http://www.nytimes.com/2010/04/07/business/07cars.html
Today must be pension woe Tuesday.
Pension
whoa might be a better turn of a phrase.
Now that ObieWun owns GM shouldn't it just go under FERS like all the other government employees?
If either company’s plan must be terminated, the government would become liable for paying benefits to hundreds of thousands of retirees. The effect on the government’s pension insurer, the Pension Benefit Guaranty Corporation, would be “unprecedented,†the report said. The agency manages plans with assets totaling $68.7 billion, less than the $84.5 billion in G.M.’s plan alone.
The carmakers’ pension plans were jolted by the downturn, increased liabilities and other factors. G.M.’s plan was overfunded by $18.8 billion in 2008, and was then underfunded by $13.6 billion last year, the report said. Chrysler’s plan was overfunded by $2.9 billion in 2008 but underfunded by $3.4 billion last year.
The plans cover about 650,000 people at G.M. and 250,000 at Chrysler.