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.



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