NUMMI pension plan gets $126 million government bailout

[jimincalif]

Only 55% funded - ouch. http://benefitslink.com/pr/detail.php?id=44021

[scherry2]

In addition, certain early retirement subsidies and benefit increases made within the past five years may not be fully guaranteed. A preliminary PBGC analysis of the NUMMI pension plan indicates few current retirees will see reductions to their monthly benefit.wow most of those workers with 30 years/50 years old, will probably only get their pension of $600 a month for 30 years of service. sad

[jake75]

$54,000 a year plus social security - I could live on that.

[scherry2]

that isn't what they will get. the avg GM pension for a 50 year old with 30 years is only around $600.00 (7200 per year) with a benefit to cover the rest, up to 80% of a 40 hour week. And as the qoute says thats part isn't guarantee....And no S.S. till 62.

[wt2ga]

The lack of any HEALTHCARE is the KILLER ...

[IMakeVibes]

Quote, originally posted by scherry2 »that isn't what they will get. the avg GM pension for a 50 year old with 30 years is only around $600.00 (7200 per year) with a benefit to cover the rest, up to 80% of a 40 hour week. And as the qoute says thats part isn't guarantee....And no S.S. till 62.Your numbers are pretty close. I'm about 25 years away from retiring, so I don't keep up on exactly what it is, but its close to that.

[scherry2]

I have 33 years at GM and I'm 52 and thats what just my pension will be. we negotiated a supplement as I'm sure you guys did to offset the shortfall