By Jesse Russell

Cerberus Capital Management officially took over the controlling stake in Chrysler on Friday, what does it mean for workers? The automaker currently has roughly $18 billion in long term retiree health care costs, Cerberus has said it will take on most of that cost. According to the federal Pension Benefit Guaranty Corpration Daimler has agreed to pay $1 billion into Chrylser’s pension plan as long as it is terminated in the next five years and Chrysler will contribute an additional $200 million beyond requirements. Chrysler will become a private company with this announcement and Cerberus also plans to revive the iconic five star logo.