The fate of General Motor's pensions
The Pension Benefit Guaranty Corp. says despite GM’s bankruptcy filing, the automaker’s two pension plans for hourly and salaried workers will remain under GM sponsorship. (That’s good news considering if the PBGC assumed control, workers and retirees might get less than promised by the company.)
The PBGC said the goal of GM and the union iss to keep the two pensions under a new corporate entity that will be created from the sale of some of GM’s assets.
GM workers and retirees should contact GM’s benefit center at 800-489-4646 if they have questions.
Comments
I can not stress the importance of your pension.Most people tend to believe that Social Security is a pension you can live on and wait until they are at retirement. Social Security was designed as a supplement to your own pension program and certainly not enough to help you survive unless you have planned for another type pension. Believe me I have a private pension as well as SS and without either of them I could not survive. I do get very nice money combined so please take part in your own plans review and vote on them as they are your lifleline when you retire.
Good points, Richard. - ema
Posted by: richard t Marotte | June 10, 2009 10:29 AM