GM

[tw]

Originally Posted by classicman

So simply stated, in one word, what you are saying is that the pensions & benefits for retirees are NOT a cost to a company?

There is no one word. When the employee works one day, then one days penson is put into the fund. The day that employee retires, the company spends no more on the employee.

But when bean counters do their magic, then somehow those costs get mortgaged. Future generations must pay for that employee. Using propaganda, GM called that a legacy cost. Honda and Toyota have the same retired employees without any legacy costs. It's called honesty.