General Motors Trims Spending Obligations

General Motors Corp. cut its $89-billion U.S. pension obligation by $3.9 billion and trimmed its estimate for future spending on retiree healthcare by $19.3 billion after 34,400 workers agreed to leave.

The lower estimates factor in the smaller workforce, healthcare cuts for union workers and changes in benefits for salaried employees, GM said in a U.S. regulatory filing. GM’s spending obligations also were reduced by the higher discount rate it used to calculate future expenses.

Chief Executive Rick Wagoner is trying to reduce spending on labor and manufacturing after the Detroit-based automaker lost $10.6 billion last year.