GM retirees sue for lost pension benefits

[6 Shooter]

Detroit— More than 100 former General Motors Corp. executives are suing the automaker in federal court to recoup millions of dollars in pension benefits lost during GM's historic bankruptcy.

The retirees, including former vice presidents and other high-ranking managers, are trying to recover benefits plus interest, and increase their future payouts. GM says the executives' claims already were reviewed and properly rejected by the pension plan administrator.

www.detnews.com

 

[GS Diva]

Good that they were rejected!

Elaine

 

[Blue260]

People like Dave McClennan, Jim Perkins, and Dave Hill have devoted their entire careers to GM. Do you think it's fair that they lose their pensions!

 

[catbert]

Dave McClennan, Jim Perkins, and Dave Hill could afford to lose their pensions a lot more than the thousands of low level salaried worker who have lost theirs. Those buyers, draftsmen, accountants, etc made the GM world go around as much as the big wheels. I noticed the high ranking retirees didn't include them in their suit, even though they suffered the same fate. That said, it's a shame all the way around

BTW - remember the huge number of execs that retired at the about same time a year or more before the bankruptcy? It seems they saw the handwriting on the wall. They left hoping that their benefits would be fixed because they were already retired. Sometimes that works, sometimes not. Didn't work for me either at another place.

 

[BigJimZ16]

People like Dave McClennan, Jim Perkins, and Dave Hill have devoted their entire careers to GM. Do you think it's fair that they lose their pensions!

Was it fair that I lost my pension when Bethlehem Steel bit the dust in 2003?? Or when others lost their's at National Steel or LTV??? Some folks were just better off and able to absorb the blow. Hourly and low level management in the steel industry took it in the butt long before the auto industry felt the pain!

Go ahead and tell me about the PBGC, I'll be working till I'm 90...ad

 

[6 Shooter]

Crap happens, laughter's the Cure...​

 

[killain]

Lost Pensions ?

Dave McClennan, Jim Perkins, and Dave Hill could afford to lose their pensions a lot more than the thousands of low level salaried worker who have lost theirs. Those buyers, draftsmen, accountants, etc made the GM world go around as much as the big wheels. I noticed the high ranking retirees didn't include them in their suit, even though they suffered the same fate. That said, it's a shame all the way around

BTW - remember the huge number of execs that retired at the about same time a year or more before the bankruptcy? It seems they saw the handwriting on the wall. They left hoping that their benefits would be fixed because they were already retired. Sometimes that works, sometimes not. Didn't work for me either at another place.

If anyone is disappointed, then I suggest you review in your minds what President George W. Bush went on national TV in November 2008 and said it was against his core values, but said we/ the country (He was suggesting General Motors Inc.) couldn't afford to keep the company running, then it deserved to fail. But he gave GM/Chrysler corp. the last of one half 17.6 Billion of the T.A.R.P stimulus funds. If that did not take place then all of the people who work or worked for GM were SH*& out of luck with your pensions. And that number was around 120.000 + people in and outside of General Motors. Parts suppliers and ect.

Fortunately the Obama administration decided that allowing General Motors Inc. was into a chapter 7 bankruptcy was not a workable option. Keep in mind as of December 31, 2008 General Motors Inc. operating account had $0.00. Rick Wagoner and the rest of the 14th. Floor at General Motors had their golden parachutes all set and their bags pack and all of them departed the crumbing company behind them. Sad ? they all should be in prison as far as I'm concerned, but despite my union backing, the UAW president is just at fault.

Fortunately, The better angles of their nature saw fit to straighten out the dead wood and see if they could save the company. And now two years later both manufacturers are on the mend, making real profits and have paid back most of what was given them to survive. It will be interesting to see if General Motors Company will move forward with leaders, not the thieves that have been in place on the 14th. floor in Detroit.

 

[catbert]

You are absolutely right!ad Two hundred thousand workers at all levels were seriously impacted by the stupid, self serving actions of the very people that walked away with tens of millions of dollar in parachutes. I remember folks on all the forums remarking that getting rid of slick Rick was a heavy handed government travesty. The travesty is that he left with anything or isn't in serious legal trouble for taking care of himself at the expense of the greater good.