General Discussion

pepperbear

(5,648 posts) Mon Oct 7, 2019, 02:04 PM Oct 2019

GE Slashes pensions for 20,000 employees

https://www.msn.com/en-us/money/companies/ge-to-freeze-pension-plans-for-about-20000-us-workers-to-cut-debt/ar-AAIoCgN?ocid=spartanntp_edu

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.

*snip*

Boston-based GE said there would be no change for retirees already collecting pension benefits. "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. Shares rose 2.6% to $8.79 in premarket trading. 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.

6 replies

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GE Slashes pensions for 20,000 employees (Original Post) pepperbear Oct 2019 OP

That fucking garden gnome, Jack Welch, must be smiling. Stinky The Clown Oct 2019 #1

This is accounting mumbo jumbo Johnny2X2X Oct 2019 #2

they should be forced to pay every penny. spanone Oct 2019 #3

This happened to my dad three times exboyfil Oct 2019 #4

Funny how they can discharge the debts they owe to employees... Caliman73 Oct 2019 #5

that's what happens when rich people OWN Congress who make the laws... Raster Oct 2019 #6

Stinky The Clown

(67,808 posts)

1. That fucking garden gnome, Jack Welch, must be smiling.

Reply to pepperbear (Original post)

Mon Oct 7, 2019, 02:16 PM

Oct 2019

Johnny2X2X

(19,066 posts)

2. This is accounting mumbo jumbo

Reply to pepperbear (Original post)

Mon Oct 7, 2019, 02:20 PM

Oct 2019

Who this really screws is people like my co-workers who worked for a different company with a great pension plan when GE purchased that company 9 years ago. They were guaranteed that their pensions would continue as is, now they're going to 401Ks. I came in just after pensions were canceled for new employees, but I have a pretty generous 401K that is totally in my control.

We had a CEO (2 CEOs ago) whose ego was so big that he flew around the world for years with 2 company jets so if one needed unplanned maintenance he'd be able to take the second one so he didn't miss a Tee Time. Like the US, the people at the top took it all for too long.

spanone

(135,844 posts)

3. they should be forced to pay every penny.

Reply to pepperbear (Original post)

Mon Oct 7, 2019, 02:20 PM

Oct 2019

EVERY FUCKING PENNY.

exboyfil

(17,863 posts)

4. This happened to my dad three times

Reply to pepperbear (Original post)

Mon Oct 7, 2019, 02:27 PM

Oct 2019

and to me once.

My dad was just starting to make really good money to go into the five year average, and then the pension plan was cancelled.

My current employer has softened their commitment by averaging over the career. I knew the situation when I joined. Fortunately they can match pretty good for my 401(k) so I have no complaints.