GM Moves 19,000 U.S. Salaried Workers to 401(k) From Pensions
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General Motors Co., which regained the global auto sales lead last year, said it’s moving almost three-quarter of its U.S. salaried workers from a pension plan with defined benefits to defined contributions.
Pension benefits earned under the old system for employees hired before 2001 will stop accruing on Sept. 30, Cindy Brinkley, vice president of global human resources, said in a conference call with reporters.