In either case, neither banking nor securities regulators seem to have a handle on these companies, which typically offer lump sums to down-on-their-luck military veterans and other retirees who are willing to forgo payments in exchange for a discounted lump sum.

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The previous pay offer included a 1% lump sum for 2012, a 3% wage increase in 2013 and a 4% pay rise in 2014.

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The offer was a 1% rise in the next two years and a 1% lump sum payment.

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In June, GM said it will offer 42, 000 white-collar retirees in the U.S. a lump-sum payment in lieu of their monthly pension check and will transfer pension responsibility for 76, 000 others to a group annuity plan managed by Prudential Insurance.

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Ford Motor said Friday it will offer 90, 000 of its retired engineers and office workers the option to accept a lump sum payment now and to forgo their regular monthly pension checks for the rest of their lives.

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The offer was a 1% rise in 2013, a 4% increase in 2014 a 1% lump sum payment.

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