By Darrell A. Hughes Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The U.S. Pension Benefit Guaranty Corp. on Monday said General Motors Corp. (GM) hasn't been responsive to the agency's request for updated financial information regarding the auto maker's two pension programs.
Agency spokesman Marc Hopkins said the PBGC is looking for a "more accurate" picture of the auto maker's pension programs stability, which is necessary for the agency to effectively monitor the financial health of auto makers.
"So far the auto maker has not been responsive," Hopkins said, adding "We are currently aware of the status of the other auto makers."
GM spokeswoman Renee Rashid-Merem said last week that the company's pension program for hourly workers is underfunded by $500 million, while the company's plan for salaried workers is overfunded. She also said GM doesn't expect its two pension programs to become government liabilities in the short term.
GM officials couldn't be reached for comment.
Rashid-Merem said GM doesn't expect "any minimum funding requirements for both hourly and salary plans in the next three to four years" because of its overall pension status.
Should GM collapse and the company become unable to fund its pensions, liabilities from the programs could lead to a significant increase in PBGC's already $14 billion deficit.
-By Darrell A. Hughes, Dow Jones Newswires; 202-862-6684; darrell.hughes@dowjones.com
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(END) Dow Jones Newswires
November 17, 2008 17:15 ET (22:15 GMT)

Publié le 17 novembre 2008 Copyright © 2008 Dowjones