California Fund OKs GM Pension Plan: California’s...
From Times Staff and Wire Reports
California Fund OKs GM Pension Plan: California’s Public Employees Retirement System said it has backed a substantial increase in retirement benefits for about 3,350 top General Motors Corp. executives--but voted against keeping outgoing Chairman Roger B. Smith on the auto maker’s board. Richard Koppes, general counsel for the fund that owns 6.2 million shares of assorted GM stock, said its shares were voted by proxy last Friday in support of the proposal, which in part would double Smith’s pension to $1.2 million a year. GM is to formally present the proposal at the annual meeting in Detroit Friday.
