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GE freezes pensions for 20K workers in bid to trim debt pile

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October 8, 2019
GE freezes pensions for 20K workers in bid to trim debt pile
General Electric is freezing the pension plans of about 20,000 of its workers and offering pension buyouts to 100,000 former employees as it attempts to reduce its mountain of debt. The industrial conglomerate has been selling off assets and streamlining its operations amid sagging profits and other setbacks in recent years. It has about $105.8 billion in overall debt, and whittling that down has become a priority for CEO Larry Culp.