General Electric Co.
General Electric will freeze its U.K. defined benefit funds effective Jan. 1, as part of plans to solidify its financial position.
General Electric shareholders resoundingly approved a resolution calling for the company to report how it will achieve net-zero emissions.
Pension funds transferred $14.5 billion in liabilities through deals announced in December.
U.S. corporations expect to make a total of $21 billion in 2020 contributions, but the coronavirus crisis may cause a shift in those plans.
When General Electric Co. froze its defined benefit pension plan earlier this month, a quiet pioneer bit the dust.
GE freezing its U.S. pension plan is part of a growing trend of corporations leaving the DB business and transferring participants to DC.
General Electric Co. said it would freeze pension plan benefits as it looks to slash its pension deficit and improve its financial position.
General Electric Co. hired BlackRock as the manager of the target-date fund lineup in its 401(k) plan.
The average funding ratio of the 100 largest U.S. corporate pension plans rose 4.7 percentage points in 2017, P&I's annual analysis shows.
U.S. corporations expect to contribute more than $32 billion to their defined benefit plans in 2018.
