Chrysler Won’t Offer Pension Buyouts to Salaried Staff

CEO Sergio Marchionne says Chrysler Group has "no need" to offer lump-sum pension buyouts to its U.S. salaried retirees as its domestic rivals are doing.

Marchionne did not elaborate on his comment to reporters in Austin, Tex.

Ford and General Motors are offering buyouts to 98,000 and 42,000 retirees, respectively, in an effort to reduce their long-term pension liabilities.

Chrysler's salaried pension plan covers about 30,000 retirees and an unspecified number of active employees, according to Reuters.

The carmaker has reported a $32 billion obligation to its U.S. and Canadian pension plans for salaried and hourly workers and retirees. At the end of 2011, those plans were underfunded by $6.5 billion.