Compliance June 1, 2009

Pension Plans to Remain under GM Sponsorship during Bankruptcy

June 1, 2009 (PLANSPONSOR.com) - General Motors Corp.'s two defined benefit pension plans remain ongoing under GM's sponsorship although the auto giant has entered Chapter 11 bankruptcy protection.
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The Pension Benefit Guaranty Corporation (PBGC) announced in a statement that stakeholders in the bankruptcy, including GM, the United Auto Workers and the U.S. government, have stated their intent to maintain the plans under the sponsorship of a new corporate entity to be formed from the sale of GM’s productive assets.  The PBGC said it “will work with all parties to achieve that outcome, which would be in the best interests of GM’s more than 670,000 pension plan participants and the pension insurance program.”

The announcement said individuals with questions about the PBGC and its benefit guarantees should consult http://www.pbgc.gov/workers-retirees/auto-sector.html .

GM workers and retirees with specific questions about their GM pension benefit should call the GM Benefits & Services Center at 1-800-489-4646.

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