United Auto Workers- UAW - reached a tentative agreement with Ford Motor Company for a four-year contract similar to General Motors and Chrysler. Central to the deal is the creation of a voluntary employees' beneficiary association - VEBA. Ford will transfer billions of dollars in retiree health care liabilities to a trust controlled by the UAW. The VEBA is expected to become operational in 2010. Until then, Ford will continue to fund its retiree health care.

The UAW will also get a 16% to 17% stake in Ford.