GM » Topics » Retirement and Pension Benefits.

This excerpt taken from the GM DEF 14A filed Apr 25, 2008.
Retirement and Pension Benefits. As described beginning on page 43, retirement benefits were frozen on December 31, 2006, and eligibility to receive benefits under the non-qualified executive plan is now based on the vesting requirements established under the new plan (age 55 with ten years of service) for terminations on and after January 1, 2007. In addition, the SRP provides for the payment of a deferred vested benefit to all salaried employees who terminate employment prior to retirement eligibility based on their compensation and years of service at the time of separation. Normal retirement is defined under the plan as age 65. No other individualized arrangements exist with Named Executive Officers except those disclosed on page 45 and in the “Employment Agreements” section on page 50. Pension benefits for Named Executive Officers are described beginning on page 43; additional non-qualified benefits may be provided only at the sole discretion of the Executive Compensation Committee.

      As of December 31, 2007, Mr. Henderson is not eligible to retire under any qualified or non-qualified GM retirement plan. Upon termination of employment, he could receive a deferred vested benefit from the qualified SRP, reduced for age if received prior to age 65. This benefit is available to any participant in the plan. His non-qualified benefits would be forfeited.

      As of December 31, 2007, Mr. Wagoner is eligible to retire pursuant to the provisions of the qualified SRP. He is not eligible to retire under the non-qualified ERP and would forfeit this benefit.

      As of December 31, 2007, Messrs. Cowger and Stephens are eligible for retirement pursuant to the provisions of both the qualified SRP and the non-qualified ERP plans applicable to executive employees generally. As of December 31, 2007, Mr. Lutz is eligible to retire pursuant to the provisions of the qualified SRP applicable to all salaried employees. He is also eligible to receive non-qualified ERP benefits pursuant to the Executive Compensation Committee’s action in 2004 to grant full vesting rights with five years of service.

      

This excerpt taken from the GM DEF 14A filed Apr 27, 2007.
Retirement and Pension Benefits. As described on pages 37-38, retirement benefits were frozen on December 31, 2006, and eligibility to receive benefits under the non-qualified executive plan will be based on the vesting requirements established under the new plan (age 55 with ten years of service) for terminations on and after January 1, 2007. In addition, the SRP provides for the payment of a deferred vested benefit to all salaried employees who terminate employment prior to retirement eligibility based on their compensation and years of service at the time of separation. Normal retirement is defined under the plan as age 65. No other individualized arrangements exist with Named Executive Officers except those disclosed on pages 37-40 and in the Employment Agreements section on page 44.

      As of December 31, 2006, Messrs. Wagoner and Henderson are not eligible to retire under any qualified or non-qualified GM retirement plan. Upon termination of employment, they could receive a deferred vested benefit from the qualified GM Salaried Retirement Program, reduced for age if received prior to age 65. This benefit is available to any participant in the plan. Their non-qualified benefits would be forfeited.

      As of December 31, 2006, Mr. Gottschalk is eligible for retirement pursuant to the provisions of both the qualified SRP and the non-qualified SERP plans applicable to executive employees generally. As of December 31, 2006, Mr. Cowger is eligible to retire pursuant to the provisions of the qualified SRP, applicable to salaried employees generally, but is not eligible to retire pursuant to provisions of the non-qualified SERP. As of December 31, 2006, Mr. Lutz is eligible to retire pursuant to the provisions of the qualified SRP applicable to all salaried employees. He is also eligible to receive non-qualified SERP benefits pursuant to the Executive Compensation Committee’s action in 2004 to grant full vesting rights with five years of service.

      Mr. Devine retired from the Corporation on June 1, 2006, and is receiving pension benefits as disclosed in the “2006 Summary Compensation Table on page 31 and in the pension benefits table on page 39.

      

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