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The deal includes GM's top priority in the negotiations _ shifting most of its $51 billion unfunded retiree health care obligation to a UAW-run trust. GM would pay about 70 per cent of the obligation into the trust, called a Voluntary Employees Beneficiary Association, or VEBA, the person briefed on the talks said.
The union would then invest the money and take over health care responsibilities for about 340,000 GM hourly retirees and spouses.
``I'm pleased to say that we have a VEBA in place that will secure the benefits of our retirees,'' UAW President Ron Gettelfinger said at an early morning news conference inside the union's Detroit headquarters.
Gettelfinger said he's confident of ratification and that voting likely will start as soon as this weekend.
Union leaders will be briefed on Thursday and Friday, he said.
The UAW also expects to decide Thursday what automaker it will negotiate with next.
``There's no question this was one of the most complex and difficult bargaining sessions in the history of the GM-UAW relationship,'' Rick Wagoner, GM chairman and chief executive, said in a statement.
The strike also affected GM plants and suppliers at locations where workers are not represented by UAW.
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