https://www.cnn.com/2019/10/07/business/ge-pension-freeze/index.html
5 replies (most recent on top)
First you've hear of hybrid 401k? ATT stopped allowing new management hires to enroll in the pension plan as of January 2015. All new management employees since then have a 100% match of up to 5% of their base salary for their 401k.
Management employees hired between 2008-2015 have a hybrid plan, with a lower 401match and a lower pension payout. The 401k match was only 80% of up to 5% of their salary. The pension is almost a joke. The payout is around $1500/month with now cost of living increase, assuming you can work the entire time to reach the modified rule of 75. It's a modified rule of 75 because it can actually longer than the standard calculation of years service + age. Also, under the hybrid pension there is no retiree medical.
Don't miss total into thinking that this is a wireless company or a technology company. This company devotes its resources to financial tricks. It's products are entirely financial, which is why leadership thinks they can move into media and advertising or any other sector without much trouble.
- xmr
Can you elaborate on the “hybrid 401k” ? Firts time I hear of it.
Thanks!
ATT did this years ago ..froze management pension and switched to 401k hybrid. All craft are protected by the Unions on thier pensions. Unless you are a Prem Tech who also have only a 401k hybrid. Just hoping the Union doesn't give that up like they are counting Installs as demand work on the weekends in the IBEW local 21 area...shaking my head.
old news
This is a duplicate post. The OP should have noticed an earlier posting, but anyway read below.
Take a look at this link and read carefully.
https://www.genewsroom.com/press-releases/ge-announces-us-pension-plan-actions
In particular,
- S. GE Pension Plan & Supplementary Pension Freeze:
GE will freeze the U.S. GE Pension Plan for approximately 20,000 employees with salaried benefits, and U.S. Supplementary Pension benefits for approximately 700 employees who became executives before 2011, effective January 1, 2021. There is no change for GE retirees already collecting pension benefits or employees with production benefits. GE will record a non-cash, pre-tax curtailment charge in the fourth quarter of 2019. GE’s pension plan has been closed to new entrants since January 1, 2012.