohio Travels with Betty:
Jack is looking for a trip to Southern Ohio the week of November 16.
Sound Check:
The Black Keys to perform benefit concert at Musica on November 27
HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio
Akron Gamer:
New 'Call of Duty' could set entertainment record
By Beacon Journal staff and wire services
POSTED: 02:33 p.m. EDT, Aug 22, 2008
Goodyear Tire & Rubber Co. won federal court approval today for its plan to create a health-care trust for union retirees.
The largest U.S. tire maker, based in Akron, said it will make a one-time, $1 billion payment to the United Steelworkers union fund to cover future costs.
The payment will be made initially from existing cash reserves and available credit lines, Goodyear said.
Creation of the Voluntary Employees' Beneficiary Association, or VEBA, will result in annual savings of about $100 million and boost annual cash flow by about $130 million compared with 2007, Goodyear said.
''Gaining court approval for the VEBA is a win-win for Goodyear and for our current and future USW retirees,'' Chief Executive Officer Robert J. Keegan said in a statement. ''This agreement both protects retiree benefits for years to come and removes a significant legacy obligation from our North American business.''
United Steelworkers Local 2 President Peter Stamich deferred questions to the union's international headquarters personnel in Pittsburgh. Officials there said they were reviewing the court approval and would have a comment later.
Goodyear Tire & Rubber Co. won federal court approval today for its plan to create a health-care trust for union retirees.
The largest U.S. tire maker, based in Akron, said it will make a one-time, $1 billion payment to the United Steelworkers union fund to cover future costs.
The payment will be made initially from existing cash reserves and available credit lines, Goodyear said.
Creation of the Voluntary Employees' Beneficiary Association, or VEBA, will result in annual savings of about $100 million and boost annual cash flow by about $130 million compared with 2007, Goodyear said.
''Gaining court approval for the VEBA is a win-win for Goodyear and for our current and future USW retirees,'' Chief Executive Officer Robert J. Keegan said in a statement. ''This agreement both protects retiree benefits for years to come and removes a significant legacy obligation from our North American business.''
United Steelworkers Local 2 President Peter Stamich deferred questions to the union's international headquarters personnel in Pittsburgh. Officials there said they were reviewing the court approval and would have a comment later.
Comments
Click here to post your comments
