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View Diary: GM reports record profit. That's a problem for Mitt Romney. (116 comments)

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  •  OK quick read through report (1+ / 0-)
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    The company also announced today that it is taking further steps toward its goals of de-risking and fully funding its U.S. pension plans.  Effective Sept. 30, 2012, GM will freeze its defined benefit pension plan for U.S. salaried employees, who instead will receive contributions to a defined contribution plan, or 401(k).  This initiative will affect GM's U.S. salaried employees hired prior to Jan. 1, 2001.  Salaried employees hired after that date are already covered by a defined contribution plan.

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