GM Pension Reductions Emphasize 401(K) Investing
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General Motors is looking to save by slashing the pensions of roughly 19,000 white-collar GM employees hired before 2001. Rough estimates indicate that some employees in their early 50s could see cuts of as much as 35% or so if they retire by age 62, versus the scenario before the change. This is a result of the “de-risking” GM announced earlier in the month. In doing so, the workers’ retirement savings will rely more on how much, and how well, they individually invest in their 401(k).
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Hello. Great job. I did not anticipate this. This is a great story. Thanks!