General Electric (GE – Get Report) expects to save $1 billion on retiree pension and benefit costs this year after shaving them by about 17% since 2013, according to a regulatory filing.
Total costs, which include the value of benefits earned by employees during a given period, interest expenses and changes to estimates of future charges, were $5 billion last year, according to the Fairfield, Conn.-based company’s yearly financial statements. The savings were achieved at the same time the company cut off traditional healthcare plans for retired employees, sending them to a private exchange with a $1,000-a-year subsidy.
