Quote:
Originally posted by fastpat
Is "legacy employee" another name for "retiree"? If that's true, then the real problem is that the corporations weren't required to fully fund retirement years ago, and must fund them now. 100% funding should have been mandated long ago.
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GM's Hourly Rate Pension Plan EIN 38-0572515, Plan 003 was filed with the Employee Benefits Security Administration, US Dept of Labor as required under the Employee Retirement Income Security Act of 1974 (ERISA). A total of 491,727 participate in the plan. The value of plan assets, after subtracting liabilities of the plan, were $63.5 billion as of Sept 30, 2005. This meets ERISA's minimum funding standards.
GM's Salaried program (Same EIN, Plan 002) has 102,089 participating with $12.8 billion as of January 1, 2005. Again, this meets ERISA's standards.
I'm sure you can look it up as it is filed as public record.