GM reports 62% annual profit increase

[ztirffritz]

I would have canceled the pensions too. They don't make sense unless one can guarantee that the company will ALWAYS be profitable AND will ALWAYS grow bigger. Since one can't guarantee either, 401ks make much more sense. The company gives the employee a similar benefit, but it divorces the company from responsibility. The company still pays the benefit, they're just not on the hook for the outcome 40,50, 60 years from now. That becomes the employee's responsibility, as it should be.