Frequently Asked Questions
PLAN TERMINATION AND REQUIRED NOTICES - NOTICE OF INTENT TO TERMINATE (NOIT) AND
NOTICE OF PLAN BENEFITS (NOPB)
1. What are the Notice of Intent to Terminate (NOIT) and the Notice of Plan Benefits (NOPB) and
why did I receive them?
a. The NOIT and NOPB are federally required notices that an employer must send to participants
in a qualified pension plan before a plan is terminated. You received these notices because GM
intends to terminate the Salaried Retirement Program (SRP) and purchase a group annuity
contract to pay benefits for certain SRP participants, later this year.
2. The Notice of Intent to Terminate (NOIT) states that it is anticipated that the SRP will be
terminated on November 1, 2012. Does this mean Prudential will begin paying my pension
benefits on this date?
a. No. The agreement between GM and Prudential is subject to a number of closing conditions
including review by the Pension Benefit Guaranty Corporation. The agreement is expected to be
finalized by the end of this year and Prudential is expected to take over payment and
administration of the benefits covered under the group annuity contract in early 2013.
3. Did all impacted SRP Participants receive the same Notice of Intent to Terminate (NOIT)?
a. Yes. The NOIT is a standard notice that was sent to all Salaried Retirement Program
participants who are impacted by the plan termination.
4. Will GM send a letter notifying retirees of the date the SRP is terminated?
a. No. GM will only notify you if the proposed termination date of November 1, 2012 is changed to
a later date.
5. Did everyone receive the same Notice of Plan Benefits (NOPB)?
a. No. The NOPB is a personalized document based on each participant’s benefit amount(s).
6. I have questions about the personal information and amounts displayed on my NOPB. Whom
should I contact?
a. Please contact the GM SRP Service Center at 1-866-612-4570 to discuss your questions.
7. Are the benefit amounts displayed in the NOPB gross amounts?
a. Yes. Benefit amounts shown on your NOPB are gross amounts and do not reflect deductions
for taxes, garnishments, tax liens or overpayment collections.
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Frequently Asked Questions
8. The amount shown on my NOPB is higher than the amount I am currently receiving because my
current benefit is reduced for an overpayment / garnishment. Does this mean that I no longer
owe these monies?
a. No. The amount shown on the NOPB is a gross amount and does not reflect reductions for
overpayments or garnishments. If you are subject to such reductions, they will continue as they
do today.
9. The pension benefit amount listed on my NOPB may be inaccurate. What should I do?
a. Please immediately contact the GM SRP Service Center at 1-866-612-4570 to report any
information which you believe may be incorrect on your NOPB.
10. What if the participant or beneficiary listed on the NOPB has passed away?
a. Please contact the GM SRP Service Center at 1-866-612-4570.
11. I elected the lump sum option and my benefit has already been paid to me. Why did I receive a
NOPB and NOIT?
a. If you made pre-1985 contributions to your Part B Primary benefit, your benefit attributable to
these contributions was not eligible to be paid as part of the lump sum and therefore will
continue to be paid to you as a monthly benefit. You received an NOPB and NOIT because
this benefit is included within the scope of the proposed plan termination.
12. I elected the lump sum option and did not receive a NOPB and NOIT? Should I have?
a. The NOPB and NOIT were only sent to SRP participants who will be affected by the plan
termination. This includes participants who continue to receive a monthly benefit attributable to
their pre-1985 Part B Primary contributions. Participants that do not have this continuing benefit
are no longer participants in the SRP and, therefore, did not receive a NOPB or NOIT. If you
believe that you will continue to receive a monthly benefit and should have received these
notices, please immediately contact the GM SRP Service Center at 1-866-612-4570.
13. Why am I receiving the NOIT and NOPB if GM has not finalized the Prudential transaction?
a. Federal law dictates the timing and content of the NOIT and NOPB notices that GM is required
to provide. It is GM’s intention to terminate the General Motors Retirement Program for Salaried
Employees (SRP) effective November 1, 2012. Based on this intention, there will be a filing of
certain notices with the Pension Benefit Guaranty Corporation (“PBGC”) related to the
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Frequently Asked Questions
termination of the Plan. The PBGC is expected to take at least 60 days to review the
termination, but the review could take longer. Once the PBGC’s review of the termination is
complete and once all closing conditions have been met, the SRP will purchase the annuity
from Prudential.
14. When will Prudential begin paying monthly pension benefits?
a. If the transaction is completed as anticipated, Prudential will begin administering monthly
pension benefits covered in the annuity transaction in early 2013. Until then, you will continue to
receive payments from the SRP.
15. When will I hear from Prudential?
a. You will hear from Prudential once the transaction is completed.
16. What is the significance of the November 1, 2012 date?
a. November 1, 2012 is the date GM intends to terminate the SRP. If approved and if other
closing conditions are met, the annuity from Prudential will then be purchased. It is anticipated
that Prudential will begin administering monthly pension benefits covered in the annuity
transaction in early 2013.
17. Is there anything I need to do with these notices?
a. There is no action required on your part, but you should review the NOIT and NOPB carefully. If
you believe any personal or benefit data is incorrect on your NOPB statement, you should call
the GM SRP Service Center immediately at 1-866-612-4570 to address your concerns.
18. I have not received the NOIT and NOPB mailing but I believe I should have. What should I do?
a. Please contact the GM SRP Service Center at 1-866-612-4570.
19. I misplaced my NOIT and NOPB mailing. How can I request another copy?
a. Please contact the GM SRP Service Center at 1-866-612-4570.
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