GM Ending Pension Programs - Extends Vacation Benefits And Introduces 401(k) Retirement Plan

General Motors Co. is ending traditional pensions for all U.S. salaried employees and replacing them with more common defined-contribution, or 401(k), plans.

But the company is softening the blow by giving white-collar workers an extra week of vacation each year.

The Detroit automaker said it would announce bonuses for U.S. salaried workers today based on the company's global performance and will offer pay increases to employees with critical skills. But GM will not offer across-the-board raises this year.

 

Joe_Limon - 2/16/2012 12:14:36 PM

+1 Boost

Good job for ending that archaic all in plan. That extra week of vacation however... I'm guessing it's a paid week...