$40K? I’ve known at least two that were receiving $6K month and a 13th “bonus” payment in December (supposedly to handle Christmas-related stuff). That’s closer to $80K.
That was in addition to health benefits you’d kill for. That was also when they were extorting things like 25-and-out at ANY age, so you could easily have a 45 or 46 year old “retiree” drawing it – for literally 35+ years.
Yes, they could very easily be collecting retirement longer than they worked. It’s a good gig if you can get it but you better make DAMNED sure you sell a s-load of expensive-assed cars forever or it won’t work.
I think it’s safe to say those days are O-V-E-R.
After corporate bankruptcy, if you retired before 65, your pension is reduce significantly due to the rules of the government administereed system for such situations. It could possibly even be eliminated. That happened to the retired air line pilots who have mandatory retirement at age 60. The guys that took early retirement are going to get screwed big time. With the new bankruptcy laws, there won't be any way out when their pensions get cut by law. Since GM is such a huge company, this will have resonating effects on the economy. Fortunately, GM doesn't dominate the economy like it once did.
While we are throwing anecdotes around I can talk about my father who makes less than 40K a year... Let face it there are many problems at GM and many caused by the union, however GM refusing to get into hybrids five years ago to establish themselves, especially after what the Japanese did in the 70's/80's has to be the all time bone head example of not learning from history..