(Reuters) – General Electric Co (N:) said on Monday it was freezing the pension plan for about 20,000 U.S. employees with salaried benefits, as the industrial conglomerate looks to cut its huge debt pile.
The action also includes supplementary pension benefits for about 700 employees in the country.
The moves are expected to reduce GE’s pension deficit by about $5 billion to $8 billion and net debt between $4 billion and $6 billion.
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