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GE Ends DB Pension Plan

General Electric has terminated its defined benefit pension plan to salaried employees appointed after Dec. 31, 2010.

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.

Click here for the story from Pensions & Investments.



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