DETROIT -- General Motors Co. completed a previously announced plan to contribute $2 billion of common stock to its U.S. hourly and salaried pension plans.
The automaker said today 40.4 million shares were contributed to the hourly pension plan and 20.2 million shares were contributed to the salaried plan.
The move completes the estimated $6 billion voluntary contribution to its pension plans that GM unveiled in October, including $4 billion in cash.
"We continue to take the steps necessary to lower our risk profile, so our focus can be on designing, building and selling the world's best vehicles," Chris Liddell, GM’s CFO, said in a statement.
GM’s U.S. pension plans were underfunded by $17.1 billion at the end of 2009. The company will release the funding status of the pension plans as of the end of 2010 sometime in the first quarter.
The company’s U.S. pension plans provide benefits to approximately 688,000 participants.
GM shares closed at $38.27 Thursday on the New York Stock Exchange.