20K Impacted - Benefits Frozen
- Effective January 1, 2021, the U.S. GE Pension Plan benefits for eligible employees with salaried benefits will be frozen. Benefits accrued through December 31, 2020 will not be impacted by this change. Affected participants will not accrue additional benefits or make employee contributions to the Plan after this date.
- Beginning January 1, 2021, GE will contribute 3% of eligible compensation to the Company’s 401(k) plan and will provide matching contributions of 50% on up to 8% of eligible compensation.
- In addition, to aid in the transition, GE will provide an extra 2% of eligible compensation (up to the IRS limit) per year for two years.
Approximately 20,000 employees with salaried benefits who participate in the U.S. GE Pension Plan
Source: https://www.businesswire.com/news/home/20191007005406/en/GE-Announces-U.S.-Pension-Plan-Actions