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pension

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    Report: Marchionne says Chrysler has "no need" for pension buyouts
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    According to an analyst, pension obligations for Ford at the end of 2011 totaled $74 billion, with $15.4 billion of that still being owed. To reduce that amount, Ford will be offering 98,000 current and former white-collar employees a lump-sum pension buyout. General Motors, whose $134 billion ...

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    Official: GM reducing pension burden further with lump sum buyouts
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    General Motors is moving to reduce the company's pension costs by $26 billion. The automaker is offering around 42,000 of its salaried retirees and surviving beneficiaries a one-time lump-sum payment in lieu of their current monthly benefit. In addition, GM plans to shift its salaried pensions to ...

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    GM takes final step to eliminate pension plans, switch entirely to 401Ks
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    General Motors will freeze the defined benefit pension plans of 19,000 workers on Sept. 30, 2012, shifting them instead into 401(k) plans. Affected workers were all hired before 2001 and are salaried employees. Hourly workers are not affected by this change. Because the retirement plans will be ...

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    Report: Judge tosses out suit by Delphi pensioners against Treasury
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    The Detroit News is reporting that a federal judge has thrown out a portion of the lawsuit brought against the federal government by Delphi retirees. The former employees of the automotive supplier brought suit against the federal government after their pensions were terminated in bankruptcy ...

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    Report: Detroit automakers paying $305M to UAW retirees for inflation bonus
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    The Detroit Three's 267,000 hourly retirees will soon receive a COLA (cost of living allowance) of $700 each to cover the cost of inflation; an annual tradition that arrives in time for the holiday season. The 72,000 surviving spouses will also be rewarded with up to $455 to help with rising costs. ...

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    GM announces $4B pension fund deposit
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    General Motors continues to use its newfound cash in a manner that aims to please its accounting department. After receiving a sizable monetary infusion thanks to the largest IPO in U.S. history, GM is now focused on putting that money to good use. Its Korean subsidiary, GM-Daewoo, recently paid ...

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    Not out of the woods yet: GAO issues warning on automaker pensions
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    There's $77 billion owed to the pension plans contributed to by auto industry manufacturers and partner companies and we're to assume that at least seven billion of that is owed by Ford to the UAW's Voluntary Employment Benefit Association. The way Ford is going, it looks likely to pay that off ...

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    REPORT: Visteon seeking to end pensions of 21,000 workers, retirees
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    Visteon, the automotive supplier currently going through bankruptcy proceedings, is seeking to rid itself of pension obligations for 21,000 current workers and retirees. It wouldn't mean the end of pensions for the workers, but the payments would be taken over by the Pension Benefit Guaranty ...

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    REPORT: GM cutting executive pensions, ex-CEO Wagoner to get pinched the most
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    With General Motors in bankruptcy, it was only a matter of time before pensions came under scrutiny. The Detroit News is reporting that GM CEO Fritz Henderson has confirmed that executive pensions beyond $100,000 per year will be cut by two-thirds. Recently defenestrated boss Rick Wagoner will ...

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    REPORT: If Chrysler liquidates, 38,500 jobs would be lost
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    A court filing by the legal firm Jones Day estimates that 38,500 Chrysler workers will lose their jobs if the bankrupt automaker fails to quickly form an alliance with Fiat SpA and is forced to liquidate. In addition, if the deal with Fiat is rejected Chrysler LLC employees will lose $9.8 billion ...

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    NYT: U.S. reportedly preparing Chrysler for bankruptcy... as early as next week
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    According to a story from The New York Times, the Treasury Department and Chrysler are readying Chapter 11 bankruptcy documents for filing as early as next week.The report goes on to say that the filing carries with it an "agreement in principle" with the United Auto Workers that would protect ...

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    Big Three discussing joint healthcare fund
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    Recently, the UAW decided to look at the unusual step of taking over heathcare liabilities from the Big Three. The reason being that pension fund costs for future retirees is adding a terrific sum to the expense sheet every year -- GM's costs alone were $4.8 billion in 2006, and combined costs ...

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    UAW to take on automaker healthcare burden?
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    As many of you know (and have commented prolifically on), the Big 3 carry an enormous burden that import competitors like Honda and Toyota don't: unionized retiree health care costs. GM, for example, had $81 billion in salaried and hourly retiree health care obligations at the end of 2005. Chrysler ...

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    Big Three executives meet with Washington lawmakers
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    The much ballyhooed meeting between domestic auto industry leaders and U.S. lawmakers came and went today, with the net-net being that the Capitol gang has pledged to work with the manufacturers 'as partners.' Rick Wagoner (General Motors Chair and CEO), Tom LaSorda (DaimlerChrysler President ...

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