GM Buyouts
Today's the deadline for more than 40,000 GM retirees to accept their former employer's offer of a lump sum buyout of their pensions. Otherwise, their pensions will be taken over by Prudential Insurance. “GM's Randy Arrix says the change is part of the company's efforts to create what it calls a ‘fortress balance sheet’ because getting underfunded pensions off the books strengthens the balance sheet. Some GM retirees are angry about the change, which they see as a broken promise by GM,” Tracy Samilton reports.
Lake Huron Fuel Spill
The U.S. Coast Guard says diesel fuel from a barge that sank in Lake Huron yesterday has reached Michigan’s shore. The Associated Press reports:
A 110-foot dredging barge sank early Thursday, and the tug pushing it overturned, spilling an unknown amount of diesel fuel. No injuries have been reported. The Coast Guard released photos Thursday evening showing a sheen from the spill on the shore near Lakeport State Beach, about 65 miles northeast of Detroit. The agency says waves and wind are delaying cleanup efforts. The barge's owner says it can carry 8,000 gallons of fuel and had 1,500 gallons when it sank. It's unknown how much fuel has escaped.
Health Insurance Exchanges
Governor Snyder says he hopes Republican lawmakers will act before the end of the summer to create an online place for people to comparison shop for health coverage. “The governor and Republicans in the state House have been at odds over the health care exchanges called for in the federal Affordable Care Act. GOP leaders say they wanted to wait for the U.S. Supreme Court to rule before acting. Now that the court has upheld the law, Republicans say they still have a lot of questions. House Republicans will begin hearings next week. The governor says waiting too long puts federal grants to implement the law at risk, and could force Michigan into a national exchange run by a federal agency instead of the state,” Rick Pluta reports.
