The end of DB pension plans?

DC plans only for GM’s new hires
By John Dujay
|Canadian HR Reporter|Last Updated: 10/18/2016

A new deal between General Motors (GM) and Unifor in Ontario not only means changes for the 3,860 workers involved but serves as further confirmation defined benefit pension plans are a dying breed.

The agreement secured a $554-million investment at three facilities, while converting 700 precarious jobs and offering wage improvements, according to the union. It also set the pattern for contract talks with Fiat-Chrysler Automotives and Ford.

But the Sept. 19 deal also saw the union giving up defined benefit (DB) pension plans for new hires.