(Mid-America Pension Rights Project): GE freezes pension benefits to reduce deficit

Via Pensions&Investments

By James Comtois

General Electric Co. said Monday it plans to freeze its U.S. pension plan for about 20,000 salaried employees and its U.S. supplementary pension plan for some 700 employees.

Employees affected by the freeze will move into the firm’s 401(k) plan effective Jan. 1, 2021.

GE’s pension plan has been closed to new entrants since Jan. 1, 2012.

In addition, GE is offering a lump-sum payment option for a limited time to roughly 100,000 eligible former employees who have not started monthly U.S. GE pension plan payments. Those who elect to receive a lump sum should expect to receive it in December.

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