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General Motors said today it's taking a number of steps to reduce its debt and pension liabilities. The Detroit automaker said it will repay $2.8 billion it owes to the United Auto Workers retiree ...
By Jeff Karoub DETROIT -- General Motors Co. plans to freeze its U.S. pension plan for longtime white-collar workers and give all salaried employees annual bonuses but not pay raises in an effort ...
One of the most overlooked problems with Ford and General Motors in recent history was their massively underfunded pension plans. Consider that at the end of 2012 Ford's global pension plan was ...
General Motors was represented by the New York specialist law firm Weil, Gotshal & Manges. The United States Treasury was represented by the United States Attorneys Office for the Southern District of New York and Cadwalader, Wickersham & Taft LLP. An ad hoc group of the bondholders of General Motors Corporation was also represented in court. [47]
Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
General Motors Company (GM) [2] is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, United States. [3] The company is most known for owning and manufacturing four automobile brands: Chevrolet, Buick, GMC, and Cadillac, each a separate division of GM.
Read more on General Motors and sign up for our autos newsletter. Become a subscriber. This article originally appeared on Detroit Free Press: GM's nonunion workforce to get raises, increased benefits
After Harvard, he joined GM as an analyst in the treasurer's office. In 1981, he became treasurer of GM's Brazil subsidiary and later served as managing director. [9]In 1992, he was named GM's chief financial officer, in 1994 he became executive vice president and/or president of North American Operations, and in 1998 he was named president and chief operating officer.