On Mar 9, 9:25*am, "rick++" <rick...[at]hotmail.com> wrote:
- quote -

http://www.sec.gov/Archives/edgar/da...tm#toc75433_34

Some details of the pension plans of GM and their status is available
here. There were negotiations with UAW and ammendments that make it a
little difficult to sort out. As I read the balance sheet, their
funded "Pensions" Liability increased from $11,381 billion at the end
of 2007 to $25,178 billion at the end of 2008 (I'm assuming the $25
billion is the amount owed to the pensions at the end of the year). As
I read the "Change in benefit obligations" (Note 16) the fair value of
plan assets falls short of the obligations of $98,135 billion by
$13,590. At the end of 2007 there was a surplus. The decline in funded
assets appears relatively modest, given the extent of the financial
market turmoil.

It strikes me as indicative of the relative size of assets and pension
obligations, that GM's total revenue in 2008 was $147,732 billion, and
their total assets $91,047 billion. If I'm reading this correctly, the
company is more a defined benefit pension plan payor than an
automobile manufacturer. In any case, I'm fairly certain the various
fund(s) are segregated, so benefits are not entirely dependent on GM's
survival.

I hadn't looked at their 10k previously, so the above is sketchy.