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GM Acts to Pare Pension Liability
Keywords:
GM will pay Prudential Insurance $29 billion upfront to take over $26 billion in pension obligations for its salaried retirees. Pension buyouts will cost about $3 billion. GM said on May 31, 2012 that it will turn over the responsibilities for all assets and obligations of its salaried retiree pension program and management of the obligations to Prudential Financial Inc. This will be done by purchasing of a group annuity contract. GM says retiree payments will be kept the same. About 42,000 of the 118,000 salaried retirees will be given the option of a one time payment. Ford has made a similiar plan. GM has $134 billion in global pension obligations, with a $25 billion shortfall, which affects its debt ratings and draws investor concern. This is one step in addressing this problem. GM plans to do the same for the pension obligations of union retirees which is about twice the size of the salaried workers plan.
GM (General Motors) plan for Prudential Financial to take over $26 billion in pension obligations for salaried retirees
06/02/2012
The pension obligations affected GM's debt ratings and increased investor concerns.
Grouped Articles
GM Acts to Pare Pension Liability
Wall Street Journal 06/02/2012
GM's (General Motors) efforts to address problems with pension obligations for salaried retirees and UAW retirees in 2012-2013
06/02/2012
GM's efforts to strengthen its balance sheet include buying a group annuity contract for $39 billion for $36 billion in pension obligations to salaried retirees. The annuity contract is from Prudential Financial Inc. and was negotiated in May 2012.
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GM Acts to Pare Pension Liability
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U.S. automaker GM's efforts to reduce risk levels from pension obligations in 2012-2013
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WIth lower margins than competitors General Motors (GM) is increasing the margin of safety by reducing risk levels from its underfunded pension plan.
Linked Articles
GM Acts to Pare Pension Liability
Wall Street Journal 06/02/2012
GM Cuts Benefits for Salaried Staff
Wall Street Journal 02/16/2012
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