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Thread: GE freezing pensions for 20,000

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    Avalon Member
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    Default GE freezing pensions for 20,000

    It is heart breaking to see this happen, all he bad decisions ,the bad calls, the mind set that they could never fail, .. we will see more of this in the near future, companies that acted with no vision, and this will never end. Many, (Ford) being one thought they could never make a bad decision .... Ford bought Jaguar for a billion dollars at the peak of there greatness , why another car company? No deversification in invesments. At the same time Toyota developed the Lexus line for the same amount of money.Ford sell Jaguar for half the price they bought it for ...genius.

    My solution: Don't pay bonuses to ceo's until there short term decision prove profitable , in the long haul.

    GE freezing pensions for 20,000 employees

    Published: Oct 7, 2019 11:20 a.m. ET

    Stock loses gains; GE to record charge as it offers lump-sum payment option to 100,000 former employees.


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    General Electric Co. said Monday it is freezing pensions for about 20,000 U.S. employees with salaried benefits, as part of its plan to reduce its pension deficit by up to $8 billion.

    The stock GE, +0.06% inched 0.1% lower in morning trading, after starting the regular session up as much as 0.4%, and following a premarket gain of as much as 2.1%.

    GE said it was also freezing supplementary pension benefits for about 700 employees and offering a limited-time lump-sum payment option to about 100,000 former employees who have not yet started their monthly pension payments.

    The company said there is no change for GE retirees already collecting pension benefits or employees with production benefits. GE’s pension plan has been closed to new entrants since 2012.

    GE’s stock has climbed 17.8% year to date, but has still lost 32.4% over the past 12 months. In comparison, the Dow Jones Industrial Average DJIA, -0.02% has advanced 13.8% this year and gained 0.4% over the past year.

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    Default Re: GE freezing pensions for 20,000

    Gov't pensions are in the same boat.

    Pittsburgh would need to spend 70% of it's annual budget if it fully funded it's pensions.

    Oh, Puerto Rico has declared Bankruptcy.. and guess what.. It needs the same 70% of budget to fund it's pensions.
    Everyone is going to get a haircut.

    Easy to promise pie in the sky, but hard to pay the tab due.

    The population in high income tax, state and school tax states are moving out in droves.
    Gov't does not manage any programs well. All Gov't employees want to grab their pension and think they are safe.
    But, it all depends on a population able and willing to pay the tab.

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