General Electric (GE) has terminated its defined benefit (DB) pension plan to salaried employees appointed after Dec. 31, 2010, Pensions & Investments reports. New salaried employees will get a new retirement contribution equal to 3% of eligible pay to their GE 401(k) account.
The company’s current employees and retirees will not be affected by the closing. GE’s principal DB plans have a combined $42 billion in assets, while it has $18.115 billion in 401(k) assets.
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