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GM was bound to pay $10 billion to the VEBA trust in December 2009, with the remainder being paid in increments from 2012-19. GM was not required to make contributions to its pension fund until 2013, but it could elect to if needed, since the company contributed $15.2 billion to its pension fund in 2003.
"GM Viability Assessment" (PDF). Executive office of the President of the United States. March 30, 2009. Archived from the original (PDF) on April 7, 2009 Assessment of the GM plan of February 17, 2009, presented to the U.S. Government; Bad Design the Driving Force Behind GM's Malaise by Jonathan Glancey, The Guardian, June 1, 2009
PBGC Director has said: "GM has not been able to give us a straight answer about the funded status of their pension plan. We can't successfully monitor the situation if they are not responsive." [ 19 ] GM's pension fund had enough money for current obligations, but a report issued by the Deutsche Bank estimates that the pension may be $18 ...
GM will begin to run ads for its new "May the Best Car Win" program. Buyers can take a new GM car off the lot and drive it for up to 60 days. If they don't like it, they can return the car without ...
The 60-day rollover rule is one of the many traps that lie in wait for investors rolling over a retirement account such as a 401(k) or IRA. You have to follow the rules exactly, or you could end ...
No one caught that 60-cent mistake until Munoz submitted the $18,651 claim to Safe-Guard, his gap insurance company, which he says denied payment over the discrepancy in the paperwork.
Delphi, which was spun off from GM in 1999, filed for Chapter 11 bankruptcy after the UAW refused to cut their wages and GM is expected to be liable for a $7 billion shortfall. [74] [75] [76] In order to improve profits, the Detroit automakers made agreements with unions to reduce wages while making pension and health care commitments.
GM (GM) reported top and bottom line beats for the fourth quarter, and issued 2024 full-year profit guidance that matched its initial forecast for 2023, as the company looks to shake off the ...