GM to freeze pensions for white-collar staff

DETROIT — General Motors Co. plans to freeze its U.S. pension plan for longtime white-collar workers and give all salaried employees annual bonuses but not pay raises, officials said Wednesday.

The automaker said roughly 19,000 salaried personnel hired before 2001 will move from a traditional pension with guaranteed payments to a 401(k)-type plan with contributions based on salary and bonuses. Employees hired after 2001, who make up about 30 percent of the company’s salaried work force, already are in that plan.

The changes take effect Oct. 1, and employees will keep pension benefits they have already accrued, officials said.

The bonus amounts for all 26,000 salaried employees are to be announced when the company reports quarterly and full-year earnings Thursday.