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GM in Talks About Pension Buyouts for UAW Retirees
General Motors Co. is holding discussions with the United Auto Workers union about offering lump-sum pension buyouts to the company's U.S. hourly retirees, CEO Dan Akerson tells reporters.
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General Motors Co. is holding discussions with the United Auto Workers union about offering lump-sum pension buyouts to the company's U.S. hourly retirees, CEO Dan Akerson tells reporters.
Such a scheme would reduce GM's hefty pension obligation.
Last June the company offered 42,000 U.S. salaried retirees a one-time payment in lieu of ongoing monthly payments. About 30% of them accepted. The pensions of the rest of the group, plus 76,000 other hourly retirees, were transferred to an annuity managed by Prudential Insurance Co. of America.
Ford Motor Co. offered lump-sum buyouts to 98,000 U.S. retirees last year.
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