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Tue April 6, 2010
GAO warns future of automaker pensions 'uncertain'
A government watchdog agency says General Motors and Chrysler may need to pour billions of dollars into their pension plans over the next five years to keep them afloat.
The Government Accountability Office said in a report Tuesday that GM will need another $12.3 billion by 2014, while Chrysler will have to add $2.62 billion to its pension plan during that time.
The GAO says that shouldn't be a problem if they are profitable. But if the automakers don't start making money again, the government's pension insurance fund could be on the hook for $14.5 billion to cover worker pensions.