General Motors 2014 Annual Report Download - page 100

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 15. Pensions and Other Postretirement Benefits
Employee Pension and Other Postretirement Benefit Plans
Defined Benefit Pension Plans
Defined benefit pension plans covering eligible U.S. hourly employees (hired prior to October 2007) and Canadian hourly
employees generally provide benefits of negotiated, stated amounts for each year of service and supplemental benefits for employees
who retire with 30 years of service before normal retirement age. The benefits provided by the defined benefit pension plans covering
eligible U.S. (hired prior to January 1, 2001) and Canadian salaried employees and employees in certain other non-U.S. locations are
generally based on years of service and compensation history. Accrual of defined pension benefits ceased on September 30, 2012 for
U.S. salaried employees and on December 31, 2012 for Canadian salaried employees. There is also an unfunded nonqualified pension
plan covering primarily U.S. executives for service prior to January 1, 2007 and it is based on an “excess plan” for service after that
date.
The funding policy for qualified defined benefit pension plans is to contribute annually not less than the minimum required by
applicable law and regulations or to directly pay benefit payments where appropriate. At December 31, 2014 all legal funding
requirements had been met. We expect to contribute $70 million to our U.S. non-qualified plans and $1.1 billion to our non-U.S.
pension plans in 2015. The following table summarizes contributions made to the defined benefit pension plans (dollars in millions):
Years Ended December 31,
2014 2013 2012
U.S. hourly and salaried ............................................................ $ 143 $ 128 $ 2,420
Non-U.S. ....................................................................... 770 886 855
Total ........................................................................... $ 913 $ 1,014 $ 3,275
We continue to pursue various options to fund and derisk our pension plans, including continued changes to the pension asset
portfolio mix to reduce funded status volatility.
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.
The following table summarizes contributions to the U.S. OPEB plans (dollars in millions):
Years Ended December 31,
2014 2013 2012
Employer contributions ............................................................ $ 354 $ 393 $ 432
Plan participants’ contributions ...................................................... 22 29 4
Total contributions ................................................................ $ 376 $ 422 $ 436
Defined Contribution Plans
We have defined contribution plans for eligible U.S. salaried and hourly employees that provide discretionary matching
contributions. Contributions are also made to certain non-U.S. defined contribution plans. We made contributions to our defined
contribution plans of $513 million, $502 million and $352 million in the years ended December 31, 2014, 2013 and 2012.
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