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GM INTEGRITY OF PURPOSE?

 

GM is in the business of assuming financial risk.

Their employees are not.

 

By transferring the risk of lifetime pensions from GM to their employees they are abrogating their commitment to provide guaranteed lifetime pensions for their employees lifetime commitment to GM.

 

By replacing Defined Benefit pension plans (Lifetime benefits) with Defined Contribution pension plans (capital at 65) they are transferring the financial risk of undefined lifetime pension benefits to their employees.

 

Their employees do not have the resources to handle this risk.

 

If Globalization is too competitive for GM without resorting to this shift then they should quit.

 

09 24 2016

Dan Zwicker

Toronto

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