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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) February 12, 2008
GENERAL MOTORS CORPORATION
(Exact Name of Registrant as Specified in its Charter)
1-143 DELAWARE 38-0572515
(Commission File Number) (State or other (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
300 Renaissance Center, Detroit, Michigan 48265-3000
(Address of Principal Executive Offices) (Zip Code)
(313) 556-5000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
{ } Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
{ } Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR
240.14a-12)
{ } Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
{ } Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 8.01 Other Events
On Tuesday, February 12, 2008, General Motors Corporation ("GM") issued the
following press release.
General Motors and the UAW Reach Agreement on Comprehensive Special Attrition
Program
DETROIT - General Motors Corp. (NYSE: GM) and the United Auto Workers (UAW)
union have reached an agreement on a comprehensive special attrition program
that will be offered to all of GM's 74,000 UAW-represented employees.
The special attrition program offers employees a choice of several pension and
buyout incentives. GM is offering retirement pension incentives of $45,000 for
production employees or $62,500 for skilled trades. Eligible employees can
select from a variety of ways to receive their incentive:
o One time, lump-sum cash payment
o Direct rollover into their GM 401(k) or into an Individual Retirement
Account (IRA)
o Monthly annuity
o Combination of partial lump-sum payment and direct rollover into their
GM 401(k) or an IRA
The other retirement and buyout options available are similar to those offered
to employees in 2006. These options include:
o Mutually Satisfactory Retirement (MSR) for employees who are at least 50
years old with 10 or more years of service. This option provides a pension
payment with full benefits.
o Pre-Retirement Program in which employees with 26, 27, 28 or 29 years of
service can grow into a full "30 and out" retirement. Until they reach 30
years of credited service, participating employees would receive fixed
monthly payment with full benefits.
o Cash Buyout for employees who agree to voluntarily quit and sever all ties
with GM.
o $140,000 buyout incentive is offered to employees with 10 or more
years of credited service or seniority
o $70,000 buyout incentive to employees with less than 10 years of
credited service or seniority
In December 2007, GM and the UAW reached an agreement on what the company was
calling the first phase of a comprehensive special attrition program. Details of
this program were rolled out to employees at select locations last month. Those
employees are now eligible for the enhanced provisions of this new agreement.
"We've worked with our UAW partners to ensure our employees have a variety of
options to consider," said Rick Wagoner, GM Chairman and CEO. "The special
attrition program is an important tool that will help us transform the
workforce."
General Motors Corp. (NYSE: GM), the world's largest automaker, has been the
annual global industry sales leader for 77 years. Founded in 1908, GM today
employs about 274,000 people around the world. With global headquarters in
Detroit, GM manufactures its cars and trucks in 35 countries. In 2007, nearly
9.37 million GM cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab,
Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in
vehicle safety, security and information services. More information on GM can be
found at www.gm.com.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
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(Registrant)
Date: February 12, 2008 By: /s/Nick S. Cyprus
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Nick S. Cyprus, Controller and
Chief Accounting Officer