General Motors 2011 Annual Report Download - page 138
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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The expected return on plan assets used in determining pension expense for non-U.S. plans is determined in a similar manner to the
U.S. plans. The rates of 6.5% and 7.4% for the years ended December 31, 2011 and 2010 represent weighted-average rates of all of
the funded non-U.S. plans.
Target Allocation Percentages
The following table summarizes the target allocations by asset category for U.S. and non-U.S. defined benefit pension plans:
Successor
December 31, 2011 December 31, 2010
U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans
Asset Categories
Equity ........................................................... 14% 34% 29% 36%
Debt ............................................................. 66% 45% 41% 48%
Realestate ........................................................ 5% 9% 8% 9%
Other(a).......................................................... 15% 12% 22% 7%
Total ............................................................. 100% 100% 100% 100%
(a) Includes private equity and absolute return strategies which primarily consist of hedge funds.
Investment in Trusts
The assets of the U.S. hourly and salaried pension plans are held by various master trusts and group trusts (collectively “Trusts”).
The master trusts hold only GM sponsored pension plan assets. The group trusts permit the commingling of the assets of more than
one employee benefit plan, including plans of unrelated sponsors. The plans that participate in the Trusts own an undivided beneficial
interest in the underlying assets and changes therein of the respective Trusts. During 2011 certain assets held by several group trusts
for the benefit of unrelated plan sponsors were liquidated which resulted in the beneficial interest in the remaining assets within these
group trusts becoming solely owned by the GM sponsored pension plans. The residual beneficial interest of unrelated benefit plan
sponsors in the other group trusts is not significant. The following fair value measurement tables reflect the underlying assets held by
the Trusts for the benefit of our U.S. pension plans on a combined basis and exclude the remaining beneficial interest in the assets
within the group trusts owned by unrelated benefit plan sponsors.
136 General Motors Company 2011 Annual Report