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GM Makes $4B Pension Payment

Automaker said in October that it would pay $6 billion to the plans, with $4 billion in cash and $2 billion worth of common stock.

DETROIT (AP) -- General Motors Co. says it has made a $4 billion cash payment to its pension plans.

The company said in October that it would pay $6 billion to the plans, with $4 billion in cash and $2 billion worth of common stock.

GM says Thursday's payment went to the U.S. pension plans. The automaker put $1.3 billion into the salaried plan and $2.7 billion into the hourly plan.

At the end of last year the U.S. pension funds were $17.1 billion short of their obligations. Their value will be measured again at the end of this year.

GM Chief Financial Officer Chris Liddell says the payments bring the company closer to fully funding its pensions and having minimal debt.

About 688,000 people get benefits from GM's U.S. pension plans.

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