Administration August 19, 2010
GM Reports Slight Pension Funding Improvement
August 19, 2010 (PLANSPONSOR.com) - Funding of General Motors Co.’s pension plans has improved slightly since the end of last year, Business Insurance reports.
Reported by PLANSPONSOR staff
In a registration statement filed prior to GM’s intent to issue new shares later this year, GM disclosed that its pension plans were underfunded by $26.3 billion as of June 30. Its U.S. plans had $16.7 billion in unfunded liabilities, while non-U.S. plans were underfunded by $9.6 billion. According to Business Insurance, at the end of last year the plans had $27.4 billion in unfunded liabilities—$17.1 billion for U.S. plans and $10.3 billion for non-U.S. plans.
Business Insurance previously reported that an analysis by Milliman Inc. said GM’s unfunded pension liabilities at the end of 2009 was the largest deficit of the 100 biggest pension programs sponsored by publicly-held companies.