Salaried employees may lose some benefits
Information from within Auburn Hills indicates that employees are, like creditors, making more unwilling sacrifices.
SERP, SESP, and ESERP plans are protected under bankruptcy law. (SESP is the salaried employee savings plan – 401(k)).
SSP (supplemental savings plan) and SRP (supplemental executive retirement plan) is not protected by law and the status is not yet known.
A two week unpaid vacation time is one of many alternatives discussed in Chapter 11 paperwork but it may not be implemented; no final decision has been made.
Some internal resources that normally support the assembly plants are being diverted to engineering groups, and some projects that were put on hold due to lack of time will be pursued while product plans are in flux and key suppliers are unable or unwilling to put in time.
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