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).
GM Pension Reductions Emphasize 401(K) Investing
Comment
Hello. Great job. I did not anticipate this. This is a great story. Thanks!