Welcome to the GM Retirees Association Website The General Motors Retirees Association is the nations largest advocacy organization devoted to the preservation of pension, healthcare, and other benefits earned by GM retirees through their years of labor and loyalty to GM. GMRA stands for the fair treatment of all GM retirees, including the salaried retirees not already represented by the United Auto Workers. GMRA collaborates with the National Retirees Legislative Network (NRLN). Update: GM Pension Overpayments After hearing from a number of GM retirees concerning correspondence they received from GM informing them their pensions were overpaid, and were being reduced to satisfy the overpayment, GMRA raised the issue with GM’s Pension Director. Since the overpayments were paid out of the pension fund, it is our understanding that the amount of the overpayment must be repaid to the pension fund.  Until it is repaid, it is possible that most of the monthly pensions could be withheld until full repayment is made. However, GM has informed us it is working with affected retirees to arrange repayment at a level of 25% of the recalculated pension, or 10% in hardship-documented cases. All repayments already in progress at more than 25% will be adjusted down to the 25% repayment level effective with the July 1 pension payment. Retirees who are affected by a pension miscalculation should be contacted by GM with the new repayment arrangement. Affected retirees can also contact the GM Benefits & Services Center at 1-800-489-4646 to discuss the revised repayment arrangement. If the representative is not familiar with the pension miscalculation remedy as stated here, ask to speak with a supervisor. If the situation cannot be resolved with the representative, GMRA members should contact the GM Retirees Association and we will bring your situation to the attention of GM.

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Presidents Corner Update for May 2011 

Again this year GMRA has taken on the task of collecting all available information pertaining to the GM Salaried Pension fund, analyzing the data and presenting it to our members in an easy to understand format.  The analysis is available in the Members Only section of our website at www.gmret.org.   My special thanks to those who volunteered to perform the analysis and for the great job they have done again this year. The funding of the salaried pension fund appears to be headed in the right direction.  At the same time, GMRA members should be aware of a couple of important points.  

First, GM made two contributions to the salaried pension fund after the close of the 2009 plan year. One was made in December of 2010 and one in January of 2011. Officially, these funds are not counted as part of the 2009 plan year report, but are certainly worthy of being mentioned. They will be officially included in the 2010 report. 

Secondly, the plan is not "fully funded" until it reaches 100% funding.  Even at the 100% level there is still an element of risk to plan participants.  Due to financial market fluctuations the value of the plan can move either up or down. Also, If the plan should ever be turned over to the Pension Benefit Guarantee Corporation (PBGC), a significant plan de-valuation, on the order of 20%, would be possible due to differing accounting methods.  This effect was clearly evidenced by the benefit reductions imposed on the Delphi salaried retirees.

As additional plan information becomes available, we will continue to monitor and report on the status of the GM salaried pension plan that we all rely on.

 

All the Best,