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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.
Reported by
Rebecca Moore
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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