GM says 12,600 white-collar retirees to take lump-sum buyouts

Newswire

By Deepa Seetharaman DETROIT, Oct 31 (Reuters) - Around 12,600 white-collar retirees of General Motors Co have agreed to accept lump-sum payments in lieu of monthly pension checks from the largest U.S. automaker. The buyouts will help cut $29 billion, or about one-fifth, from GM's $134 billion global pension obligation, GM said on Wednesday in a statement accompanying its third-quarter results. That is $3 billion better than GM projected when it ...

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