General Motors Corp. will seek relief from its whopping $68 billion post-retirement employee health care obligation in contract talks with the United Auto Workers union, according to its annual report filed with federal regulators. In the filing Thursday with the U.S. Securities and Exchange Commission, G.M. said health care is the largest cost disadvantage to its competitors, and the burden could grow on a global basis. The world's largest automaker also said it has determined its internal financial controls are ineffective and that it is working to fix them. It has said previously that federal authorities are investigating its financial reporting.
See "GM to seek reduced health care, pension costs from unions", Tom Krisher, Chicago Tribune, March 14, 2007