U.S. GE Savings and Retirement Announcement
In early October, we shared our approach and guiding principles for allocating the company’s savings and retirement plans across each of the three planned businesses, subject to relevant approvals. On October 11, Caryn Steinert, Group VP, Global Total Rewards and People Operations, hosted a special webinar dedicated to U.S. pension participants and responded to pre-submitted questions about GE’s recent announcement on U.S. savings and retirement benefits. If you were unable to attend, you can watch the replay. You can also watch a brief video with GE’s Chief Human Resources Officer, Kevin Cox and Caryn Steinert, Group VP, Global Total Rewards and People Operations, for additional insight into how we approached this and what you can expect.
As previously announced, in early November, plan participants will begin receiving communications with additional details about their plans and benefit assignments.
Key highlights of what you need to know:
- U.S. plan participants will keep the vested pension benefit that they've accrued.
- Starting on January 1, 2023, each of the three businesses will sponsor and manage a pension plan that will be a continuation of the current GE Pension Plan.
- If you participate in the GE Pension Plan, your GE pension benefit will be mapped to the business you retired/left GE from based on GE's records, with limited exceptions. Please refer to the letter that you receive in the mail for more details.
- No action is needed; we are working to ensure a seamless transition.
General Electric Company and each of the three businesses reserve the right to terminate, amend, suspend, replace or modify its benefit plans and programs at any time and for any reason, in its sole discretion. No individual has a vested right to any benefit under a GE welfare benefit plan or program.