GE Executive Retirement Benefit (ERB) - About 700 execs affected:
- Beginning 1/1/2021, affected executives will begin participating in the Executive Retirement Benefit (ERB), an installment retirement benefit currently offered to new executives since 2011.
- Effective 1/1/2021, U.S. Supplementary Pension benefits for eligible participants will be frozen. Benefits accrued through December 31, 2020 will not be impacted by this change and will remain subject to the plan’s vesting rules. Affected executives will not accrue additional benefits after this date.
Impacted: Approximately 700 executives currently eligible for U.S. Supplementary Pension benefits
Source: https://www.businesswire.com/news/home/20191007005406/en/GE-Announces-U.S.-Pension-Plan-Actions