GE freezes worker pensions — what to do if your employer changes the terms of your retirement plan

Alessandra Malito
GE freezes worker pensions — what to do if your employer changes the terms of your retirement plan

General Electric is pulling the plug on its pension plan, and that’s a surefire way to derail workers’ retirement planning. GE (GE) announced earlier this month it was freezing pensions for 20,000 employees with salaried benefits in an attempt to reduce its $8 billion pension deficit, and that it would also freeze supplementary pension benefits for about 700 workers. Current retirees already receiving their pension payments will not be affected and no new hires have been enrolled in the pension plan since 2012.