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Fri July 20, 2012
Deadline day for GM retirees pension buyout offer
Today is the deadline for more than 40,000 General Motors retirees to accept their former employer's offer of a lump sum buyout of their pensions.
Otherwise, their pensions will be taken over by Prudential Insurance.
GM's Randy Arrix said the change is part of the company's efforts to create what it calls a "fortress balance sheet." Getting underfunded pensions off the books strengthens the balance sheet.
"Pension obligations are very volatile, and they're volatile because they're dependent on some things within our control like contributions, and other things that are not, said Arrix.
Some GM retirees are angry about the change, which they see as a broken promise by GM, but for others, the buyout is an opportunity to control their own money.