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GE Freezes Pension Plans For 20K Employees In An Effort To Cut Liabilities

Mac Slavo
October 7th, 2019
SHTFplan.com
Comments (7)

It appears that General Electric has gotten themselves leveraged a bit too far.  The corporation has decided to freeze the pension plans of 20,000 employees in an effort to pay off some of their debt.

The move will help reduce the company’s pension deficit by about $5 billion to $8 billion.  Since taking over a year ago, Chief Executive Officer Larry Culp has carved out a number of measures to streamline the company and raise cash to pare debt. He has also chopped the company’s dividend to a penny, according to a report by CNBC. The company said it will also freeze supplementary pension benefits for about 700 U.S. employees who became executives before 2011. GE’s pension plan has been closed to new entrants since 2012.

This move seems bold, but the company must make some major changes if they expect to have any money at all to pay anyone. 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. 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.

The company also said it would pre-fund about $4 billion to $5 billion of its requirements for 2021 and 2022 under the Employee Retirement Income Security Act by using a portion of the $38 billion cash it is collecting from the sale of its various businesses. –CNBC

 

 

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Author: Mac Slavo
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Date: October 7th, 2019
Website: www.SHTFplan.com

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7 Comments...

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  1. Anonymous says:

    Heres your trouble.

    ht tps://fortune.com/2017/05/20/general-electric-saudi-arabia-15-billion-deals/

  2. This site really blows. Nothing about prepping or anything about survival. Not only that,but I have tried numerous times to post only to have it disappear somewhere. So,after numerous years of posting I’m signing off. Bye guys and gals.

    • Sylvia, many similar complaints from others. I did want to post the following, fight as if you’re the third monkey going up the ramp to Noah’s Ark, and it’s beginning to rain!

    • Anonymous says:

      Sylvia;

      The majority of real preppers left a few years ago.

      The majority of posters left are not preppers,and are more interested in politics,sci-fi, and the unknown.
      Nothing wrong with that,it’s just not for me.

      I am not interested in debating politics,nor am I obsessed,or afraid,of the unknown,so I’m tapping out too,and moving on.

      Take care and enjoy life.

  3. Anonymous says:

    They got the job done …when a hobbled U.S. military with a $ Trillion budget couldn’t.
    And still found time for a little line dancing.

    https://youtu.be/Uf9U88t31qQ

  4. cranerigger says:

    Strong unions, I was a long-time member, pushed big companies to negotiate contracts they could not honor. As someone that failed to honor two commitments as a young man, I can see the problem. Big companies are not haunted by a conscience like individuals. We will continue to have problems until it becomes very painful (legal & monetary penalties) for these companies to continue this behavior.

  5. 4 days behind events. California going 3rd world and you want to talk about a mismanaged company. Jeeez…..

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