General Motors of Canada Salary Pension Plan fading fast

Just Imagine CAW wannabes a "Car voucher" on retirement 6/24/09

2009-06-23T17:10:00.000-07:00

Ever wondered what to do with your GM car voucher on retirement. Just kidding CAW wannabes but this is real issue for CAW retirees in Canada. Check out the myGMpension site. This CAW site goes through the retirement options for GM hourly workers who have received an offer from GM to retire before the scheduled plant closure in the summer of 2010, many have been given up to 16 choices as to what they may do for retirement options. Just imagine marshmallows, you were given "take it or leave it" and in my day the big offer was to lie by taking a one year layoff and collect EI as a pension bridging benefit.

What personal integrity we had is it any wonder that that GM could kick us to the curb when ever they wanted.

Reference: http://www.mygmpension.info/

Hang tight - re. legacy cost bailout June 1,2009

2009-06-01T17:23:00.000-07:00

GM will not file for bankruptcy protection in Canada -because it got what it wanted - sound familiar. There was a $10.5-billion bailout with taxpayer money: $7-billion from Ottawa and $3.5-billion Ontario. This is in addition to the $7-billion in taxpayer money already advanced to GM Canada.

For those retirees looking for a legacy cost bailout:

Harper has made it clear that he didn't want any federal money being used to help prop up GM's pension plan, which has an estimated $7-billion shortfall.
however, McGuinty insisted Monday that it was up to GM to decide how to spend the government money, but admitted some of Ontario's contribution would go to the pensions.
For full story see http://ca.news.finance.yahoo.com/s/01062009/2/biz-finance-10-5b-gm-bailout-funds-chrysler-necessary-save.html
For video news conference http://www.globaltv.com/globaltv/ontario/video/index.html?releasePID=1K1as9wCwgqg_1lhM4ikj3CHpntDo40h

Still believe in the "tooth fairy"? May 31, 2009

2009-05-31T10:38:00.000-07:00

GM salary retirees are analogous to a huge marshmallow "fat, dumb and happy"

Why should the Canadian taxpayer maintain your pension? Its just not going to happen!

Federal Industry Minister Tony Clement said "that any money lent from the federal government to the struggling company will not go toward topping up GM Canada's pension shortfall."

Premier Dalton McGuinty said "that Ontario has no plans to bail out GM pensioners. He warned in April that the province's pension guarantee fund isn't big enough to cover the automaker's retirees if the company goes under."
Ontario is the only province to guarantee pension funds; however, it is only to a limited degree and the plan already has a $102-million deficit.
GM is the only remaining company in Ontario that is not required to fund pensions for the possibility of a company failure. READ AS NOT LEGALLY RESPONSIBLE UNDER PROVINCIAL LAW

Considering that there will be more than 6 times the number of GM retirees as compare to current active service employees by 2010 where and who would pay for the fat cat GM retiree pension bailout when the majority of Canadians don't even have a company pension plan

"Automotive bailout is nothing more than a giant ponzi. The total amount of aid in the GM restructuring plan comes to somewhere between $6-billion and $7-billion. The automaker already has announced that it will preserve, at most, 7,000 Canadian jobs by the year 2010. In other words, the company is asking for about a million dollars per worker or about $420 for every person in Canada who pays income tax. THE CANADIAN TAXPAYER SAYS ENOUGH IS ENOUGH --- LET THEM SWIM OR DROWN!

"Simple fairness dictates that pension benefits should be reduced --- the Canadian taxpayer will not tolerate paying their way by giving GM retirees a free ride."

I can hear the dreamers now saying "Well if the tooth fairy will not save us maybe the Easter bunny will" OR "maybe we will be allowed to top up our pensions by collecting EI" --- dream on in your career "fat, dumb and happy".

GM (US) bankruptcy Monday June 1, 2009, What will GM Canada do?

Reference:

http://www.cbc.ca/canada/toronto/story/2009/05/25/gm-workers-vote.html

http://gmcanadaponzi.blogspot.com/

http://www.thesociety.ca/files/mylocal/24/Globe%20Article%20GM%20Pensions.pdf

We reap what we sow! 5/21/09

2009-05-21T06:44:00.000-07:00

Interesting that the lap dogs of management, 8th and 8th unclassified, now want to be part of the GENMO organizing effort in order to "protect their pensions and benefits", when in their "group think" career they were totally intolerant of any kind of constructive criticism because they were conditioned to perceive it a negativism.

The reality is"only 38 per cent of employed Canadians are covered by workplace pensions".

Well it time to give it up and be rational! Does GENMO and the CAW really think that the Canadian taxpayer should make up the difference in their defined pension and benefits (DBP) when 62% of Canadians aren't even covered by a RPP and only17 per cent of workers in the private sector have a DBP. Consider a GM hourly employee retiring after 30 years service as early as 48 years of age, they would have higher earning in their retirement if they lived to 85 years than they made in their working career. Sorry salary "me to wanna be" because there is no COLA on salary pensions.

Get real GENMO members "you've got your head up your ass again"; no government could sell a program to 62% of Canadians that they have to make up the difference on fat cat GM salary retiree pensions to minimum $3000 per month when all they can ever expect to receive is CPP and OAS because they have no company pension.

we took our career chances with GM
we had good years and although there was problems with GM salary take a ways we had it better than many of our neighbours and friends who did not work at GM
most salary lap dogs never complained no matter how many beating we were expected to take in order to establish a CAW standard or some kind of statistic for public consumption
Yes, most salary would "bleed the pig" because we knew how to play the game
most never presented any constructive criticism of GM because we did not want to appear to be negative or a non team player
we whined to one another, whimpered in the corner, went home and told mother about the beatings that GM doled out to salary but we healed quickly and came back in the next day all due to cognitive dissonance. What this means is that we were in denial of disconfirming evidence to the contrary, confirmation bias and ego defence mechanism --- but enough of that Freudian psychoanalytic mumbo jumbo it is what it is and we are what we are in a time and place of our own making!

"Well we reap what we sow!"; "What goes around comes around!"; "Your actions all have consequences!" and all those other clichés. You are fucked the good times are over, time to:

get a job
have a garage sale
sell your house and move into an apartment
sell the cottage or the FL condo --- in some cases both!
do a reverse mortgage
don't renew your golf membership
forget the estate and make yourself number one priority
if you have been retired for any length of time you already know how to cut back and use your reserve because without COLA on your salary pension your pension return has been declining slowly --- in my case I'm at 70% purchasing power as compared to when I retired.
Just stop the whining and do something for your self that you never did in your illustrious career at GM. Because if there was a salary union, we at least would have a legitimate seat at the table during GM's anticipated bankruptcy negotiations.

Auto pension plans bailouts' Achilles' heel

2009-04-07T09:54:00.000-07:00

GM's current pension shortfall is probably close to $6-billion. And, it is going to get much worse.

GM has 34,000 retirees versus only 14,000 active employees, and each time the foundering company throws workers overboard to try and keep the sinking ship afloat, most of those workers climb back on board as pensioners.

GM Canada's vice-president of corporate and environmental affairs, David Paterson, said: “Instead of carrying one work force like our competition at Honda and Toyota, we're effectively carrying three additional work forces out there, and those will grow further.”

Grow indeed. GM's bailout filings predict that its work force in Canada will drop by half next year to 7,000, and most of those laid off will be added to the pension fund. So, for every active worker, GM will need to pay pension costs for almost six retirees.

GM Canada's request bailout request is around $7-billion (Canadian). Using their projected 2010 employment number of 7,000 yields a bailout cost of a whopping $1,000,000 per worker. That also represent $420 on every Canadian's income tax tab.
(With information published by the G&M March 2, 2009 )

Pre-bankruptcy Preparation?

2009-03-21T14:34:00.000-07:00

On March 1, 2009 the The Detroit Free Press reported that GM has been raiding "employee's pension fund to buy out United Auto Workers employees and pay into their health care fund". This move may very well be pre-bankruptcy preparation because the US federal government like the Ontario provincial government "will stand surety for much of GM’s pension obligations, it thus makes sense for GM to dissipate the pension pot, knowing the taxpayers will refill it." I don't think that GM Canada will be able to raid the pension fund after the Conrad Black / Dominion Stores precedent back in 1984 but something to watch for because we know that GM of Canada is an opportunist when it comes to taxpayer money and that Dalton is a sheep in wolf's clothing.

Typical GM Salary Retiree "Being fat, dumb and happy, I never really gave it much of a thought,"

2009-03-13T09:06:00.000-07:00

In reference to Janet McFarland G&M article "Who's Responsible" (3/6/09)

This article quotes a GM salary retiree as saying, "Being fat, dumb and happy, I never really gave it (my GM Salary pension) much of a thought,". From my experience this is a typical GM salary response whether current active service or retiree --- You just have to wonder why these mama's boys had their heads up their ass over their illustrious GM career. No doubt good employees who performed their job well but most, like the individual quoted in this Globe and Mail article , were totally inept at securing their retirement future "by thinking that "mother, GM would always look after them".

Just plain dumb in missing the trail marker that good old GM Canada laid out for you:

took away the salary COLA in the 1980's
no COLA on pensions, just the BS "stipulated increase", which means GM discretion for nothing
cancellation of merit increases in years when GM was making money simply because they wanted to make an example of salary employees for CAW contract negotiation purposes
then there was the year when 10% of the employees in any one department got no increases regardless as to one's performance appraisal
salary staff replaced with rentals who for the most part were paid more than the salary person that they replaced

and who could forget the EI scam, where GM used EI as a pension bridging benefit around 1995-8, where salary retirees were so called "laid off" rather than retired in order to save on the first years pension benefits at the taxpayer expence. They never played this scam with the CAW; however, some (but not all) dumb salary staff jumped at the opportunity because it gave them an extra year's seniority for pension calculation purposes when they officially retired after the year of EI scamming.
This is not a company with a great deal of integrity in the way they create and implement salary policy and if you happen to be "fat, dumb and happy" they are more than happly to kick you to the curb as far as benefits go --- IMHO.

The ongoing disparity between salary and hourly benefits, based on my experience over 30 + years was because salary people by and large were and continue to be "fat, dumb and happy".

took away the "spa days" and "PPH days" because they could while CAW members retained them
Skilled trades hourly wage rate over a 40 hour week exceeded Level 6 engineer's salary and in some case Level 7, Sr. Engineers
salary not eligible for suggestion awards because "that's your job!"
health care benefit takeaways
no legal benefits
no day-care benefits

The article goes on to state that "salaried retirees, who recently formed a group aimed at winning a voice at the table", the question begs why did this group of "fat, dumb and happy" retirees not have the balls to form a group when they were active service employees of GM. They claim "We were victims of this". My opinion being a GM retiree who has a pension equivalency of about 70% purchasing power of what it was when I first retired due to COLA erosion --- these people were willing victims and deserve everything they get or in this case not get. Further GM Canada will never recognize this so called, Genmo, group of retirees looking for recognition and respect, simply because it doesn't have to! If they ever recognized this Genmo Salaried Pension Organization, it would set a precedent to recognize salary groups in general and this smells a lot like union activities that GM would be opposed to.

The Genmo Salaried Pension Organization's future is just another Tim's once a week grip group composed of "fat,dumb and happy" whining GM salary retirees.

2009-02-21T14:03:00.000-08:00

Posted February 21, 2009

"Faint Hope" for GM
news related to GM's continuing presence in Canada and specifically GM's pension &other legacy costs after GM's survival plan submission to both the Federal and Provincial governments on Friday 2/20/09.

But don't get caught up in any "faint hope" hype because GM of Canada's plans for sustainability can be summarized completely by:
"One U.S. auto analyst, who said yesterday that GM shares are overpriced even at the 1934 level they dropped to yesterday, pronounced GM's rescue blueprint "worthless" for its failure to deal with reduction of debt, legacy costs (retiree pensions and other benefits) and labour costs higher than those of foreign automakers operating in the U.S." D. Olive, Toronto STAR
2/21/09

The following will bring you up to speed with excepts from numerous articles:

1.) James Daw from Toronto STAR 2/21/09 "GM says it can't afford pension, medical plan" at http://www.thestar.com/article/591000 , in this article he quotes GM OF Canada reps as saying:
- 'it can no longer afford its pension and medical benefit plans'.
- 'the total obligations (or debt) represented by GMCL pensions as they are
currently structured are no longer sustainable'.
- 'GM plans to cut its total workforce in Canada to 7,000 by the middle of 2010. The job reductions would leave it with five retirees for each active worker'.
- 'It is becoming increasingly difficult to service GMCL's legacy cost (or
pensioners' benefits) due to an increasingly large retiree population, high
health-care cost, health-care inflation and poor pension asset returns stemming from a recessional market'.
- 'GM Canada notes it had $10.2 billion in pension commitments as of Nov. 30, 2007 and only $8.8 billion in assets. But it would owe more if it were to cease operations. With about 69 per cent invested in stocks, the assets in the plans for hourly and salaried worker would have shrunk dramatically since then.

The article goes on to reiterate information that a knowledgeable salary retiree should already know providing that they are vertical and breathing:
"GM plans to cut its total workforce in Canada to 7,000 by the middle of 2010. The job reductions would leave it with five retirees for each active worker" This may or may not consider GM is closing the a pickup truck plant in Oshawa this spring - 2600 jobs and the Windsor transmission plant is set to close by 2100 maybe earlier - 1400 jobs.
David Paterson, GM Canada's vice-president of corporate and environmental affairs is quoted as saying "We really need to get at those disproportionate legacy costs that our competitors do not share and find ways to stop the growth in those costs."
http://www.cbc.ca/money/story/2009/02/20/carbailouts.html
"An operating company cannot legally cut pension benefits earned to date. Pensions may only be cut to the extent the pension is short of money when the sponsoring company is forced into bankruptcy. Pensioners then become unsecured creditors."
"Ontario has a Pension Benefits Guarantee Fund intended to cover any shortfall for the first $1,000 of a monthly pension. But the insurance plan is now in deficit."

2.) Tony Van Alphen from Toronto STAR 2/21/09 "Automaker says it needs at least $6B" at http://www.thestar.com/wheels/article/591083
"In December, GM sought up to $3.4 billion in loans from the federal and Ontario governments", NOW "Minister Michael Bryant confirmed (2/20/09) it is between $6B and $7B"
"Bryant said everything, including repayment schedules, pensions and other legacy costs "is up for negotiation."
" In its plan, GM revealed it has discussed a long term refinancing of its legacy costs for salaried and hourly workers with the Ontario government."

3.) Dave Olive, Toronto STAR 2/21/09 "Auto firms short on detail, long on faint hope" at http://www.thestar.com/article/591066
"It would be an exaggeration to say these plans aren't worth the paper they're printed on. But with their lack of detail – the Canadian plan doesn't even place a dollar figure on the bailout sum sought from Ottawa and Queen's Park".
GM is quoted as saying 'they also say they expect a further drop in North American vehicle sales this year, on top of the stunning 18 per cent drop in 2008 sales' - "That's false hope" for any kind of turnaround and additional plant closures.
Finally someone says it "GM persists in its ludicrous plans to revive the 1970s muscle car Camaro, to resume production in Oshawa."
GM "has long proved itself incapable of changing with the times". The problem, in a nutshell, is that Detroit has made these same promises for at least two decades. That it will cut an overcapacity of brands, plants, employees and dealers that has only grown as the North American market share of GM and Chrysler has relentlessly shrunk – in GM's case, from 28 per cent in 2000 to a current 19 per cent."

4.) Keenan, Howlett, McCarthy & Wingrove, Globe and Mail 2/21/09 "GM, Chrysler make plea for $10-billion to stay afloat" at http//www.theglobeandmail.com/servlet/story/LAC.20090221.RAUTOS21//TPStory/Front "General Motors of Canada Ltd. said the Canadian governments' share should be between 17 per cent and 20 per cent of the $30-billion (U.S.) its parent company needs if its worst-case scenario comes to pass. At 20 per cent, the figure would be $7.3-billion (Canadian), based on the Canadian dollar trading at about 80 cents (U.S.)."

Looks like it could be higher than the $6B to $7B confirmed yesterday by Michael Bryant Minister of Economic Development, Ontario.

"In return for the funding, GM is pledging stability for its Canadian manufacturing operations and research facilities, and five new models
for its Ontario assembly plants in Oshawa and Ingersoll. It said it has no plans to close any additional plants in Canada beyond those already slated for closure." as reported by Nicolas Van Praet And Paul Vieira, Financial Post, at http://www.financialpost.com/story.html?id=1313285

Faint Hope BS from GM of Canada again considering that:
car sales may not have yet bottomed out
current production levels in Canada are in excess of
demand
the Camaro muscle car is planned for Oshawa contrary to
their "leaner / greener" proposals
Hummer, Saab, Saturn and Pontiac brands are dead
150 to 200 GM dealerships to be shut down plus "61
Saturn dealerships in Canada"
Is there anybody out there who thinks that GM can repay the money with continuing weak sales far into the future?
GM's only credible spokesman, Bob Lutz, Vice Chairman, is set to retire later this year
"A deepening recession, particularly in their U.S. home base but also in other markets, has further soured the outlook for auto sales since GM appeared on Capitol Hill before Christmas to make their initial plea for help."

5.) GM is again living up to its well deserved name corporate welfare bum. "In addition to aid from the United States and Canada, GM is seeking funding from the governments of Germany, the U. K., Thailand and Sweden."
http://www.financialpost.com/story.html?id=1313285&p=2

6.) PM Harper seems to be on the right page when he told reporters during an appearance in Toronto 2/20/09. "That's not to say... there will not be job losses. Because we know there are some tough decisions to be made."
http://www.financialpost.com/story.html?id=1298273
The rest of the politicians in Toronto are in their comfort zone --- head-up-the-ass when the "plans aren't worth the paper they're printed on"
as evidenced by Economic Development Minister Michael Bryant saying in the Legislature 2/20/09 "It's a very serious plan and very serious efforts have been made by GM".
http://www.thestar.com/Wheels/article/591067

7.) Maurino and Owram, The Canadian Press, TORONTO (Feb 21, 2009 at http://www.thespec.com/News/Business/article/517664
Federal Industry Minister Tony Clement welcomed the GM proposal and aid it's a good first step towards a successful restructuring of Canada's largest carmaker. "I'm encouraged by their goal of no further GM Canada
plant closures, "the minister told a news conference in Toronto.
He added that all stakeholders, including the Canadian Auto Workers union, will have to be part of the solution to the industry's problems."
Does anybody wonder how the GM of Canada salary group will be represented at the table and not made to be GM's whipping boy once again???
Clement also told reporters, that the government is looking at fully repayable loans."We expect the money to come back on commercial terms. We're sticking to our guns when we mean it's a loan".
Well that's sets the record straight, its got to be true neither GM or our politicians have ever lied to us!
"In a plan the big auto company presented to the Ontario and Federal governments late yesterday, GMCanada said it will also cut executive salaries by 10 per cent" well big deal look at how the suits bleed the pig in the past when they were loosing money at
http://www.companypay.com/executive/compensation/general-motors-corp.asp?yr=2008

8.) Nicolas Van Praet and Paul Vieira, Financial Post 2/17/09 "GM, Chrysler ask for more government aid" at
http://www.nationalpost.com/story.html?id=1299543

Chrysler Chairman Nardelli has said:
"it would cost even more in debtor-in-possession financing to let the company go bankrupt and resurrect it"
"It's not an issue of whether you buy the car or don't buy the car. The fundamental issue here is who's going to come up with $20-billion to $25-billion dollars [that it would take us to work through bankruptcy protection]"
"seeking bankruptcy, as some are urging for Chrysler, would also severe the automaker's responsibility for accounts payable (as well as pensions and health care), which would put unbearable stress on suppliers and trigger "a cataclysmic effect on the auto industry."
"It will cost each American taxpayer US$60 to $70 to fund Chrysler's US$9-billion aid request while funding its liquidation would cost each working citizen US$1,200 because of pension liabilities and health care costs"

Just imagine what it would cost to fund a liquidation of GM!

This is deep caca that salary retirees are mired in --- my recommendation is to review your finances because your pension $ at some point will be reduced because:

The recession that we are in will be here for some time to come.

the salary pension plan holds "$2.3B versus liabilities of $2.9B, a $500-million shortfall." and that was in November, 2008 before the bottom fell out of the market in December, 2008. With about 69 per cent invested in stocks, the assets in the salary pension plan will have shrunk dramatically!

The reason for that $500 million shortfall in contributions to the salary pension plan is that they have been on a "contribution holiday" since the
1990's when the Rae government proclaimed that GM was not required to finance its pensions on a solvency basis because it was "TOO BIG TO FAIL".

Faint hope that GM will survive!

Any hope that the Ontario's Pension Benefits Guarantee Fund will cover your ass is shear fallacy because it would only cover the shortfall on up to $1,000 of a person's monthly pension. And that Plan is already underfunded to the tune of $102- million thanks to Bob Rae and if you don't know what that means see later sections of this blog.

The majority of Canadian taxpayers would not want to contribute a dime to who they perceive as fat cat GM retirees

Simple fairness dictates that pension benefits should be reduced --- the Canadian taxpayer will not tolerate paying their way by giving GM retirees a free ride.

"GM has been rewarded for repeatedly holding the provincial government at knifepoint" ref
https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20090122/RDECLOET22 do you think that this BS can go on forever? The reality is "General Motors has been in trouble for years. It is just pure fiction to say that the
reason why the auto industry is now in trouble is because of the financial crisis".

GM has a huge problems with their product offerings, labour contracts, management direction and a culture that says "bleed the pig". The years of management incompetence must come to an end and a good start would be Richard Wagoner departure.

------------------------------------------------------------

Richard Wagoner aka GOD

2009-02-20T16:06:00.000-08:00

Is this the man you trust with your pension? --- considering that mother GM has not turned a profit in years --- And this was the Man in charge when the zero emission electric vehicle the EV-1 was killed in the early 2000's.

Article: "GM seeks government pension aid"

2009-02-19T09:14:00.000-08:00

February 19, 2009
Hot Off The Press, Globe and Mail 2/19/09 "GM seeks government pension aid" by Greg Keenan and Karen Howlett at http://www.theglobeandmail.com/servlet/story/LAC.20090219.RGM19/TPStory/Business

Good old GM is not going to make it easy for GM retirees, they want to put them "on the dole"

According to the forementioned article:

"GM Canada's pension funds had a shortfall of $4.5-billion as of November, 2007 - before 2008's stock market collapse."
That shortfall number of $4.5-billion is a low ball
number considering that "GM's investment plan called for
nearly 70 per cent of the cash to be invested in stocks, and we all know what has happened to those last year. The deficit may have grown to $6-billion or more. When the bean counters are finished with the calculations, it's possible that the largest plan, which covers hourly workers, will be only 50-per-cent funded on a solvency basis."

"General Motors of Canada Ltd. wants financial help from Ottawa and Ontario to help relieve it of pension and retiree health care costs that are crippling its competitiveness" These are AKA "legacy costs".
"The company's ratio of retirees to active workers is more than two-to-one with 34,000 retirees and about 14,000 active employees. That will climb even higher after the closings of a pickup truck plant in Oshawa, Ont., this spring and a transmission plant in
Windsor, Ont., next year."
"A senior Ontario government official said yesterday that the legacy costs under discussion include the considerable shortfall in GM Canada's pension funds. The legacy costs are a "big issue" for
the company, he added."

The question begs, What will be the taxpayer reaction to the Ontario Government and possibly the Federal Government providing existing and new GM retirees with a guarantee on their defined benefit pension $ when the majority of Ontario and Canadian citizen do not have any pension program what-so-ever other than CPP and OAS. Please understand also that:
"The pension shortfalls do not include any liabilities the company has for things such as dental care or drug plans, which are funded on a pay-as-you-go basis, but are, nonetheless, an obligation, so the amount owed to pensioners would be higher."

Just because we are currently receiving both pension and health care benefits from GM of Canada, doesn't mean that this will be the status quo into the future --- everything is up for a negotiated take-away if GM is to continue with a manufacturing presence in Canada. The alternative is receivership in Canada which would be called Chapter 11 bankruptcy in the US :

Receivership / Bankruptcy in Canada is where the receiver is a third party appointed by a court through a court order or by a secured creditor through a letter of appointment to:
take control of property; supervise liquidation proceedings; and
remit the proceeds according to priorities established by common or statutory law. Reference: http://www.cra-arc.gc.ca/tx/bsnss/tpcs/lf-vnts/bnkrptcy/rcvrshp-eng.html
Chapter 11 Bankruptcy rules in the US and Receivership in Canada is "bad news for pensioners because under Canada's insolvency laws pensioners are unsecured creditors and would stand behind the banks and other secured creditors for unpaid contributions. That means pensioners could be left holding the bag for shortfalls."

2009-02-10T10:54:00.000-08:00

The GM of Canada's "defined benefit pension" trough is draining quickly!

This will be the great equalizer!

It will not matter whether you were the grand poobah schmoozing around the office in your Gucci's or the janitor in Adidas who emptied your garbage can, both of you may be SOL with no pension money coming in from those good old days at GM.
This is because:

General Motors of Canada has a huge pension contribution shortfall,
bankruptcy is looming, and
the $1000 per month safety net being Ontario's Pension Benefits Guarantee Fund is severly depled.

The result of this cluster f--- is no pension for retirees and good luck to current service employees.

And for those who think that the Federal government will provide you with a pension cheque, think again because there is no Federal Government program to make-up for failures in private pension plans that it regulates. And if you are so naive as to think that legislation would be passed to give you some protection --- Do you really think that your next door neighbour(s) would be willing to pay additional taxes to provide you with a company pension when they don't have one themselves; get real, you've got your head back up your ass.

This is the latest: 2/17/09 7:00PM EST
GM Presents U.S. Government Updated Plan for a Viable, Sustainable Company

Read on because:
"Among other things, you'll find that you're not the first person who was ever confused and frightened and even sickened by human behavior. Many, many men have been just as troubled morally and spiritually as you are right now." (J.D. Salinger, The Catcher in the Rye, Chapter 24)

2009-02-08T11:50:00.000-08:00

While this blog is from the perspective of a General Motors of Canada salary retiree because that is where I am, there is considerable overlap as to a GM of Canada hourly retiree. While both groups of retirees receive a pension from GM, the respective pension plans are totally separate entities. However, for the benefit of those not familiar with the GM salary / hourly demarcation:
- salary retirees (employees) are non union; hourly retirees (employees) are members of the CAW Union
- salary retirees are wannabe members of the CAW, due to improved benefits i.e. COLA protection on there pension, health care benefits etc.
- in my days at GM, when we were summonsed to the board room for a beating there would be spontaneous singing of "Cum bye yah, my Lord,
Cum bye yah," by the core group of salary supporters
- the higher that you ascended into the GM management hierarchy, it was my observation, the better one becomes at genuflection, saying "yes'um
master" and extending one's head into their rectum
- its always been easy for GM management to kick salary employees to the curb because by and large they have no balls and do little more than
whimper
IMHO the GM salary employee has always been an easy target for GM to bully because without union representation they are easily intimidated, making it next to impossible to form any groups of resistance.

Introduction:

Certainly, I am not a pension expert but what I do understand is that pension plans are like "giant RRSP's and contain hundreds of millions of dollars". The profit earned by investing the fund money is used to pay out retirement benefits". In order for me to come to some basic understanding of the General Motors of Canada pension crisis that is unfolding, I have cut and pasted in this blog, relevant bits and bites from the available information out there on the ethernet into digestible packets of information .

Every attempt has been made to give credit as to the source for the information that I have gleaned from the referenced documents and a hyperlink has been provided.

The digestible information packets or crisis categories for review are as follows:

General Motors of Canada has a huge pension contribution shortfall
Bankruptcy is an option for General Motors
Ontario's Pension Benefits Guarantee Fund is severely depleted

1. General Motors of Canada has a huge pension contribution shortfall due to pension contribution holidays they have taken over the years and falling stock market prices during the current recession crisis:

"General Motors of Canada is sitting on a pension shortfall of $4.5-billion, according to the company", last November, 2008
"In meeting, November 19, 2008 with the Globe and Mail's editorial staff, senior GM executives were unable to say how short the pension plan is, as the last evaluation was done a year ago before the world markets plunged. Back then, the shortfall was $4.5 B, the official said."
"GM was allowed to take advantage of a special exemption (read as Pension Contribution Holiday) inserted into legislation ( by the Bob Rae NDP government) during the deep recession of 1992"; the former legislation required companies to eliminate solvency deficiencies within five years.
"GM has been rewarded for repeatedly holding the (Ontario) provincial government at knifepoint. The company (along with other firms) threatened to take its future investment elsewhere unless it got easier pension rules, and the Rae government relented. It has pushed, over and over again, for government loans and other favours in return for putting new money into its plants (as have the other auto makers). And now that it's all coming apart, and U.S. auto sales are crashing, there's the implied threat of another huge bill for the public if a bailout doesn't succeed."
"GM's two pension plans (one each for salaried and hourly workers) had about $8.8-billion in assets at the end of 2007, or roughly $4.5-billion less than needed to meet its pension promises, if the company had to wind up the fund. The numbers are even worse today. GM's investment plan called for nearly 70 per cent of the cash to be invested in stocks, and we all know what has happened to those last year. The deficit may have grown to $6-billion or more. When the bean counters are finished with the calculations, it's possible that the largest plan, which covers hourly workers, will be only 50-per-cent funded on a solvency basis."
"GM revealed its pension shortfall in editorial board meeting with the National Post. The defined benefit plan of its hourly workers is only 64% funded, said John Stapleton, CFO of GM. The plan holds $6.5B versus $10.4B in liabilities, a shortfall of $3.9B. Its salaried workers plan holds $2.3B versus liabilities of $2.9B, a $500-million shortfall."
"The pension shortfalls do not include any liabilities the company has for things such as dental care or drug plans, which are funded on a pay-as-you-go basis, but are, nonetheless, an obligation, so the amount owed to pensioners would be higher."

"If GM could make no further contributions (to the hourly pension plan), the deficiency would be $4.9 billion, or the equivalent of about $112,000 per plan member."

"the General Motors of Canada Ltd. pension funds aim to have 69 per cent invested in stocks, according to actuarial reports obtained by the Star. If GM's funds tracked the performance of major stock and bond indices up to the end of November (2008), the plans for hourly workers would have been short nearly 55 per cent and for salaried workers about 40 per cent, leaving a potential hole in Ontario incomes of about $7.5 billion should the company fail."

"The GM plans have a target of 69-per-cent equities and 31-per-cent fixed-income instruments, Mr. Stapleton said. That kind of ratio almost certainly means the assets in the plans have plunged, pension industry sources and others said yesterday, based on the crash of North American equity markets and studies showing that the value of assets held by pension plans in publicly traded companies has fallen by between 15 and 20 per cent."

"last year's global stock market crash cost private pension funds in Canada 21%of their value"

2. Bankruptcy is an option for General Motors:

Chapter 7 Bankruptcy Code in the US provides for liquidation, i.e. the sale of a debtor's non-exempt property and the distribution of the proceeds to creditors.

Chapter 11, (this is the one GM would apply for in the US), the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization.

should GM go into Chapter 11 in the US. Here in Canada we call it receivership up here and we have different laws.

Receivership / Bankruptcy in Canada is where the receiver is a third party appointed by a court through a court order or by a secured creditor through a letter of appointment to:

take control of property;
supervise liquidation proceedings; and
remit the proceeds according to priorities established by common or statutory law. Reference: http://www.cra-arc.gc.ca/tx/bsnss/tpcs/lf-vnts/bnkrptcy/rcvrshp-eng.html

Chapter 11 Bankruptcy rules in the US and Receivership in Canada is "bad news for pensioners because under Canada's insolvency laws pensioners are unsecured creditors and would stand behind the banks and other secured creditors for unpaid contributions. That means pensioners could be left holding the bag for shortfalls."

"The General Motors of Canada Ltd. pension funds had a shortfall of $4.5-billion as of last November (2007) - before the stock market collapse - creating a massive financial headache for the Ontario government and pension cuts for retired employees if the company falls into bankruptcy protection."
"GM's pension plan for current and former factory workers was in depressingly sick shape a year ago, with potential liabilities of $11.5 billion and a shortfall of $4.9 billion if it were to wind up without further contributions from GM."
If GM seeks Chapter 11 protection "This means that it acknowledges that it rightfully owes money to various parties but it doesn’t have the cash to pay those debts. This allows the company to keep operating, while a bankruptcy judge helps work things out. It is almost certain that current shareholders would be wiped out and the bondholders would become the new owners. Negotiated union contracts would be re-opened. It’s very likely that wages post-bankruptcy drop anywhere from a third to a half." It also means that "General Motors would not be responsible for making more contributions to its badly under-funded pension plans."

3. Ontario's Pension Benefits Guarantee Fund is severely depleted:

Ontario is the only province to guarantee pension funds; however, it is only to a limited degree and the plan already has a $102-million deficit. If the Pension Guarantee Fund exceeds its ability to pay any claims, then the government has to decide if it wants to loan more money to the plan from consolidated revenue funds to cover such claims."

A Pension Benefits Guarantee Fund will cover the shortfall on up to $1,000 of a person's monthly pension.

"the Ontario guarantee fund, which is supposed to cover losses on the first $12,000 of an annual pension" i.e. $1000 per month

"GM is the only company in Ontario that is permitted to make annual payments into the province's Pension Benefits Guarantee Fund instead of being required to finance its pensions on a solvency basis" The legacy of Bob Rae lives on!

"A failure by GM would drain the guarantee fund unless the government lent it money. The cost of a GM failure to the fund could be as high as $7.5 billion (Canadian)"

"The fund insures pensions up to $1,000 per month – a level that hasn't changed in almost 30 years. The commission recommends increasing this to $2,500 per month. Even then, Ontario's Pension Benefits Guarantee Fund would provide only about half the level of coverage provided by the Pension Benefits Guarantee Corp. in the U.S."

"Ontario is also the only province with a Pension Benefits Guaranty Fund and a record of making loans to that fund when it is short of money"

"It seems to me (the GM shortfall) is far beyond anything the government would want to cover," said actuary Paul Duxbury of Cambridge."

"GM is the only remaining company in Ontario that is not required to fund pensions for the possibility of a company failure."

"GM is the only Ontario company not required to eliminate its funding shortfall, and its fund will be harder hit by falling stock prices than most."

"You might ask how the situation could get so bad, and the answer is: Bob Rae. In the early 1990s, Mr. Rae's NDP government, under pressure from manufacturers who'd been gutted by recession, gave a few of the biggest ones an exemption from the normal pension funding rules, under the so-called "too big to fail" policy. (Harry Arthurs, the prominent lawyer who just finished a report on Ontario's pension system, has another phrase for it: "ill-advised.") GM took advantage."

2009-02-07T12:00:00.000-08:00

Health Care Benefits In Canada Are The Next To Go The Way Of The Dodo:

"As GM recovers from its worst quarterly loss in more than a decade, $1.1 billion, executives have targeted health care as a top opportunity for cost cutting."

"G.M.’s decision to halt health care benefits for salaried retirees at age 65" will affect "about 100,000 of its white-collar retirees".
G.M. has estimated that eliminating the white-collar retiree medical benefits will save the company about $1.5 billion annually. Union contracts prevent the company from revoking coverage for former factory workers". "To help retirees pay for their new coverage, G.M. is raising monthly pension payments by $300, which typically means $240 or $255 after taxes."
http://www.nytimes.com/2008/11/10/business/10gm.html
also
http://www.gm.com/corporate/employees/retirees/pdf/Retiree+Q&A.pdf

It has already happened at former GM subsidiary --- "Troubled auto parts supplier Delphi Corp. has asked a bankruptcy judge to allow it to cancel health care and life insurance benefits for current and future salaried retirees, citing the steep downturn in the overall auto
industry in recent months. The request filed Wednesday with U.S. Bankruptcy Court in New York seeks to cut those benefits to 15,000 salaried retirees as soon as April 1. The Troy, Mich.-based company said the moves would save about $70 million annually, or $200 million through 2011." as reported by Associated Press 2/6/09 ref
http://www.google.com/hostednews/ap/article/ALeqM5gXNypy_TgxFkYxIbyhH42mjkcjBAD9663O9O0

2009-02-06T13:29:00.000-08:00

In the Final Analysis:
1. ) All General Motors salary retirees must understand that something bad is going down and the idyllic status quo that we have been living will not last. Now is the time to review your individual financial situation with the family as to where you can squeeze your assets in order to provide the make-up monies that you will need to maintain your current life style. For some of us, it may be a new post retirement job "WELCOME TO WALMART" or "WOULD YOU LIKE FRIES WITH THAT". For me, the shuffleboard classes are going to have to go.

2.) The Province of Ontario is at fault for allowing the GM pension plan to fall so far behind in its funding. This is because:
"GM was allowed to take advantage of a special exemption (read as Pension Contribution Holiday) inserted into legislation (Bob Rae) during the deep recession of 1992",
"GM is the only company in Ontario that is permitted to make annual payments into the province's Pension Benefits Guarantee Fund instead of being required to finance its pensions on a solvency basis." Thank you Bob Rae and every provincial government since for allowing this Pension Contribution Holiday to continue to where it is today.

3.) Simple fairness dictates that pension benefits should be reduced --- the Canadian taxpayer will not tolerate paying their way by giving GM retirees a free ride.

4.) The General Motors of Canada salary pension plan is thought to be in better shape that the hourly plan. The "salaried workers' plan holds $2.3-billion versus liabilities of $2.9-billion, a $500-million shortfall." This is a smaller shortfall based on a percentage basis than the hourly pension plan.

5.) The best case scenario is outlined in Globe and Mail's article "GM Canada beset by pension crisis" by Greg Keenan and Murray Campbell, Nov. 19/08 at http://www.theglobeandmail.com/servlet/story/LAC.20081119.RAUTOSGM19/TPStory/Business "Retirees would take a hit in a GM bankruptcy because the provincial fund covers only a portion of the monthly payments up to the first $1,000."
Scenario #1 GM retirees under 65 years of age receiving $3000 per month with out OAS or CPP "If, for example, a pension plan held assets equal to 80 per cent of liabilities when it was wound up, a retiree receiving $3,000 a month before the wind-up would get $800 of the first $1,000 a month, financed by the assets in the plan. The Ontario fund would make up another $200. But, the remaining $2,000 a month would be reduced to $1,600 a month - based again on that 80-per-cent figure - leaving a shortfall of $400 a month because of the $1,000 cap on the fund."
* Scenario #2 same as #1 except the GM pension plan held assets equal to 50% of liabilities then a retiree receiving $3,000 a month before the wind-up would get $500 of the first $1,000 a month, financed by the assets in the plan. The Ontario fund would make up another $500. The remaining $2,000 a month would be reduced to $1,000 a month - based again on that 50-per-cent figure - leaving a shortfall of $1000 a month because of the $1,000 cap on the fund.
Scenario #3 GM retirees over 65 years of age receiving say $2000 per month after the OAS or CPP carve out on his original pension when he / she was under 65 years. "If, for example, a pension plan held assets equal to 80 per cent of liabilities when it was wound up, a retiree receiving $2,000 a month before the wind-up would get $800 of the first $1,000 a month, financed by the assets in the plan. The Ontario fund would make up another $200. But, the remaining $1,000 a month would be reduced to $800 a month - based again on that 80-per-cent figure - leaving a shortfall of $200 a month because of the $1,000 cap on the fund.
* Scenario #4 same as #3 except the GM pension plan held assets equal to 50% of liabilities then a 65 year old retiree receiving $2,000 a month after the OAS or CPP carve out would get $500 of the first $1,000 a month, financed by the assets in the plan. The Ontario fund would make up another $500. The remaining $1,000 a month would be reduced to $500 a month - based again on that 50-per-cent figure - leaving a shortfall of $500 a month because of the $1,000 cap on the fund.
* Best Scenario "When the bean counters are finished with the calculations, it's possible that the largest plan (pension plan), which covers hourly workers, will be only 50% funded on a solvency basis." (Ref Globe and Mail Jan. 22, 2009 "Isn't it time to clean up the GM pension fiasco?" by DEREK DeCLOET https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20090122/RDECLOET22 )
In other words: if GM Canada were to go belly-up tomorrow, there might be only 50 cents available for every dollar needed to pay for future pensions. The Ontario government, through its Pension Benefits Guarantee Fund (PBGF), would have to make up some (not all) of the difference.

6.) "Ontario is the only province to guarantee pension funds; however, it's only to a limited degree and that plan already has a $102-million deficit. If the Pension Benefits Guarantee Fund exceeds its ability to pay any claims, then the government has to decide if it wants to loan more money to the plan from consolidated revenue fund to cover such claims." Reality Check: Do you really think that Joe citizen in Canada would want to pay more taxes to fully fund the Pension Benefits Guarantee Fund; so that, the so called FAT CAT GM RETIREE can continue to enjoy his full pension.

7.) "the Canadian federal government has no pension insurance system for the defined benefit plans it regulates." http://www.thestar.com/comment/article/551912

8.) "GM has been rewarded for repeatedly holding the provincial government at knifepoint. The company (along with other firms) threatened to take its future investment elsewhere unless it got easier pension rules, and the Rae government relented, back in the early 90's. It has pushed, over and over again, for government loans and other favours in return for putting new money into its plants (as have the other auto makers). And now that it's all coming apart, and U.S. auto sales are crashing, there's the implied threat of another huge bill for the public if a bailout doesn't succeed. https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20090122/RDECLOET22

9.) GM is the classic ``corporate welfare bum``, a tern coined by Ralph Nader back in 1966. ``Canadians have handed out more than $182 billion — or $13,639 per taxpayer — in business subsidies, bailouts and loans over the past dozen years`` and GM is one of the leaders in the pack. However to GM of Canada's credit they (recently) turned down the Canadian government’s offer for a $3 billion loan. GM representatives say they are focusing their efforts on “self-help actions to conserve capital.” Good for GM, but wait! GM spokesperson Stew Low says GM could still require the loan as their ‘self-help’ efforts are for the short term.`` Sounds like bafflegab to me!http://www.bclocalnews.com/tri_city_maple_ridge/tricitynews/opinion/38664079.html
"GM can still change its mind, it has until Feb. 20, when the offer expires. However, much like the U.S. bridge loans, the aid package isn’t merely a hand-out; in order to receive the money, a restructuring plan must be submitted for approval. The government has various demands, chief of which is reducing labour costs to equal those of its Japanese rivals."
"The manufacturing operations of GM Canada Ltd. have not been profitable for several years"; so, you have to wonder what is GM's game plan for Canada
or, given that GM got big money from Washington, ("GM was awarded about $11B in TARP bailout money in December, 08" and another $5 billion to GMAC Financial Services)....maybe they are not allowed to close any plants in the USA, and will close most of the Canadian plants instead.....Thus they could not meet Ottawa's criteria for the loan......to not close the plant's in Ontario? http://blogs.carpoint.ca/2009/01/thanks-but-no-thanks-gm-canada-turns-down-3b-canadian-federal-emergency-aid/comments/page/2/
or, as reported by the Windsor Star 2/5/09 GM has told the CAW:http://www.windsorstar.com/cars/naias/looks+cutting+pension+increases+retirees/1256635/story.html
(a) "If the company does not get enough labour savings to make the automaker profitable again, the company has told the union it will stop investing in Canada. No new product would be allocated to its Canadian plants, and GM would eventually wind down its remaining operations here"
(b) "GM told the union in its meeting it intends to restructure its worldwide operations so that each region and division is profitable on a standalone basis"

10.) No chance that GM will stop mainlining government handouts long into the future ---``Ontario Finance Minister Dwight Duncan confirmed yesterday (Nov. 19, 2008) that taxpayers would be on the hook for `billions" in pension guarantees if General Motors declares bankruptcy. "This is one reason we believe the continued operation of General Motors is important to the overall economy," he said at the Ontario legislature in Toronto`. ``http://www2.canada.com/montrealgazette/news/business/story.html?id=2f211c0c-eddb-4215-b13a-de8caec28d2d

11.) Changes coming: "In its report, A Fine Balance, released Nov. 20, the Ontario Expert Commission on Pensions recommends a new process to address underfunded pension plans in hard times. Employers in distress would approach the representatives of affected plan members (a union or employee group). Together, the employer and the members would reach an agreement about the measures best suited to deal with the problem. The pension regulator would have the authority, under the commission's recommendations, to approve the deal and vary the funding rules as necessary." http://www.thestar.com/comment/article/551912

12.) It is interesting to note that "General Motors has told the Canadian Auto Workers union
"it wants to end cost of living increases for retirees to solve the $4-billion shortfall in the company's pension fund, sources with knowledge of the industry's bailout talks" http://www.financialpost.com/news/story.html?id=1253895 ; this won't affect salary retirees because ewe never got COLA on our pension instead we got "stipulated increases" which is a BS term for No COLA. Essentially salary pensions are reduced by the annual COLA to where after 10 years your pension is has only 80% purchasing power compared to when you retired. [In fact, GM took away COLA from the salary back in 1985, BUT they have not had the balls to negotiate the take-away from the CAW membership, almost 25 years later]
"GM has also told the CAW it needs major reductions in benefit", well what do you know the salary whipping boy has already had his benefits reduced with a please or thank you!

13.) Lets not loose sight of the fact that the difference in labour costs between the Detroit Three and the Transplants is the burden of paying for retirees. The transplants have not been in business long enough to have retirees to any significant level. The easy way for GM to stop this cash flow drain is not fund their pension plan fully as allowed by our Ontario government.

14.) One thing is a given the executive suite knows how to bleed the pig --- last year "
Richard Wagoner, chief executive of General Motors, made $14.4 million, much of it in stock, options and other non-cash benefits. He earned a $1.6 million salary." And Wagoner has been able to pull this heist off by marketing products have been poor in all respects, from design and driveability to safety and fuel efficiency. According to Automobile magazine, “it’s been 50 years since GM built a car that was the standard of the industry in any category.”

15.) All the talk about the GM Volt to be introduced to the market in 2011 Model Year; Do you remember the GM electric car of the 90's ?
"General Motors reluctantly built the car ( EV-1) to comply with California zero-emission regulations which required auto makers to sell a certain percentage of zero-emission vehicles in that state. When the regulations were dropped due to pressure from the car makers and oil companies, GM abruptly pulled the plug on the EV1. The cars were all leased vehicles, so GM took all of the cars back from their owners and had the cars crushed and destroyed. End of story. http://www.aa1car.com/library/who_killed_electric_car.htm
Lets not forget that Wagoner was the same sucker who killed GM's electric vehicle the EV-1 in the 1990's. Reference http://www.chemistry.oregonstate.edu/courses/hc399/The%20EV1.ppt

16.) It will be interesting spectator sport in the next couple of weeks; I can hardly wait to see what the Detroit 3 have to say on February 17, 2009 when they are back before Congress
"One might question whether the recent urgent requests for financial assistance do not diminish consumer confidence at least as much as would a bankruptcy filing designed to reorganize the company and lead to financial viability . . . filing under Chapter 11 could boost consumer confidence in the troubled automakers."
"It’s T minus 11 days before Congress does the thumbs-up thumbs-down thing on the artist formerly known as the world’s largest automaker. GM is up shit creek without a paddle. The United Auto Workers aren’t going to agree to parity with the transplant assembly workers, as required. The bondholders aren’t going to exchange debt for equity, as required. The company doesn’t have a clue what to do about its brands or products, as required. There is no way whatsoever for GM to prove to your elected officials that it has a hope in hell of repaying the $13.4b loans already made—never mind the $100b or so needed to keep the ailing American automaker in business for another year. So GM CEO Rick Wagoner is doing the only thing he knows how to do, that he can do: cutting expenses. This time, it’s white collar workers for one simple reason: that’s all that’s left. Bloomberg tells of the $14m per year CEO’s decision to throw his remaining management to the wolves . . .
The company will include the plans in a Feb. 17 progress report to the U.S. government, said the people, who asked not to be named because the plan isn’t public. The total may match the more than 5,000 salaried positions eliminated last year, the people said. GM started offering buyouts to 62,000 union workers this week and is in talks with the United Auto Workers about trimming benefits.
“They need to be very aggressive,” said Dennis Virag, president of the Automotive Consulting Group Inc. in Ann Arbor, Michigan. “They need to prove they can be viable. To do that, they need significant cutbacks of both salaried and union workers.”
Horseshit. The key to success: take in more money than you spend. While GM’s CEO has been a ruthless cost-cutter, Wagoner and his mob have done sweet FA to increase GM’s ability to earn what’s commonly known as profit. It’s time to cut bait and fish." http://www.thetruthaboutcars.com/bailout-watch-378-gm-to-sacrifice-1000s-of-white-collar-jobs/

17) Latest news 2/10/09 http://www.google.com/hostednews/canadianpress/article/ALeqM5j0lI3PMnZul9OHegMGf3tXHJsoSg

ENDNOTES for Referenced Document Sources:
http://www.thestar.com/article/471472
http://www.thestar.com/article/537478
http://www.theglobeandmail.com/servlet/story/LAC.20081119.RAUTOSGM19/TPStory/Business
http://www.theglobeandmail.com/servlet/story/RTGAM.20090121.wdecloet0122/BNStory/crashandrecovery/?query=
http://www2.canada.com/montrealgazette/news/business/story.html?id=2f211c0c-eddb-4215-b13a-de8caec28d2d
http://www.financialpost.com/news/story.html?id=974300
http://www.upi.com/Business_News/2008/11/19/Report_GM_Canada_pension_fund_well_short/UPI-29881227097425/
http://canadiandimension.com/articles/2008/11/19/2202/
https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20090122/RDECLOET22
http://www.stcatharinesstandard.ca/ArticleDisplay.aspx?e=1421355&auth=PETER
http://www.thestar.com/comment/article/551912
http://www.cbc.ca/money/moneytalks/2008/11/michael_hlinka_1.html
http://www.google.com/hostednews/ap/article/ALeqM5gXNypy_TgxFkYxIbyhH42mjkcjBAD9663O9O0
http://www.financialpost.com/news/story.html?id=1253895
http://blogs.carpoint.ca/2009/01/thanks-but-no-thanks-gm-canada-turns-down-3b-canadian-federal-emergency-aid/comments/page/2/
http://brandinsightblog.com/2008/12/08/marketing-lessons-from-gm-—-will-a-30-billion-bailout-buy-them-some-focus/
http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20081119/mcguinty_autos_081119?s_name=&no_ads=
http://www.windsorstar.com/cars/naias/looks+cutting+pension+increases+retirees/1256635/story.html
http://www.voxeu.eu/index.php?q=node/2574
http://www.chemistry.oregonstate.edu/courses/hc399/The%20EV1.ppt

Disclaimer: "without prejudice" All CCRF, 1982 Sc2(b)