On June 1, General Motors proposed a new pension plan aimed at reducing their pension liability by 26 billion dollars. The pension plan changes will affect approximately 42,000 qualified U.S. GM retirees and surviving beneficiaries. Since the plan offers either a lump-sum payment or a recurring monthly pension benefit, it is highly suggested that a qualified financial advisor be consulted prior to any final decisions in regard to pension plan option changes. The deadline for pensioners to make a decision is scheduled for July 20, 2012.
The retirement plans and pensions are taken over by the PBGC, are fully funded and handled by them. Certain benefits like medical may be lost, but the $ are secure. Pension Benefit Guarantee Corp. PBGC
no gehegle
I don't really understand your term "frozen pension." Was it not exempt from the bankruptcy proceedings? Or was it held until a ruling was made and then released when the bankruptcy was discharged?
Federal or private...NO
Up to the judge
On June 1, GM announced their intention to alter their pension plan. These alterations will reduce their pension plan liabilities by an expected 26 billion dollars. The complex plan has both an option for selected U.S. GM retirees to take a lump-sum payment offer, while other retirees have the option to continue receiving monthly pension payments. More information on pension plan details is outlined at: http://gmpensionbuyout.info/?page_id=28. Any GM retiree that is affected by these changes is strongly urged to seek advice from a qualified financial planner, as the decision deadline of July 20, 2012 is quickly approaching.
Uneffected.
I believe you home is safe as long as it is your homestead in a bankruptcy. You should consult a bankruptcy attorney to be safe.
Robin Jeweler has written: 'Recent developments in bankruptcy law' -- subject(s): Bankruptcy 'Employee pension benefits in bankruptcy' -- subject(s): Law and legislation, Pensions, Bankruptcy
If GM declares bankruptcy and stops making the vehicles sold by a GM dealer, then that dealer will have to find something else to sell or go out of business. Some forms of bankruptcy do not require that the company stop operating, but merely require that they operate under the supervision of a court while they sell off assets and reorganize to better pay off their debts. In that kind of a GM bankruptcy, many GM dealers may continue to have product to sell.
Yes and no. You cannot but stock in the "New GM" (the company that just came out of bankruptcy), but you can buy stock in the company that was GM (but why would you want to?).
Yes