In case you did not catch it on the news, GM is getting their balance sheets in order ahead of the IPO offering. A few days ago, GM announced they are planning for a contribution to the pension funds with a combination of $4 billion in cash and $2 billion in stock, assuming the Department of Labor approves the stock part of the contribution.
We have a few questions on the details of the contributions, such as the levels of contributions to each plan. We’ll let you know when we get the details. For now, we are encouraged that the pension fund made the GM priority list and are optimistic that this means that GM is committed to its pension obligations to retirees, and also to the employees who will one day move to the retiree side.You can read the official GM press release on the GMRA website by clicking here. Finally, we are happy to announce that GM retiree Bernie Kearney has joined the GMRA team as GMRA Legislative Director. Bernie will work closely with the NRLN and other retiree associations to organize and energize the GMRA arm of the larger grassroots network and focus on our legislative work.
