General Electric freezing pension plan for 20,000 of its U.S. employees

[georgephillip]

"

• General Electric is freezing the pensions of 20,000 U.S. salaried workers to reduce billions in future pension obligations and trim debt.

• About 700 employees in its supplemental pension program, geared toward executives, will also have their pension benefits frozen.

• The company said the change won't impact already retired GE workers.

• General Electric announced it will freeze the pensions of 20,000 U.S. salaried workers, a measure designed to reduce its pension deficit and trim debt. The move will shave GE's pension deficit by as much as $8 billion and its net debt by as much as $6 billion.
  As part of the pension freeze, the industrial conglomerate said it will freeze supplementary pension benefits for approximately 700 employees who became executives before 2011. Supplemental pension plans are typically designed for higher-ranking employees and offer benefits beyond the typical pension plan.
  
  "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," said Kevin Cox, chief human resources officer at GE.

• General Electric freezing pension plan for 20,000 of its U.S. employees

• Interesting.

Corporate debt is at record levels with some major firms at risk of having their bonds reduced to "junk" status:

Will the Federal Reserve Make Trump a New Herbert Hoover? Is the US Economy Primed for a 1929-style Shock? - Global Research

"On September 25 the corporate bond debt of Ford Motor Co., which unlike GM refused government nationalization in 2008, has just been downgraded to 'junk' status by Moody’s, who said Ford faces 'considerable operating and market challenges…' It affects $84 billion in company debt...."

"Moody’s estimates that at least 47 other multi-billion US corporations are vulnerable to junk downgrades in a sharp economic downturn or with rising interest rates. The most mentioned are the aerospace and electrical conglomerate GE which among other things makes jet engines for troubled Boeing."

Very little changed on Wall Street in the wake of the Great Recession, and it appears some of the same malignant forces that caused that crises are ready for an encore.

 

[RoshawnMarkwees]

If your corporation is losing money and has an underfunded pension, tax cuts don't help all that much.

That is one of the many reasons that I am glad that I stuck it out for over 20 years in the Navy. No CEO's to rob my pension fund.

That’s because the gov robs everyone else to pay you.

Well, you could have had a sweet deal for retirement with a steady check and medical benefits for the rest of your life as well, if you would have joined the military and served over 20 years like I did. Matter of fact, when I hit the 12 year point, I thought that it would be stupid to get out then, because 8 years wasn't that long of a period of time. Especially when most of it was on sea duty, time passes pretty fast on deployments.

I’m not knocking your decision nor your service.
The point is lefties are OK with government making it difficult for free market pensions to remain solvent while creating more of their own on the backs of those they punish.

The government doesn't control what happens to pensions for private companies, the CEO's do. And, with all those fat checks they are getting, as well as their golden parachutes, if you want to blame someone for private pensions going away, blame the company, not the government.

If government causes cost-prohibitive conditions for private companies you damn sure can blame the government.

 

[Meister]

GE has been hurting for many years and the stock price slide has reflected it.
A once great company is now below $9.00 a share

 

[whitehall]

So.....blame Trump?

 

[Meister]

So.....blame Trump?

Can't blame Trump....blame piss poor management

 

[Third Party]

Wait a minute..................I thought that with all the tax cuts that corporations were getting, they were going to use it for paying their workers better and hiring more people. What happened? Did the executives decide to keep all the money for themselves, while screwing the workers?

Shareholders like me

 

[Fort Fun Indiana]

"

• General Electric is freezing the pensions of 20,000 U.S. salaried workers to reduce billions in future pension obligations and trim debt.

• About 700 employees in its supplemental pension program, geared toward executives, will also have their pension benefits frozen.

• The company said the change won't impact already retired GE workers.

• General Electric announced it will freeze the pensions of 20,000 U.S. salaried workers, a measure designed to reduce its pension deficit and trim debt. The move will shave GE's pension deficit by as much as $8 billion and its net debt by as much as $6 billion.
  As part of the pension freeze, the industrial conglomerate said it will freeze supplementary pension benefits for approximately 700 employees who became executives before 2011. Supplemental pension plans are typically designed for higher-ranking employees and offer benefits beyond the typical pension plan.
  
  "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," said Kevin Cox, chief human resources officer at GE.

• General Electric freezing pension plan for 20,000 of its U.S. employees

• Interesting.

This cant be right. Trump slashed their taxes, and said the money would be passed down to workers.

diD He LiE???

 

[JustAGuy1]

"

• General Electric is freezing the pensions of 20,000 U.S. salaried workers to reduce billions in future pension obligations and trim debt.

• About 700 employees in its supplemental pension program, geared toward executives, will also have their pension benefits frozen.

• The company said the change won't impact already retired GE workers.

• General Electric announced it will freeze the pensions of 20,000 U.S. salaried workers, a measure designed to reduce its pension deficit and trim debt. The move will shave GE's pension deficit by as much as $8 billion and its net debt by as much as $6 billion.
  As part of the pension freeze, the industrial conglomerate said it will freeze supplementary pension benefits for approximately 700 employees who became executives before 2011. Supplemental pension plans are typically designed for higher-ranking employees and offer benefits beyond the typical pension plan.
  
  "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," said Kevin Cox, chief human resources officer at GE.

• General Electric freezing pension plan for 20,000 of its U.S. employees

• Interesting.

This cant be right. Trump slashed their taxes, and said the money would be passed down to workers.

diD He LiE???

I'm not a Trump guy OR a Pub, try again.

 

[Fort Fun Indiana]

"

• General Electric is freezing the pensions of 20,000 U.S. salaried workers to reduce billions in future pension obligations and trim debt.

• About 700 employees in its supplemental pension program, geared toward executives, will also have their pension benefits frozen.

• The company said the change won't impact already retired GE workers.

• General Electric announced it will freeze the pensions of 20,000 U.S. salaried workers, a measure designed to reduce its pension deficit and trim debt. The move will shave GE's pension deficit by as much as $8 billion and its net debt by as much as $6 billion.
  As part of the pension freeze, the industrial conglomerate said it will freeze supplementary pension benefits for approximately 700 employees who became executives before 2011. Supplemental pension plans are typically designed for higher-ranking employees and offer benefits beyond the typical pension plan.
  
  "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," said Kevin Cox, chief human resources officer at GE.

• General Electric freezing pension plan for 20,000 of its U.S. employees

• Interesting.

This cant be right. Trump slashed their taxes, and said the money would be passed down to workers.

diD He LiE???

I'm not a Trump guy OR a Pub, try again.

I didn't say or imply that you are...

 

[JustAGuy1]

"

• General Electric is freezing the pensions of 20,000 U.S. salaried workers to reduce billions in future pension obligations and trim debt.

• About 700 employees in its supplemental pension program, geared toward executives, will also have their pension benefits frozen.

• The company said the change won't impact already retired GE workers.

• General Electric announced it will freeze the pensions of 20,000 U.S. salaried workers, a measure designed to reduce its pension deficit and trim debt. The move will shave GE's pension deficit by as much as $8 billion and its net debt by as much as $6 billion.
  As part of the pension freeze, the industrial conglomerate said it will freeze supplementary pension benefits for approximately 700 employees who became executives before 2011. Supplemental pension plans are typically designed for higher-ranking employees and offer benefits beyond the typical pension plan.
  
  "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," said Kevin Cox, chief human resources officer at GE.

• General Electric freezing pension plan for 20,000 of its U.S. employees

• Interesting.

This cant be right. Trump slashed their taxes, and said the money would be passed down to workers.

diD He LiE???

I'm not a Trump guy OR a Pub, try again.

I didn't say or imply that you are...

Of course you didn't.

 

[Fort Fun Indiana]

"

• General Electric is freezing the pensions of 20,000 U.S. salaried workers to reduce billions in future pension obligations and trim debt.

• About 700 employees in its supplemental pension program, geared toward executives, will also have their pension benefits frozen.

• The company said the change won't impact already retired GE workers.

• General Electric announced it will freeze the pensions of 20,000 U.S. salaried workers, a measure designed to reduce its pension deficit and trim debt. The move will shave GE's pension deficit by as much as $8 billion and its net debt by as much as $6 billion.
  As part of the pension freeze, the industrial conglomerate said it will freeze supplementary pension benefits for approximately 700 employees who became executives before 2011. Supplemental pension plans are typically designed for higher-ranking employees and offer benefits beyond the typical pension plan.
  
  "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," said Kevin Cox, chief human resources officer at GE.

• General Electric freezing pension plan for 20,000 of its U.S. employees

• Interesting.

This cant be right. Trump slashed their taxes, and said the money would be passed down to workers.

diD He LiE???

I'm not a Trump guy OR a Pub, try again.

I didn't say or imply that you are...

Of course you didn't.

Correct,I didnt. I have read your posts. Maybe re-read the post.

 

[Toddsterpatriot]

"

• General Electric is freezing the pensions of 20,000 U.S. salaried workers to reduce billions in future pension obligations and trim debt.

• About 700 employees in its supplemental pension program, geared toward executives, will also have their pension benefits frozen.

• The company said the change won't impact already retired GE workers.

• General Electric announced it will freeze the pensions of 20,000 U.S. salaried workers, a measure designed to reduce its pension deficit and trim debt. The move will shave GE's pension deficit by as much as $8 billion and its net debt by as much as $6 billion.
  As part of the pension freeze, the industrial conglomerate said it will freeze supplementary pension benefits for approximately 700 employees who became executives before 2011. Supplemental pension plans are typically designed for higher-ranking employees and offer benefits beyond the typical pension plan.
  
  "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," said Kevin Cox, chief human resources officer at GE.

• General Electric freezing pension plan for 20,000 of its U.S. employees

• Interesting.

Corporate debt is at record levels with some major firms at risk of having their bonds reduced to "junk" status:

Will the Federal Reserve Make Trump a New Herbert Hoover? Is the US Economy Primed for a 1929-style Shock? - Global Research

"On September 25 the corporate bond debt of Ford Motor Co., which unlike GM refused government nationalization in 2008, has just been downgraded to 'junk' status by Moody’s, who said Ford faces 'considerable operating and market challenges…' It affects $84 billion in company debt...."

"Moody’s estimates that at least 47 other multi-billion US corporations are vulnerable to junk downgrades in a sharp economic downturn or with rising interest rates. The most mentioned are the aerospace and electrical conglomerate GE which among other things makes jet engines for troubled Boeing."

Very little changed on Wall Street in the wake of the Great Recession, and it appears some of the same malignant forces that caused that crises are ready for an encore.

Very little changed on Wall Street in the wake of the Great Recession, and it appears some of the same malignant forces that caused that crises are ready for an encore.

Baloney.

 

[Toddsterpatriot]

"

• General Electric is freezing the pensions of 20,000 U.S. salaried workers to reduce billions in future pension obligations and trim debt.

• About 700 employees in its supplemental pension program, geared toward executives, will also have their pension benefits frozen.

• The company said the change won't impact already retired GE workers.

• General Electric announced it will freeze the pensions of 20,000 U.S. salaried workers, a measure designed to reduce its pension deficit and trim debt. The move will shave GE's pension deficit by as much as $8 billion and its net debt by as much as $6 billion.
  As part of the pension freeze, the industrial conglomerate said it will freeze supplementary pension benefits for approximately 700 employees who became executives before 2011. Supplemental pension plans are typically designed for higher-ranking employees and offer benefits beyond the typical pension plan.
  
  "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," said Kevin Cox, chief human resources officer at GE.

• General Electric freezing pension plan for 20,000 of its U.S. employees

• Interesting.

This cant be right. Trump slashed their taxes, and said the money would be passed down to workers.

diD He LiE???

This cant be right. Trump slashed their taxes, and said the money would be passed down to workers.

They're losing money.
Even a stupid twat like you must understand that money losing companies pay no taxes, no matter what the tax rate.

 

[Fort Fun Indiana]

They're losing money

In the best economy ever, in the history of anything?

Lies!!!!

 

[Toddsterpatriot]

They're losing money

In the best economy ever, in the history of anything?

Lies!!!!

Yeah, GE is losing money.

 

[Fort Fun Indiana]

They're losing money

In the best economy ever, in the history of anything?

Lies!!!!

Yeah, GE is losing money.

Yep, lots of cashing out going on over there these last 2+ years. Someone who doesn't want to rape the company should acquire it.