Auto Parts Industry Health Care Tax Credit - VEBA
Developed the first industry-wide Voluntary Employee Benefit Association (VEBA) to provide subsidized health care benefits to retirees of Metaldyne and all other auto part manufacturing companies whose headquarters were, or presently remain, in the states of Ohio, Michigan or Wisconsin. Auto Retiree VEBA Trust participants have the ability to take advantage of the federal Health Coverage Tax Credit, which reimburses 72.5% of health insurance and prescription drug premiums (including dental and vision care premiums of any combined program) for participants, their spouses and dependents.
Delphi Corporation HCTC
Represent the 15,000 salaried retired employees of Delphi to obtain protection of their medical and life insurance benefits and access to the Health Coverage Tax Credit at termination of their pension plan. The firm secured an order from the bankruptcy judge expanding the program to cover hourly retirees as well, and thousands of retirees have enrolled and are receiving the HCTC subsidy.
Delta Air Lines HCTC
Represented the non-pilot retirees of Delta Airline to negotiate the protection of their medical benefits, while assisting Delta to exit bankruptcy and continue as a viable corporation well into the future. The firm is now setting up Health Coverage Tax Credit-eligible benefits for retired pilots of Delta Airlines, pursuant to bankruptcy court order.
Steel Industry VEBA
Developed the second industry-wide VEBA ever created. The Steel Retiree VEBA Trust was set up to provide health care benefits to retirees of the Bethlehem Steel Corporation, formerly based in Bethlehem, Pennsylvania, and dozens of other steel companies whose pensions were terminated and are now trusteed by the Pension Benefit Guaranty Corporation.