GM makes $4 billion pension plan contribution
General Motors Company today confirmed it has made the previously announced voluntary $4 billion cash contribution to its United States hourly and salaried pension plans, with a $2.7 billion contribution going to the hourly plan and $1.3 billion to the salaried plan.
General Motors will be cutting back its pension payments by $26 billion, by offering its salaried retired employees a lump sum payment and switching to Prudential Financial Inc. to handle their retirement accounts, according to Bloomberg News.