Tag: pension freezes
But suspension much less important this time around. As soon as the economy shut down last March, our center decided to systematically record the names of companies that announced they were suspending the employer 401(k) match. We thought we were quite clever because during the 2008-2009 meltdown, we started late and had to go back…
In the face of declining profits, GE recently announced three pension actions to help reduce the company’s debts. Freeze its pension plan for about 20,000 salaried employees and for about 700 employees in a supplementary plan. Offer lump-sums to about 100,000 former employees who have not started benefits. Pre-fund $4-5 billion of estimated required…
