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For retirees, GM has agreed to make five payments of $500 to current retirees and surviving spouses, the first such payments in over 15 years. Like the other two, the GM deal includes a right to ...
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 ...
Retirement plans in the United States. Average balances of retirement accounts, for households having such accounts, exceed median net worth across all age groups. For those 65 and over, 11.6% of retirement accounts have balances of at least $1 million, more than twice that of the $407,581 average (shown). Those 65 and over have a median net ...
After 32 years at GM, Wagoner retired with an exit package of over $10 million: $1.65 million in benefits per year for his first five years of retirement, $74,030 per year pension for the rest of his life, and a $2.6 million life insurance policy that can be cashed out at any time.
United Auto Workers. The United Auto Workers ( UAW ), fully named International Union, United Automobile, Aerospace and Agricultural Implement Workers of America, is an American labor union that represents workers in the United States (including Puerto Rico) and southern Ontario, Canada. It was founded as part of the Congress of Industrial ...
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 ...
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 ...
This would become one of General Motors top 5 expenditures for the year 1919. 1919 also brought changes to employee investment opportunities. Similar to modern-day 401(k) plans, all employees could invest a percentage of their wages or salary. GM proceeded to match every penny that their employees invested.