UPDATE 1-GM adds Hughes stock to employee pension plans

Newswire

(Adds background and details throughout, byline) By Michael Ellis DETROIT, Feb 28 (Reuters) - General Motors Corp. said on Friday it will contribute 150 million of its Hughes Electronics Corp. shares to its employee benefit plans, which are severely underfunded due to declining stock markets and soaring health care costs. The contribution, worth about $1.5 billion at current market prices, will cut GM's operating expenses for its benefit plans in 2003. It will also reduce GM's economic ...

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