General Motors Corp. today announced it intends to freeze its pension plan for salaried employees in the United States as part of a restructuring plan to turn around its North American operations. General Motors will "substantially alter the pension benefits for current U.S. salaried employees so that we can provide a competitive and fair benefit but also reduce the financial risks to GM," Rick Wagoner, chairman and CEO, said in a news release.
GM will announce specific details of the restructuring next month, according to the release. But Mr. Wagoner added that GM plans to freeze benefits in the current salaried plan and "implement a new plan for future accruals which could include a defined contribution or cash balance plan."
Spokesman Jerry Dubrowski said GM does not break out sizes of its various pension plans. GM had $94 billion in global defined benefit assets as of Sept. 30, according to Pensions & Investments.