S&P 500
7,520.20
+0.01%
Dow Jones
52,517.00
-0.01%
Nasdaq 100
29,273.70
+0.05%
Russell 2000
2,950.51
-0.03%
FTSE 100
10,511.30
-0.31%
Nikkei 225
67,089.70
+0.04%

Investing

GM Changing Pension Plan for Non-Union Workers, Freezing Wages and Bonuses (GM)

Photo of Paul Ausick
By Paul Ausick Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

General Motors Co. (NYSE: GM) is making changes to salaries, bonuses, and pensions for its non-union, salaried employees. The wage and bonus freezes will apply to all 29,000 of the company’s salaried workers.

GM will eliminate its defined benefit pension plan for about 19,000 salaried employees hired before 2001, and replace it with a defined contribution plan (401(k)). Employees hired after 2001 are already part of the defined contribution plan. The change is effective October 1st of this year. There will be no changes for the company’s retirees.

Bonuses will be smaller because the company did not hit all its financial targets last year, and there will be no salary hikes this year although employees will receive an additional week of vacation. Some employees will have an opportunity to earn larger bonuses this year as well.

GM is looking to reduce its pension and other costs as it tries to improve its sales and margins.

Contact [email protected] for any questions or corrections.

Disclaimer: Energy Exploration Technologies, Inc. ("EnergyX") has engaged 24/7 Wall St to publish this communication in connection with EnergyX's ongoing Regulation A offering. 24/7 Wall St has been paid in cash and may receive additional compensation. 24/7 Wall St and/or its affiliates do not currently hold securities of EnergyX.

This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX's offering materials. EnergyX's Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/.

Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forward‑looking estimates and are subject to substantial uncertainty. Investments in private placements, and start-up investments in particular, are long-term, illiquid, speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups

Follow 24/7 Wall St. on Google
Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Douglas A. McIntyre |

The Sixteen States That are Killing Their Pensions

For decades, public employees have had pension plans identical to those provided by most large American companies. These are defined…

Jon C. Ogg |

More 787 Dreamliner Sales Will Not Save Boeing Pension Plan

courtesy Boeing Co.Another company is dumping another one of its pension plans. Boeing Co. (NYSE: BA) is normally in the…

Executives Are Deferring Unlimited Compensation Tax-Free, but HR Won’t Explain the Bankruptcy Risk
Gerelyn Terzo |

Executives Are Deferring Unlimited Compensation Tax-Free, but HR Won’t Explain the Bankruptcy Risk

Most executives who get access to a nonqualified deferred compensation plan treat it like a bonus perk. They sign the…

Paul Ausick |

Local Boeing Union Posts Reasons to Vote Against Latest Contract Offer

Courtesy Boeing Co.The full-membership vote on the revised contract offer from Boeing Co. (NYSE: BA) is being forced on union…

Fiat Chrysler Reaches Agreement With Canadian Labor Union
Paul Ausick |

Fiat Chrysler Reaches Agreement With Canadian Labor Union

Fiat Chrysler on Monday night reached an 11th-hour agreement with its Canadian labor union that dodged a strike set to…

Paul Ausick |

Good News and Bad at Boeing

Boeing said Sunday that 2,300 machinists in St. Louis represented by the International Association of Machinists and Aerospace Workers (IAM)…

Union OKs GM Canada Contract, Fiat Chrysler Next Up
Paul Ausick |

Union OKs GM Canada Contract, Fiat Chrysler Next Up

Canadian autoworkers union members voted on and approved a four-year contract agreement with General Motors over the weekend by a…

Jon C. Ogg |

GM Chops At Pension Plan Liabilities

General Motors Co. (NYSE: GM) is trying to get dwindle down its massive pension exposure.  The company announced that it…

The 401(k) Move Corporate Executives Use to Defer $100,000 of Income on Top of Their Plan Maximum
Marc Guberti |

The 401(k) Move Corporate Executives Use to Defer $100,000 of Income on Top of Their Plan Maximum

A 52-year-old vice president earning a $400,000 base plus a $200,000 annual bonus already maxes the 401(k) by spring, hits…

Top Gaining Stocks

FactSet Research Systems
FDS • Vol: 929,575
Gartner
IT • Vol: 1,375,259
Intuit
INTU • Vol: 6,556,316
Valero Energy
VLO • Vol: 2,864,131
Paycom Software
PAYC • Vol: 620,866

Top Losing Stocks

Coterra Energy
CTRA • Vol: 73,319,495
Oracle
ORCL • Vol: 56,338,442
Intel
INTC • Vol: 100,311,148
Lam Research
LRCX • Vol: 9,762,314
ON Semiconductor
ON • Vol: 9,562,302