Brought to you by WBIW News and Network Indiana
Last updated on Tuesday, June 2, 2009
(UNDATED) - Nearly 44-thousand GM retirees in Indiana want to know what’s going to happen to their pensions.
So far, nobody knows.
The pension benefit guaranty corporation says GM's two defined pension plans, one for hourly workers and one for salaried employees, are still in place, sponsored by the company.
And it is the stated intent of GM, the United Auto Workers Union and the government to maintain those plans under the new company formed through the merger with Fiat.
But any plan must have the approval of the bankruptcy court.
If those retirees don't get what they were promised, the corporation will cover their losses to the point the law provides, which could still be much less.
And other benefits, like health care, are not covered.
There's more information on line at www.pbgc.gov.
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