General Motors 2010 Annual Report Download - page 198

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
the S-SPP in October 2009. The contribution equal to 1.0% of eligible base salary for U.S. salaried employees with a service
commencement date on or after January 1, 1993 was discontinued effective on January 1, 2010. For eligible U.S. salaried employees
with a service commencement date on or after January 1, 2001 a retirement contribution to the S-SPP equal to 4.0% of eligible base
salary is provided. Contributions are also made to certain non-U.S. defined contribution plans. Certain U.S. hourly employees are not
eligible for postretirement healthcare. Such employees receive a $1.00 per compensated hour contribution into their Personal Saving
Plan account.
The following table summarizes contributions to defined contribution plans (dollars in millions):
Successor Predecessor
Year Ended
December 31, 2010
July 10, 2009
Through
December 31, 2009
January 1, 2009
Through
July 9, 2009
Year Ended
December 31,
2008
Total contributions ...................................... $241 $100 $70 $297
Other Postretirement Benefit Plans
Certain hourly and salaried defined benefit plans provide postretirement medical, dental, legal service and life insurance to eligible
U.S. and Canadian retirees and their eligible dependents. Certain other non-U.S. subsidiaries have postretirement benefit plans,
although most non-U.S. employees are covered by government sponsored or administered programs.
Significant Plan Amendments, Benefit Modifications and Related Events
Remeasurements
Significant interim remeasurements are included in the change in benefit obligation for the year ended December 31, 2010. There
were no significant remeasurements, curtailments or settlements as a result of changes to the underlying benefits offered to the plan
participants.
Patient Protection and Affordable Care Act
The Patient Protection and Affordable Care Act was signed into law in March 2010 and contains provisions that require all future
reimbursement receipts under the Medicare Part D retiree drug subsidy program to be included in taxable income. This taxable
income inclusion will not significantly affect us because effective January 1, 2010 we no longer provide prescription drug coverage to
post-age 65 Medicare-eligible participants and we have a full valuation allowance against our net deferred tax assets in the U.S. We
have assessed the other provisions of this new law, based on information known at this time and we have included the effect, which is
not significant, in our benefit obligations at December 31, 2010.
Expected Contributions
In January 2011 we completed the previously announced voluntary contribution of 61 million shares of our common stock to our
U.S. hourly and salaried pension plans, valued at approximately $2.2 billion for funding purposes. This was a voluntary contribution
that is above our minimum funding requirements of the pension plans. The contributed shares qualify as a plan asset for funding
purposes immediately, and will qualify as a plan asset for accounting purposes when certain transfer restrictions are removed, which
is expected in 2011. We are evaluating whether we will make additional voluntary contributions to our U.S. pension plans in 2011.
We expect to contribute $95 million to our U.S. non-qualified pension plans and $740 million to our non-U.S. pension plans in 2011.
196 General Motors Company 2010 Annual Report