General Motors 2010 Annual Report Download - page 200

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Predecessor
January 1, 2009 Through July 9, 2009
Event and Remeasurement
Date When Applicable Affected Plans
Change in
Discount Rate
Increase
(Decrease)
Since the Most
Recent
Remeasurement
Date (a) Gain (Loss)
From To PBO/APBO Curtailments Settlements
Termination
Benefits and
Other
2009 Special Attrition
Programs — June
U.S. hourly defined benefit
pension plan 6.15% 6.25% $ 7 $(1,390) $— $(12)
Global salaried workforce
reductions — June
U.S. salaried defined
benefit pension plan 24 (327) — —
U.S. salaried benefits
changes — February
U.S. salaried retiree life
insurance plan 7.25% 7.15% (420) — — —
U.S. salaried benefits
changes — June
U.S. salaried retiree
healthcare program (265) — — —
2009 CAW Agreement —
June
Canadian hourly defined
benefit pension plan 6.75% 5.65% 340 — — (26)
2009 CAW Agreement —
June
CAW hourly retiree
healthcare plan and CAW
retiree life plan 7.00% 5.80% (143) 93 — —
Total $(457) $(1,624) $— $(38)
(a) The increase (decrease) includes effect of the event, gain or loss from remeasurement, net periodic benefit cost, benefit payments
and effect of foreign currency translation. Excludes effect of asset returns that are higher or lower than expected.
During 2009 we and Old GM implemented various programs which reduced the hourly and salary workforce. Significant workforce
reductions, settlements of pre-bankruptcy claims with various represented employee groups and plan amendments resulted in plan
remeasurements as follows:
• Special attrition programs resulted in a reduction in the hourly workforce;
• Global salaried workforce actions reduced employment;
• The Delphi Benefit Guarantee Agreements were affected by the settlement of the PBGC claims from the termination of the
hourly Delphi pension plan. We maintained the obligation to provide the difference between the pension benefits paid by the
PBGC and those originally guaranteed by Old GM under the Delphi Benefit Guarantee Agreements; and
• U.S. salaried benefit changes reduced the salaried life benefits and a negative amendment to the U.S. salaried retiree healthcare
program reduced coverage and increased cost sharing.
2009 UAW Retiree Settlement Agreement
In 2009 we and the UAW agreed to a 2009 UAW Retiree Settlement Agreement which permanently shifted responsibility for
providing retiree healthcare to the new plan funded by the New VEBA. Under the terms of the settlement agreement, we are released
from UAW retiree healthcare claims incurred after December 31, 2009. All obligations of ours and any other entity or benefit plan of
198 General Motors Company 2010 Annual Report