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In an 8-K filing submitted by GM on Thursday, the automaker says it expects to take a $1.5 billion pre-tax charge, and up to $300 million in pre-tax, non-cash pension curtailment charges. GM said ...
The Detroit-based automaker said roughly 19,000 salaried workers hired before 2001 will move from a traditional pension with guaranteed payments to a 401(k)-type plan with contributions based on ...
November 4, 2023 at 12:32 PM. United Auto Workers President Shawn Fain said the tentative agreement the union struck with General Motors is the union's first step toward securing a better economic ...
www .lincolnshireil .gov. Lincolnshire is a village in Vernon Township, Lake County, in the U.S. state of Illinois. The village is a northern suburb of Chicago. Per the 2020 census, the population was 7,940. [3] Lincolnshire was incorporated on August 5, 1957, from the unincorporated Half Day area when land was purchased to build a residential ...
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
The General Schedule ( GS) is the predominant pay scale within the United States civil service. The GS includes the majority of white collar personnel (professional, technical, administrative, and clerical) positions. As of September 2004, 71 percent of federal civilian employees were paid under the GS.
Currently, GM contributes 4% of a nonunion salaried employee's eligible pay to their 401 (k). GM then matches employee contributions up to 4% beyond that amount. The match will increase 2% ...
Target benefit plan. A target benefit plan is a type of pension plan that is similar to a defined contribution plan in that it involves fixed contributions, or a fixed range of contributions, which are set independently of a plan's funded position. Benefits are based on affordability projections. Plan members share plan risk through adjustments ...