General Motors Corp., Detroit, contributed 149.2 million newly issued shares of GM Class H stock, valued at $1.24 billion, to its $67 billion pension fund, said Jerry Dubrowski, spokesman. GM Class H stock is a common stock tracking the financial performance of the companys Hughes Electronics Corp. unit. The contribution reduces GMs stake in Hughes Electronics to 20%, from 30.7%.
The contribution will reduce GMs pension expense in 2003 to $2.8 billion from the $2.9 billion forecast last year. As of Dec. 31, the pension fund was underfunded by $19.3 billion.