General Electric Co. will issue new debt to prefund $6 billion in pension contributions next year, according to an investor update presentation from the company.
The news came as Boston-based GE announced a massive restructuring of its sprawling business units, and a 50 percent cut in its dividend.
GE sponsors two principal defined benefit pension plans, and nearly 50 legacy plans the industrial giant assumed over decades of acquisitions, according to the firm’s 2016 10-K filing with the Securities and Exchange Commission.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
