Stocks of General Electric Co.
rose 2.6% in premarket trading on Monday after an industrial conglomerate said it was freezing a US pension plan for about 20,000 wage earners and additional retirement benefits for 700 employees. GE said there will be no change for retirees who are already collecting retirement benefits; pension plan closed for new entrants since 2012. The company said it would offer a limited lump sum payment to approximately 100,000 former employees who have not yet started their monthly retirement benefits. GE stated that it pre-finances approximately $ 4 billion to $ 5 billion of minimum ERISA funding requirements [Employee Retirement Income Security Act] for 2021
DJIA, + 1.42%