Correction and clarification: The Senate passed its version of the pension reform bill in November, while the House passed its version in December. The months were incorrectly reported in the March 3 P&I Daily.
General Motors Corp.'s salaried employees who were hired after Jan. 1, 2001, and who currently participate in a GM cash-balance plan will stop accruing future credits on the plan at the end of this year. These employees will receive a 4% contribution from GM to their 401(k) programs starting Jan. 1, 2007. The information was not included in a March 7 P&I Daily item.