More than 100 General Motors executive retirees have sued the company for failing to pay pension benefits after the automaker's historic bankruptcy in 2009.
The lawsuit states that GM's pension plan administrator wrongly rejected retirees' claims for a higher payout. Plaintiffs are seeking to recover millions of dollars in lost benefits in addition to interest and legal fees.
To reduce benefits after bankruptcy, GM is combining salaried retirement benefits with a separate benefit given to executive retirees. In court filings, the plaintiffs' lawyers claim that under the modified retirement plan, only benefits of more than $100,000 a year are to be reduced, and not benefits under $100,000.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
