GE freezes benefits for 20,000 employees due to pensions crisis
GE’s $22.4bn in underfunded pension liabilities at the end of 2018 was the largest shortfall of firms in the Russell 1000 Index of large US firms
07 October 2019 - 18:09
New York — General Electric (GE) took a step to cut the worst pension deficit in corporate US, freezing benefits for more than 20,000 employees.
The ailing manufacturer also plans to contribute as much as $5bn to cover its estimated pension funding requirements through 2022, according to a statement Monday. The moves will help trim the shortfall by as much as $8bn...
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