GE says it is freezing pension plans for about 20,000 US employees.
General Electric Co said on Monday it was freezing pension plans for about 20,000 U.S. employees with salaried benefits, as the industrial conglomerate makes another drastic move to cut debt and reduce its pension deficit by up to $8 billion.
GE and its finance arm had total borrowings of about $105.8 billion as of June 30, with industrial net debt at $54.4 billion. GE said the freeze is effective Jan. 1, 2021, and both moves are expected to help lower net debt between $4 billion and $6 billion.“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,” Chief Human Resources Officer Kevin Cox said.The company said it will offer a limited-time lump-sum payment option to about 100,000 former employees who have not yet started their monthly pension plan payments.
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