Ford Follows GM's Lead, Obtains ERISA Exemption

Law360, New York (December 9, 2009, 7:49 PM EST) -- The U.S. Department of Labor’s Employee Benefits Security Administration has proposed an exemption that would grant Ford Motor Co. the right to use a chunk of its securities to pay for retirement benefits for workers.

The proposed exemption would allow Ford to bypass certain sections of the Employee Retirement Income Security Act, according to the administration, and follows a similar move in September for fellow auto giant General Motors Co.

The proposal would let the voluntary employee beneficiary association plan through which Ford covers retirees obtain...
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