GM to Put $10 Billion Into Its Pension Plan

From: The Washington Post | Date: May 12, 1994| Author: | Copyright information

General Motors Corp. and the federal Pension Benefit Guaranty Corp. (PBGC) have reached an agreement that will require GM to put billions of dollars into its massively underfunded pension plan in the next few years, Labor Secretary Robert B. Reich said yesterday.

GM, which tops the list of the nation's most underfunded pension plans at $23 billion, has agreed to put about $10 billion of cash and stock into its pension plan by September 1995, assuming the company receives necessary government approval. That increased contribution would be in addition to GM's 1994 contribution of $1.9 ...

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