Details on followthrough remain to be worked out, but General Motors has decided to freeze accruals under its pension plan for U.S. salaried workers. [Press Release] A replacement cash balance pension plan or defined contribution plan are being considered. Details are to be announced next month.
Beginning in 2007, GM also plans to cap its retiree health care expenditures for salaried workers at the 2006 level.
Pension benefits to be frozen for all U.S. salaried workers effective 1/1/07. [Form 8-K]
Concurrently, supplemental retirement benefits to be modified for executives. [Form 8-K]
Comment by Fuguerre — March 8, 2006 @ 8:54 am