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GM pension funding improves slightly

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DETROIT—Funding of General Motors Co.’s pension plans has improved slightly since the end of last year, but its unfunded pension liabilities remain massive, according to a Wednesday filing with the U.S. Securities & Exchange Commission.

In a registration statement filed prior to GM’s intent to issue new shares later this year, GM disclosed that its pension plans were underfunded by $26.3 billion as of June 30. Its U.S. plans had $16.7 billion in unfunded liabilities, while non-U.S. plans were underfunded by $9.6 billion.

That’s a slight improvement from the end of last year, when the plans had $27.4 billion in unfunded liabilities—$17.1 billion for U.S. plans and $10.3 billion for non-U.S. plans.

According to an April analysis by pension actuarial consultant Milliman Inc., GM’s $27.4 billion in unfunded pension liabilities at the end of 2009 was the largest deficit of the 100 biggest pension programs sponsored by publicly held companies, followed by Ford Motor Co. whose plans had about $12 billion in unfunded liabilities (BI, April 26).

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