General Motors has made pension buyout offers to about 42,000 of its 118,000 former white-collar employees and surviving spouses, the New York Times reported today. GM said that the change would eliminate $26 billion of its $134 billion in worldwide pension obligations. The automaker's global pension plan is underfunded by about $25 billion. The Ford Motor Company said it would make its own buyout offer to its 98,000 retired salaried workers later this summer. And GM has said that it might discuss pension buyouts for its 400,000 hourly retirees and surviving spouses with their union, the United Automobile Workers.
