Retired From G.M. at 54. Pensionless at 74?
Thousands of former GM workers in this area are feeling the pain of change. Those who retired a few years back are now facing major financial changes. Some are expected to begin paying for much more of their health care than they were originally expecting to.
“General Motors is using its huge pension fund in a way it never intended.”
“It had planned — and put money aside — for a steady march of retirees over time. But instead, tens of thousands of blue-collar workers, most in their 40s and 50s, are all becoming eligible for retirement benefits now, as the company rapidly downsizes.”
“And even as its pension fund faces this giant bulge in payouts, G.M. is not putting any new money in — the company is not required to make any contributions to the fund until 2013.”
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