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March 14, 1995|Times Staff and Wire Reports

GM Cuts Pension Deficit: General Motors Corp. took a major step toward curing its pension woes by contributing $6.3 billion in GM Class E stock and an additional $1 billion in cash to its pension plan for U.S. hourly workers. The action, which required government approval because of the size of the stock contribution, brings the plan's unfunded liability to $4.5 billion, down from $12.6 billion at the end of 1994 and $22.3 billion a year earlier. The contribution of the class E shares--which are tied to the performance of GM's Electronic Data Systems Corp. subsidiary--will allow GM to cut the deficit without cutting spending on its auto development programs, industry analysts said.

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