GM pension plans' funding level improves

DETROIT—The funded levels of General Motors Co.'s U.S. pension plans improved significantly in 2010, aided by strong investment returns and a $4 billion cash contribution.

At year-end 2010, the plans were underfunded by $11.5 billion, a sharp improvement from year-end 2009, when the plans had $16.2 billion in unfunded liabilities, GM disclosed Thursday in reporting its fourth quarter and 2010 financial results.

In addition, the plans were 89% funded at end of last year, up from 84% a year earlier.

The results exclude $2 billion in company stock that GM contributed to the plans last month.