General Electric Announces Pension Freeze

On the air over the years I have talked quite a bit about the economic forces that are impacting pensions. You may have heard my conversations with State Comptroller Thomas DiNapoli for his take on the matter. Today we learn about this move by General Electric which used to be one of the biggest employers in New York State. Chech out this story from 24/7 News Source.

(Boston, MA) -- General Electric is offering pension buyouts to about 100-thousand pensioners and freezing payments to nearly 28-thousand salaried pensioners.

The moves are part of GE's effort to reduce debt as it downsizes while struggling financially. The buyouts would be lump-sum payouts for former American workers who haven't yet started getting their pensions. GE has issued a statement saying the latest action won't affect retired workers who are already receiving pension benefits.

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