More details are leaking from the ongoing labor negotiations between the United Auto Workers and General Motors (NYSE: GM). According to Bloomberg, the company has proposed dropping its pension program for new hires in favor of 401(k)s. The move would unbundle these employees from the guaranteed income pension plan, transferring worries over the value of investments from the company to the workers. For the workers, the move could be a good deal, if the fortunes of GM continue to decline.

According to the Wall Street Journal, in GM's proposal to transfer management of employee health care programs to the union, the company would fund this program over several years so that it can reduce the total amount if and when much-discussed universal health care becomes a reality.

GM has also proposed cutting new hires out of the health-care benefit current retirees enjoy. Instead, the new hires would, on retirement, receive a yearly cash stipend to use for medical care. This assumes, of course, that thirty years from now there is still an American automobile industry.

The negotiations are more wide-ranging and precedent-breaking than any in memory, and a quick resolution would be a miracle. Hopefully, the UAW will continue to extend the previous contract to avoid work stoppages.

For more on this topic, see The UAW as GM's health care plan provider?

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