General Electric to Freeze Pension Plan for 20,000 US Workers
- 5 years ago
General Electric to Freeze Pension Plan for 20,000 US Workers.
The company has one of
the largest pension shortfalls
in all of Corporate America.
The freeze will affect current salaried workers,
but not those already receiving their pension.
Half of GE’s $54 million of
industrial net debt is made
up of pension obligations.
GE has struggled with
shrinking profits and
low interest rates for years.
Returning GE to a position of strength has required us to make several difficult decisions, and today's decision to freeze the pension is no exception. , GE Chief Human Resources Officer Kevin Cox, via statement.
GE’s pension plan ended in 2012,
with many large corporations
shifting the responsibility of
retirement to the individual.
The pension freeze will go
into effect on January 1, 2021
The company has one of
the largest pension shortfalls
in all of Corporate America.
The freeze will affect current salaried workers,
but not those already receiving their pension.
Half of GE’s $54 million of
industrial net debt is made
up of pension obligations.
GE has struggled with
shrinking profits and
low interest rates for years.
Returning GE to a position of strength has required us to make several difficult decisions, and today's decision to freeze the pension is no exception. , GE Chief Human Resources Officer Kevin Cox, via statement.
GE’s pension plan ended in 2012,
with many large corporations
shifting the responsibility of
retirement to the individual.
The pension freeze will go
into effect on January 1, 2021