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General Motors Corp. said in a filing with the U.S. Securities and Exchange Commission on Wednesday that it expects to record a significant accounting-adjustment gain from revaluing the cost of future UAW retiree health costs in the quarter ended Tuesday. The automaker said it has now received the necessary court approvals and regulatory review of its accounting treatment to transfer UAW postretirement health care to an independent trust — known as the voluntary employee beneficiary association — effective Jan. 1, 2010. With that approval, GM will terminate GM retiree health coverage for UAW retirees on Jan. 1, 2010. That means it can reduce on its balance sheet the amount it previously needed to count as a health care liability.
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Tags: General Motors, GM

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