Thumb of Michigan | GS2 - 6/26/2025 20:10
Also of note: GMCorp had stock matching, so many employees had hundreds of thousands of dollars in GMCorp stock. That did not transfer to GMComp. Many retired and current employees lost basically everything, their pension, insurance, retirement, investments, everything they had saved.
What????
Hourly employees got their pensions. Some reductions in health/dental care, (until new contract was signed), life insurance continued at least for the older guys remained the same. Now, IF they invested any of their PSP (401k) or non-qualified monies in GM stock then that was lost, just as the general public that owned GM stock. If their PSP was in other investments, they perform as anyone else's in the market.
If they were spun off from GM as part of Delphi, then there was some Guarantee Pension Board monies, plus GM monies, depending on seniority.
Salary employees lost their insurance (got a token amount, IIRC $300 a month for health, no life or dental). They had a lump-sum option on their pension (or could keep pension).
Of the salary employees I provided financial advice to, I'd say 80%+ of them I recommended keeping the pension option verses taking a lump-sum and putting into an IRA. |
Hope this is not correct, but fear it is.
