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GM plans to freeze salaried workers' pensions

| Thursday, Feb. 16, 2012

General Motors Co. said it plans to freeze its pension plan for longtime white-collar workers and give all salaried employees annual bonuses instead of pay raises in an effort to hold down expenses.

The automaker said Wednesday that 19,000 salaried workers hired before 2001 will move from a traditional pension with guaranteed payments to a 401(k)-type plan with contributions based on salary and bonuses.

Employees hired after 2001 are in the defined contribution plan. The changes will take effect Oct. 1.

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