In an effort to fortify its books, General Motors has announced that it will offer pension buyouts to as much as 42,000 salaried retirees in the form of a lump sum payment, along with handing off the pensions to Prudential Insurance. The moves are expected to save the automaker a whopping $26 billion in pension liabilities. Those eligible for the buyouts are those who retired from GM on or after Oct. 1, 1997, and before Dec. 1, 2011.
GM expects to shell out between $3.5 billion to $4.5 billion to help fund the purchase of the group annuity contract as well as about $1 billion to improve the funded status of the pension plan for active salaried employees.
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Get with it GM/UAW ,Bluecollar Retirees still waiting on offer the choice take lumpsum it 4:/25/14