Old General Motors Corp., now formally named Motors Liquidation Co., has a Nov. 12 hearing in New York for approval of a settlement which will terminate its liability for ongoing medical and life insurance benefits for union retirees, according to a report today from Bloomberg News.

Old GM is still paying benefits to retirees because payments can’t be stopped without going through cumbersome courtroom proceedings mandated by bankruptcy law, Bloomberg reported. The monthly cost is $23 million.

Under the agreement with the Electrical Workers and Steel Workers unions, Old GM’s liability for health benefits for retirees will end Jan. 1. The unions will have an unsecured claim for $1 billion on account of reduced or terminated retiree health benefits.