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GE stock surges as GE will freeze its US pension plan for about 20k employees w/salaried benefits and expects to reduce its pension deficit by $5bn to $8bn. Will offer about 100k eligible former employees a limited-time option to receive lump sum.

https://www.businesswire.com/news/home/20191007005406/en/GE-Announces-U.S.-Pension-Plan-Actions

BOSTON–(BUSINESS WIRE)–GE (NYSE:GE) announced today that it is taking three actions related to its U.S. retirement benefits as part of its strategic priority to improve its financial position:

Freezing the U.S. GE Pension Plan for approximately 20,000 employees with salaried benefits, and U.S. Supplementary Pension benefits for approximately 700 employees.

Pre-funding approximately $4-5 billion of estimated minimum ERISA funding requirements for 2021 and 2022.

Offering a limited time lump-sum payment option to ~100,000 eligible former employees who have not started their monthly U.S. GE Pension Plan payments.

GE stock surges as GE will freeze its US pension plan for about 20k employees w/salaried benefits and expects to reduce its pension deficit by $5bn to $8bn. Will offer about 100k eligible former employees a limited-time option to receive lump sum. – RobinHood – Reddit Feed


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