”This settlement, as significant as it is, still does not provide the level of funding needed to maintain health care for these retirees forever,” UMWA President Cecil Roberts said. ”That is why we are continuing our efforts to pass bipartisan legislation in Congress that will put these retirees under the Coal Act, meaning their long-term health care benefits would be secured at no additional cost to taxpayers.”
Peabody Energy announced last week that it has reached an agreement with Patriot Coal and the United Mine Workers of America (UMWA) to resolve all issues related to Patriot’s bankruptcy.
The UMWA reached a settlement with Peabody Energy and Patriot Coal that will provide funding of more than $400 million to cover future health care benefits for retirees affected by the bankruptcy of Patriot Coal. Those benefits will be paid by the Patriot Retirees Voluntary Employee Benefit Association (VEBA).