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Compass
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Bates & Company, Inc.
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Pension Benefit Guaranty Corporation Asks Carmakers for Buyout Details
Bloomberg Nov. 30, 2008
Excerpt: Federal pension regulators expressed concern the big three U.S. automakers' cost-cutting efforts may harm their retirement programs and come back to haunt taxpayers should the companies default on the plans. The director of the Pension Benefit Guaranty Corp. sent letters this week to General Motors Corp., Ford Motor Co. and Chrysler LLC asking for information about their buyout and other employee-attrition programs. Such programs could drain money from pension plans by accelerating retirement-related costs that otherwise wouldn't come due for years.
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