General Motors Corp. does not expect to make any contributions to its $91 billion U.S. hourly and salaried plans in 2005, according to documents the company filed today with the SEC. "General Motors does not foresee making contributions to the U.S. pension funds until the end of the decade because the plans are more than $3 billion overfunded as of the end of December 2004," said Jerry Dubrowski, GM spokesman, in an interview.
Separately, Ingersoll Rand Co. Ltd., Woodcliff Lake, N.J., plans to contribute $22 million to its $2.65 billion in pension plans this year, according to the company's annual report filed today with the SEC. The company contributed $170.1 million in 2004. It used a 5.75% discount rate to measure U.S. liabilities in 2004, down from 6% in 2003. For non-U.S. plans, the company used 5.25% last year, down from 5.75% in 2003. At the end of 2004, the company's plans were underfunded by $295 million, compared with $442 million at the end of 2003.