22 10, 2019

GE joins corporate brethren in trend to put DB plan in the rearview mirror

2019-10-22T09:46:35-07:00October 22nd, 2019|Categories: Defined Benefit Plans|Tags: |

General Electric Co.'s recent announcement that it is freezing its U.S. defined benefit plan as a means of reducing its pension liabilities is just the latest example of corporations abandoning their DB plans and moving participants into a defined contribution plan. As a means of reducing its pension deficit by $5 billion to $8 billion, GE said Oct. 7 it is freezing its U.S. pension plan for 20,000 salaried employees and supplementary pension benefits for another 700 employees who [...]

3 02, 2014

Corporate pension plans mark sad milestone

2014-02-04T23:22:26-08:00February 3rd, 2014|Categories: Defined Benefit Plans|Tags: , , , , |

Corporate America’s move away from defined benefit plans hit a dubious milestone: For the first time since Pensions & Investments began listing the largest U.S. retirement plans, not a single corporate name appears in the ranking of the 10 largest defined benefit plans. General Motors Co., Detroit, was the final company to make the top 10. But GM transferred $29 billion to a group annuity in the fourth quarter of 2012. As a result, its DB assets fell to $73.5 billion [...]