GE Freezes Pension Plan for 20,000 Employees

General Electric (GE) Co. announced it is freezing new vesting in its defined benefit pension plan for about 20,000 current U.S. employees with salaried benefits, as part of its effort to reduce its pension deficit by up to $8 billion. GE will offer a limited-time lump-sum payment option to about 100,000 former employees who have not yet started their monthly pension payments.
Source: New feed 2