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More On GM...A Look At Pensions And Benefits

Courtesy of USAToday.com

Q: If the PBGC takes over my pension, will I still get all mybenefits?

A: Not necessarily. The PBGC insures pensions up to limits established by law. For plans terminated in 2009, the maximum guaranteed amount for workers who retire at age 65 is $54,000 annually. The limits are lower for workers who retire before they're 65. "The earlier the retirement, the lower the guaranteed amount from the PBGC," Elliott says.

Q: What about other retiree benefits for salaried employees?

A: In a statement, GM said it is working with the Treasury to reduce some retiree benefit obligations by roughly two-thirds. Those reductions will affect life insurance and health care coverage for salaried retirees, among other things, the company said.

Q: How can I find out more?

A: GM employees and retirees can call 800-489-4646

Posted on Wednesday, June 3 by Registered CommenterWise Owl | Comments Off