GM announces new actions

General Motors Corp. today announced new actions to support its ongoing turnaround plan, particularly in its North American business, to reduce costs and business risks, and to further enhance its financial flexibility.

The actions include the following:

• Revised health care benefit plan for salaried retirees in the U.S. that is expected to reduce the company's liability by about $4.8 billion and its annual health care expense by almost $900 before tax;
• Planned restructuring of the U.S. salaried pension benefit plan;
• 50 percent reduction in the cash dividend paid to stockholders;
• Significant salary reductions for GM's chairman and senior leadership team;
• 50 percent reduction in compensation for outside board members.

More information can be found here.