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BIEBER AND YOKICH STATEMENT ON GM PROPOSAL TO CONTRIBUTE CLASS E STOCK TO PENSION FUND

 DETROIT, Nov. 16 /PRNewswire/ -- UAW President Owen Bieber and Vice President Stephen P. Yokich, who directs the union's General Motors Department, today issued the following statement on General Motors Corporation's (NYSE: GM) plan to contribute $5.7 billion in Class E stock to the GM pension fund for hourly workers:
 "We welcome GM's proposal to reduce its unfunded pension liability by contributing its remaining available Class E stock to the pension fund. This is a valuable step toward addressing General Motors' unfunded pension liability.
 "We stand ready to support all sound approaches to alleviate the unfunded pension problem at GM. The company's current proposal must clear a number of hurdles, including approval by the GM Board of Directors, regulatory agencies, and the U.S. Congress. The UAW intends to closely monitor this process from start to finish."
 -0- 11/16/93
 /CONTACT: Paul Krell of UAW, 313-926-5291/
 (GM)


CO: UAW; General Motors Corporation ST: Michigan IN: AUT SU:

ML -- DE037 -- 4218 11/16/93 16:35 EST
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Publication:PR Newswire
Date:Nov 16, 1993
Words:167
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