General Motors Co.
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Shortfall rises by $16 billion at UAW Retiree Medical Benefits Trust
trueThe estimate of the unfunded future expenses of the UAW Retiree Medical Benefits Trust that pays the health-care costs of more than 700,000 United Auto Workers retirees from three Detroit-area automakers widened by $16 billion last year as it changed accounting assumptions and adjusted for new ...
IRS deepens focus on lifetime income with lump-sum ban
trueThe Internal Revenue Service's unexpected decision July 9 to ban lump-sum payments to retirees has plan sponsors keeping one eye open for further regulation but still considering those payouts for other plan participants.
Executives split over possible pension risk transfer crunch
trueA growing number of large pension risk transfer deals in the U.K. and U.S., coupled with an anticipated influx of deals across both markets, have left industry executives split over the potential for a capacity crunch.
General Motors expects to contribute $849 million to pension funds in 2014
trueGeneral Motors Co., Detroit, announced Thursday it plans to contribute $100 million to its frozen U.S. defined benefit pension plans and $749 million to its non-U.S. defined benefit pension plans in 2014.
Treasury urged bailout funds to Delphi pensions, watchdog says
trueThe U.S. government urged General Motors Co. to improve pensions of some Delphi Automotive union retirees while cutting those of salaried workers to help ensure a speedy emergence from a GM bankruptcy, the watchdog of the Troubled Asset Relief Program said.
GM's Borst joining Navistar as CFO
trueWalter G. Borst —chairman, CEO, chief investment officer and president of General Motors Asset Management Corp. — was named executive vice president and chief financial officer of Navistar International Corp., effective Aug. 1, according to a statement Thursday from the Lisle, Ill.-based truck ...
GM: No pension contributions coming for next 5 years
trueGeneral Motors Co., Detroit, does not expect to make any mandatory pension contributions for the next five years, according to its fourth-quarter earnings statement.
Six guidelines for pension cashout success
trueThe news about Ford and GM making lump-sum offers last year led to a flurry of speculation that the DB cashout option would gain momentum as a risk-management strategy for many more companies.
GM, UAW in talks over lump-sum offer
trueGeneral Motors Co. is in discussions with the United Auto Workers union on offering lump-sum pension payments, confirmed GM spokesman Dave Roman.
General Motors UK signs £230 million annuity contract with Rothesay Life
trueGeneral Motors UK Ltd. entered into a £230 million ($371 million) pension buy-in annuity contract with Rothesay Life to secure the pension benefits of all participants in the General Motors UK Retirees Pension Plan.
Supreme Court shuns State Street's effort to halt GM stock lawsuit
trueThe U.S. Supreme Court on Monday rebuffed an effort by State Street Bank & Trust to stop a class-action lawsuit claiming that it had breached its fiduciary duty by failing to sell General Motors Corp. stock in the firm's 401(k) plans before the company began Chapter 11 bankruptcy proceedings.
GM pension executive becomes senior consultant at Mercer
trueMilla Krasnopolsky was named senior consultant and lead strategist for dynamic solutions at Mercer.
CalPERS-GM pension fund deal is most expensive mall sale in years
trueCalPERS' pending agreement to buy the half interest of a suburban Chicago shopping mall that it doesn't already own is a relatively rare transaction in a white-hot corner of the real estate market.
GM's retiree acceptance of lump sum seen as solid response
trueThe roughly 30% of eligible salaried retirees who have accepted General Motors Co.'s offer to convert their monthly annuity to a lump sum benefit is a solid response to the trailblazing approach that other companies are expected to follow, observers say.
Lump-sum payouts moving into fast lane
trueGM and Ford were the first to venture down the road of lump-sum payments, but the federal highway bill has turned that road into an expressway with at least 10 other companies following suit.