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GM CEO talks pension plans during employee teleconference

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DETROIT, Michigan - General Motors top executive is telling his workers they shouldn't expect the government to bail out the company's pension plan.

Addressing a town hall teleconference played in GM plants around the country on Thursday, GM CEO Dan Akerson talked about the effects of the current global economy on GM's future.

Calling the Pension Benefit Guaranty Corporation technically bankrupt, Ackerson urged employees to work together to find ways to fix the pension plan.

Earlier this year in an attempt to reduce its pension liability, GM gave one third of its 118 thousand salaried retirees a choice between a one-time payment in place of a traditional pension.

Akerson told workers that the good old days are gone, and things are going to have to change.

Workers at the GM plant in Lordstown are focusing on its latest product. The latest model of the Chevy Cruze is scheduled to start moving off the assembly line this week. The 2013 model comes standard with an audio system offering Bluetooth streaming audio and phone voice recognition.

The Cruze remains GM's best selling passenger car.

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