General Motors Announces Its Intention to Purchase Annuity from Prudential

In a press release General Motors announced its intention to embark on an ambitious plan to rid its retirement plan of more than $26 Billion in pension liabilities.  The de-risking plan affected those who retired from GM between October 1, 1997 and December 1, 2011, and offered GM Retirees a one-time, single lump-sum payment or the option to continue with monthly benefits in the form of an annuity from Prudential Insurance Company of America. 118,000 were impacted by this pension de-risking plan.