Just watched your video. You alluded to freezing GE's pension plan and that's justifiable because other companies have made similar decisions. We are supposed to be better than other companies. Apparently you think it's acceptable for GE not to keep its promises. If you move forward with this decision, you will negatively impact employees' retirement income in a significant way. This may be legal but it is certainly not ethical and GE employees deserve much better from their HR Leader!
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Shes gone .. "retiring" at the end of this year.
Like The I-Melt man .. 10 years to late.
Good riddance
Secrecy, Manipulative buzz words, Misrepresenting massive financials is simple way to describe the inside culture that Susan Peters build with Jeff Immelt and outgoing CFO.
Even GE monitors what peers and competitors for talent are offering and currently 91% of US companies offer a 401 with company matching contributions. Eliminating matching $ is not going to happen, at this point. GE is diving for a very mediocre pay and benefit package though.
Susan Peters video reaked of insincerity. And that dam dog chain she was wearing and frock-very unbecoming. Interesting how the video was buried so most employees won't ever see it. She's part of the old guard, but then again so is flannery-30 year GE vet that kept his mouth shut and fed off the company teat while business run into ground. This all gets blamed on immelt but flannery part of this as well.
Facts: Susan Peters past announcements: Earned vacations replaced with permissive time off, no salary actions... get rid of the rules... suspicious motives... really hurt employee benefit and loyalty. Should be looked at as failures in HR management.
If they eliminate the 401k match, they may as well close the doors.
Elimination of the 401k is the next cut to be made to the RSP. Delaying payment of the matching contribution until EOY is an intermediate step with that as the ultimate goal.
She needs to go...no trouble for her to keep the take always going... none of this impacts her! She is so fake it’s an embarrassment to even watch and listen to her. Mr. Flannery do yourself a favor and get an HR executives that has empathy for your greatest asset and has the respect of those same people. As inept as the past CEO who also has plenty of responsibility in ruining what was once a great company.
As a new employee..you signed onto GE knowing you had no pension. The older folks signed on with a pension. How would folks like it if GE said no matching 401K from now on.
The pension fund should have been managed like all other respectful funds but GE had to play their games with how ran the program. Sorry but it is not olders employees problem to burden them with not having a pension continuing to grow.
Hope the people posting here aren't also complaining about "entitled millennials" in their next breath - you have been much better taken care of than we will ever be, penisons are only wishful thinking to our generation
Peters will retire soon and get her multi-million package. She is on the way out so she’s the perfect vehicle to deliver the sh!t news to the working class schlubs. Stay classy GE!
folks..you all should be demanding your leadership be held accountable for their actions. If the pension is froze for older employees this is a very desperate move as stated earlier. In my opinion this is being done to get people to leave on their own. This bullshi_t of 401K contribution in lieu of pension is a joke. GE 401k retirement plan is being sued in about 4-5 different states. Just do a little research. You got nothing to lose start asking the hard questions of GE corporate. Like, what are you giving up John? What do we need a board in the high teens. Stop handing out stock options to the board members like M&M's at a Halloween party.
When a company freezes pension, it is a signal that things are desperately bad. GM did this 1 year before filing bankruptcy...Alstom did it as they skidded downhill into becoming a government subsidized jobs program. It’s also a signal to the older workers that GE no longer cares if you stay or leave.
I hope someone asks JF how the executives retirement benefits are being cut (cause they aren’t)!
Biggest issue is ... they will still get their retirement benefits and huge salaries until that time. Peters should be out ... she has been around for most of the I Melt catastrophe and as the lead HR person should take some of the blame for the clown show
Yes GE employees are entitled to the benefits they were promised. We sacrificed and settled for below market salaries and worked long hours because the benefits were outstanding. If they freeze the pension, there will be no reason to remain with GE and the company will lose it's knowledge workers with deep domain expertise.
GE stopped offering defined benefit pension plan to new hires since 2009 (instead giving some small adders to employer match in 401k ) . Those on payroll prior to that were grandfathered in, which per this post is also ending. I distinctly remember a JRI video from 2009, where his word were " We are making changes , but you will still have the best pension at the neighborhood c---tail party".
As it turns out , he meant neighborhood as in the trailer park you will be retiring to.
I can't get back to work. We have no work left. We wouldn't have all this free time to post here if we had work to do.
Alstom froze our pension in 2008 and replaced with modified 401k. What makes GE immune? You are not entitled.
Go to the GE internal page where JF posted his Friday video...the SP video is off to the right of that...this is not fake news unfortunately.
Link or it never happened.
Class action methinks
Where did you see her video? Not on GE Power home page and no email so far.
Hey stop whining and get back to work. You should know there are no friends in business only enemies. Next time work for a bettet company.
too bad we can't post gifs here
SHAME SHAME SHAME ding SHAME SHAME SHAME
I knew this was coming. Execs will get their massive retirement dollars (see Immelt, Bolze, etc) while the guys and gals who actually did their jobs faithfully, professionally and competently for decades can get f*cked, right? How about freezing JI’s pension you scumbags!
What did you expect, Integrity? That's for those below SEB, certainly not company officers.