General Motors has completed the transfer of its retiree pension benefit obligations to a group annuity contract with Prudential Insurance Company of America.

The deal covers 110,000 salaried General Motors retirees. Under the terms of the agreement, Prudential received about $25 billion in premiums from the General Motors Retirement Program for Salaried Employees for the purchase of a group annuity contract. Effective Jan. 1, 2013, Prudential will begin administering payments to these retirees.

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2022 ALM Global, LLC. All Rights Reserved.