October 2019

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.