If General Motors goes into "orderly bankruptcy" will Salaried Retiree's loose our pension?My husband & I are in our 70's and both retired salary workers from General Motors. Our pension is fixed. It is the same amount since we retired in 1994. As of January 1st, we are loosing all of our health care, because General motors can no longer afford it. When we retired we thought we had health care for life. We also are loosing an extended care policy that "We" have paid the premium on for 14 years, along with the health, dental and vision coverage. Our pension and social security are all we have.
Posted by Nayeli R
Hi beverly
Bankruptcy is definitely the wrong choice for this situation or almost any really! Being in debt is a rough issue to deal with and leaves many people (including myself) feeling confused, depressed and feeling vulnerable. The best way to get out of debt is to get involved with a debt settlement program. I was in 100K of various types of debt and used a debt settlement specialist who was able to negotiate me down to 60K! A 40% debt reduction! My payments almost dropped in half and my interest rates went down to next to nothing! Bankruptcy is the wrong way to go and can even be more costly, not to mention the future reprocussions involved.
I can highly recommend the folks over at American Loan Modification Services. They really know their stuff are are very efficient. Their website is http://www.abcloanmodifications.com/ and the number is 1-877-DR-LOAN-MOD (375-6266). Ask for Michael, it's who I dealth with.
Hope this helps you out!
Posted by hailey
It's sad however but more than likely your retirement will be gone.
Advise: If you have any money invested with GM-stocks demand notes, or other banking accounts CLOSE those immediately! they are not FDIC insured.
Posted by Homer N
There is a pension protection agency in the U.S. and I am pretty certain GM paid into that protection. What will happen is the government will take over your pension plan.
The problem is that the government is not very efficient with spending other people's money. Historically, the amount paid out vs what you currently receive will be in the neighborhood of 70%-80%. In this case, because of the economy, you'll probably see a return of 60%-70% of what you recieve today. So expect a reduction in pension payments by about 20% to 40%.
Posted by don1862
Unfortunately, the union slugs have stripped away most of the assets so harworking salaried people like you will not get as much. The government Pension Guarantee Program will pay part of your pension. But it will be reduced to a certain percentage. At least you will have the satisfaction of knowing that the UAW slugs who caused the problem will have theirs cut too.
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