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GM Says No Pension Contributions Coming for Next 5 Years
Pensions & Investments Feb. 14, 2013 "General Motors Co., Detroit, does not expect to make any mandatory pension contributions for the next five years, according to its fourth-quarter earnings statement. GM completed its annuity purchase with Prudential Insurance Co. of America in the fourth quarter, resulting in $28 billion in reduced pension liabilities, or 25% reduction. The U.S. pension plans were about 84% funded with $13.1 billion in unfunded liabilities at the end of 2012[.]" |
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