General Electric Pre-Funds Pension Plan
08 Dezember 2020 - 2:47PM
Dow Jones News
By Micah Maidenberg
General Electric Co. said it has pre-funded $2.5 billion worth
of minimum pension-plan funding requirements into 2023.
The industrial conglomerate previously has said it would
pre-fund $4 billion to $5 billion this year to meet minimum
pension-funding levels through at least 2022, as required by the
Employee Retirement Income Security Act.
"Given better-than-expected pension asset performance in 2020,
GE now pre-funded $2.5 billion for 2021, 2022, and into 2023," the
Boston-based company said.
GE also said Tuesday that it repaid $1.5 billion tied to its
intercompany loan from GE Capital.
Chief Executive Lawrence Culp said the moves would further put
the company on a stronger financial footing. Under Mr. Culp, GE has
been revamping its balance sheet and focusing its business, but the
Covid-19 pandemic's effect on travel and airlines has hit its
aviation division hard.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
December 08, 2020 08:32 ET (13:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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