UPDATE 1-GM spends $3.6 bln on lump-sum pension buyouts

Newswire

DETROIT, Oct 31 (Reuters) - General Motors Co spent $3.6 billion on pension buyouts this year for white-collar retirees as part of a plan to cut about one-fifth of its global pension liability. About 30 percent of 44,000 eligible salaried retirees agreed to take a lump-sum payment in lieu of monthly pension checks, the largest U.S. automaker said in its quarterly securities filing on Wednesday. GM reported surprisingly strong quarterly earnings ...

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