What happens to retirment pensions and medical if GM files bankruptcy?
My mother is collecting my fathers pension and medical benefits my father earned while working for and retireing from General Motors. IF the fold, file bankrupcy or are sold will she loose everything? Is there any way to secure these benefits agaist GM’s miss managment?
If your father was a member of the UAW, contact the union for information. The UAW recently agreed to take over the health insurance program for retirees, so you’d have to ask them about the status of that program. They should also be able to help you with the pension question.
If your father was not a member of the UAW, the pension is likely to be covered by the Pension Benefit Guaranty Corp., up to a limit of about $50K per year. However, the health insurance may be gone. Check with GM’s personnel dept. about these questions.