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AddCourt upholds pension cuts to 100 retired GM execs

100 retired executives from General Motors will soldier on with smaller pensions after a trio of judges in the Sixth Circuit Court of Appeals in Cincinnati, ruled in favor of the automaker. The dispute stemmed from the requirements made by the Obama administration as part of GM's bankruptcy and restructuring, according to a report from The Detroit News.

AddGM may suggest pension buyouts to UAW

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

AddMarchionne says Chrysler has "no need" for pension buyouts

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 pension obligation was underfunded by $25.4 billion at the end of last year, will be doing the same with 42,000 of its salaried employees and its switching others to 401(k) plans. When Chrysler CEO Sergio

AddFormer Chrysler execs file class-action suit over pension losses

More than 450 executives from Chrysler's white collar force, going all the way back to Lee Iacocca, have sued Daimler and Cerberus for gutting the value of their collective supplemental pensions to the tune of $100 million. The class action suit took the noted step of not suing Fiat-owned Chrysler, with the lead attorney saying that "Everybody involved in this suit loves that company and like everybody else wants to see it succeed."

AddNot out of the woods yet: GAO issues warning on automaker pensions

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 without needing unsavory assistance. When it comes to General Motors' and Chrysler's obligations over the next five years, though, the Government Accountability Office has warned that Uncle Sam still need

AddREPORT: GM cutting executive pensions, ex-CEO Wagoner to get pinched the most

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 likely take the biggest hit of all – he was supposed to receive $22 million over five years as part of his retirement package, but that number will reportedly drop by up to $15 million.

AddDon't let the door hitcha? - Investors call for spin-off of Chrysler

There have been rumblings of late in the halls of Stuttgart that the boys in Auburn Hills are an albatross around the neck of DCX. Dieter Zetsche and company are reportedly in it for the long haul and fighting the good fight for Chrysler, but investors cite thin patience while waiting for a profit. Rumors of potential suitors waiting in the wings abound, but it seems that the real problem would be salability due to large pension commitments. Some have gone as far as speculating that even if Chry

AddExplaining the burden of "legacy costs"

With all the discussion about the domestic automakers' future lately, a few of our readers have left comments requesting some additional background on the situation; primarily, the history of the oft-touted "legacy costs" and how they affect the Big 3's survival.

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