General Motors Corp will cut its senior executive pension plans by up to two-thirds as part of its bankruptcy restructuring, the company's chief executive told a U.S. House Energy and Commerce subcommittee on Friday.
Fritz Henderson told reporters after the hearing that the reductions apply to certain plans for executive retirees making more than $100,000 annually.
Henderson said there was no resolution yet on the pension for former CEO Rick Wagoner, who ousted by the Obama administration which is overseeing GM's Chapter 11 restructuring.
"That issue is still being reviewed by the board of directors and the compensation committee," Henderson said. "I'm not involved in this."
Henderson is a GM board member.
Wagoner, 55, worked for GM for 31 years and accumulated more than $20 million in pension benefits, which would have begun paying out at age 60.
