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In addition to spending$950 million to wind down the old GM, the new GM may have unintentionally found a way to send a tough message to the UAW workers looking to milk the system and retire in their 40s. In 2007, the UAW and GM struck a deal which allowed GM to cut its work force and avoid severance packages by offering early retirement to tens of thousands of workers. While that sounds predictably foolish by auto industry standards, the real hiccup comes in the form of GM not having to make contributions to the fund until 2013. Consequently the pension fund may only have 20 years left before it runs out of cash, leaving newly retired 40-somethings faced with a daunting choice- roll the dice with fund or, perish the thought, find a job.
Retired From G.M. at 54. Pensionless at 74? [NYT]