The agency that protects pension plans raised new concerns about Detroit’s three auto makers, saying their use of pension funds to pay for restructuring threatens to drain the funds and leave the agency footing the bill. The U.S. Pension Benefit Guaranty Corp. this week sent letters to General Motors Corp., Ford Motor Co. and Chrysler LLC asking for projections on how the companies plan to use their pension plans to cover early retirements or other buyout deals. The agency is “concerned” that using pension funds for such attrition programs could “undermine the state of the plans,” agency Director Charles E. F. Millard said in letters to the auto makers. Copies of the letters were reviewed by The Wall Street Journal. More
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