We have decided to substantially alter the pension benefits for current U. S. salaried employees so that we can provide a competitive and fair benefit but also reduce the financial risks to GM. While we will announce specific details early next month, we intend to freeze accrued benefits in the current plan and implement a new plan for future accruals which could include a defined contribution or cash balance plan.
More Quotes from Richard Wagoner:
Why is every year the industry sales figure bigger than what we tell you it's going to be at the beginning of the year ... Obviously the traditional models are not working. Is that going to continue indefinitely I don't know. I suspect so. Why is it up A lot of wealth in the U.S. economy and vehicle prices relative to that wealth are the lowest they've been in 20 or 30 years.Richard Wagoner
Over the years we've shown the Saturn brand can carry a premium in the segment that it plays in,
Richard Wagoner
There is a lot of work to do in this company and it makes sense to spread it out, ... We very much wanted Jack to stay around and support us.
Richard Wagoner
During his 36-year career at GM, Mike has made a tremendous contribution to GM in a broad range of assignments, ... And, he's been a long-time advisor and friend to me and many others in the company. We thank him and wish him well.
Richard Wagoner
I think this is tough medicine for everybody involved with our company, ... I don't want to make this sound like an easy call for us or for them, but this is our call. We are responsible for running this part of the business.
Richard Wagoner
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