When General Motors Co.’s pension plan took a big hit earlier this month, it joined hundreds of companies facing growing pension shortfalls as Americans keep living longer. Longevity has a downside for those paying the bills, and the higher costs now have to be reflected on corporate balance sheets because of new mortality estimates released in October. […]
General Motors Co., Detroit, announced Thursday it plans to contribute $100 million to its frozen U.S. defined benefit pension plans and $749 million to its non-U.S. defined benefit pension plans in 2014. The company also announced in the annual report filing that it completed an investment policy study for the U.S. pension funds. As a result, the U.S. plans’ target to fixed income was reduced to 58% from 60% and its target to private equity, real estate, hedge funds [...]