GM CEO Dan Akerson gestures at podium

General Motors CEO Dan Akerson said the company may offer buyouts to United Autos Workers members before it negotiates a new contract in 2015.

"We can bring it up," Akerson said Tuesday before GM's annual meeting, according to The New York Times. "I'm not saying we're going to do it, but it's something we could look at if the opportunity should arise."

Roughly 42,000 of GM's 118,000 retirees or eligible spouses could opt for a one-time payment instead of a traditional pension. A similar offer was made to white collar retirees who retired between 1997 and 2011. That group has until July 20 to accept or decline it.

GM hopes the offers help reduce its $134 billion pension obligation by about $26 billion, according to The New York Times. That savings could help considerably – the company's current pension obligation is underfunded by $25 billion.

UAW President Bob King did not respond to inquires by The New York Times.