"Fully funded" most certainly does not mean "in a locked box". I'm not a pension actuary (and have no desire to be one, I like property & casualty
), so I'll let wikipedia do the first part of the work here
Quote:
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Originally Posted by www.wikipedia.org
In a funded defined benefit arrangement, an actuary calculates the contributions that the plan sponsor must make to ensure that the pension fund will meet future payment obligations. This means that in a defined benefit pension, investment risk and investment rewards are typically assumed by the sponsor/employer and not by the individual.
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So, "fully funded" means that the plan sponsor (GM in this case) has made enough contributions that, after applying investment return assumptions and mortality assumptions, will cover all future payment obligations.