GM, Ford turn to annuities to ease pension burden

07/26/2013 | Bloomberg

General Motors and Ford said this week that higher interest rates and the use of annuities will help ease their pension obligations and free more cash for product development. GM said it plans to move salaried employees to a group annuity that will be managed by a unit of Prudential Financial. Both auto manufacturers will also offer lump-sum buyouts to salaried employees.

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