GEA will have the lions share, while Vernova and HC will get small bits. Looks like VA is sailing off into the renewables sunset, leaving GRC to the wolves.
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Been at ge for 21 year be here for 21 more
There is a fourth business being attached. SSL, Smitty's Security Logic.
GE just posted new information about how the pensions will be distributed after the split.
https://www.ge.com/retirees/us-ge-savings-and-retirement-announcement
For existing retirees, if you worked for one of the three new businesses your pension will go to them. If you worked for corporate or another business, your pension will be assigned to one of the three. It doesn't say what criteria will be used. You should receive a letters from HR in October and November telling you where your pension was assigned.
lol, how many GE businesses has GE spun off or sold in the past 10 years? If you know enough people that went to these different NewCos, it's not that hard to figure out the facts and the patterns on pension.
To the person who wrote about the pension and where it goes and what stays. Sounds like you know the deal, wondering how? as what has been stated is that the liabilities will be distributed
Historically the businesses relied on the research center to solve the "stone-in-the-shoe" problems that were easily posed, technically hard, and critical to their survival and growth. Those days ended years ago when the research center tried to drive towards bigger, fewer, and self-managed projects. If the center can get back to smaller but critical projects, and let the businesses drive the priorities, I am optimistic that the businesses will again start to need their research partners and the funding will flow.
But is this sustainable for long- have either business really relied on the research center- if they relied on the research center than what was all those years pushing the need to meet metrics towards grant dollars to get to a 0 cost center about?
This is just another way to manipulate the numbers and continue to play their shell game.
@@1epj+1iHU1U7V
Jet Engines and Gas Turbines for power are going to diverge drastically in the future energy transition. Not sure the impact is as big as being claimed...
GE Pension is GE Corporate's liability and GE Pension's saved up reserve also belongs to the Corporate. If nothing else is done, both stay with RemainCo, which will be GE Aerospace. Don't assume active employees liability automatically go to the business or worry about which business will pay for those retired from a different business. It will depend on how much of that pension reserve stays with RemainCo and whether the businesses want to take liability and/or reserve.
When Baker Hughes separated, they only took the liability of the original Baker Hughes Pensions and some GE International Pensions in Europe due to country regulations. Original GE O&G US employees' GE Pension liability stayed with GE. When Biopharma spun off they didn't take any retired/separated employees liability with them, either. It stayed with GE.
RemainCo may offer pension buy-out for younger, separated people, but if you are already retired it generally makes more sense for you and the company to just run off from the reserve -- also looks better for the investors, they don't like liability but they hate seeing a company being cash-strapped to underfund reserve now even more. Your "job' is to stop worrying about it and live happily as long as you can so you can draw more from your pension.
What happens to the pensions of already retired GRC folks? Assuming that pensions of current GRC employees that will receive one will go with their new business, but what about retired former GRC employees that may have worked on projects for many different GE businesses during their careers?
Lots of overlap in research activities between Aviation and Power. Jet engines and gas turbines have a lot of technology in common. Don't see how it's a good thing to separate these activities into separate silos for the separate businesses.
https://www.timesunion.com/business/article/GE-Research-in-Niskayuna-to-survive-grow-as-17438567.php
Interesting times. Last I checked, there were close to 40 new positions open for external hires. I wonder if hiring will be frozen now
News is true. Everyone is aligned to a business based their recent work load first then the iteration process with business and individual begins.
GRC as a legal entity will not disappear until all existing government contracts have been completed, or in rare cases, converted to business-fulfilled. If one is working on government contract, one will keep Research badge instead business badge until then, even if one may be partially paid by business for part of one's time.
There's no layoff planned, everyone has a spot as of right now.
That's as far as we know on the first day. Stay tuned.
It sounds to me like GRC is going the way of fieldcore…not really letting them go but making them all contractor like employees.
What is this true??!! What happens to the people supporting multiple BUs. Do they get a choice? More importantly, what is going to happen to all the government money GRC received and yet to deliver on?