GM Workers Get ESOP Payments: General Motors...

GM Workers Get ESOP Payments: General Motors Corp. said it has begun distributing more than $924 million under its terminated Employee Stock Ownership Plan (ESOP) to 544,000 hourly and salaried workers. The distribution is, in effect, a liquidation of GM’s ESOP, started for its salaried employees in 1975 and made available to hourly workers in 1979. GM terminated the ESOP for its U.S. employees March 31 as a result of the elimination of the enabling tax credit under the 1986 tax reform legislation. Typical distributions range from $1,300 to $2,900 per employee.