Company: GE
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000040545-25-000015
Chunk: 207

Company: GENERAL ELECTRIC CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 1
Chunk 207
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4 FORM 10-K 57

DESCRIPTION OF OUR PLANSPlan CategoryParticipantsFundingCommentsPrincipal Pension PlansGE Aerospace Pension PlanCovers U.S. GE Aerospace participants: ~79,000 retirees and beneficiaries, ~34,000 vested former employees and ~9,000 active employeesOur funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws. We may decide to contribute additional amounts beyond this level.Closed to new participants since 2012.  Benefits for employees with salaried benefits were frozen effective January 1, 2021, and thereafter these employees receive increased company contributions in the company sponsored defined contribution plan in lieu of participation in a defined benefit plan (announced October 2019).  GE Aerospace Supplementary Pension PlanProvides supplementary benefits to higher-level, longer-service U.S. employeesUnfunded. We pay benefits on a pay-as-you-go basis from company cash.The annuity benefit has been closed to new participants since 2011 and has been replaced by an installment benefit (which was closed to new executives after 2020). Benefits for employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit.Other Pension Plans(a)9 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 millionCovers ~10,500 retirees and beneficiaries, ~10,300 vested former employees and ~600 active employeesOur funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws in each country. We may decide to contribute additional amounts beyond this level. We pay benefits for some plans from company cash. In certain countries, benefit accruals have ceased and/or have been closed to new hires as of various dates.Principal Retiree Benefit PlansProvides health and life insurance benefits to certain eligible participantsCovers U.S. GE Aerospace participants: ~45,800 retirees and dependents and ~10,000 active employeesWe fund retiree benefit plans on a pay-as-you-go basis and the retiree benefit insurance trust at our discretion.Participants share in the cost of the healthcare benefits.(a) Plans for GE Aerospace that reach $50 million are not removed from the presentation unless part of a disposition or plan termination.FUNDING STATUS BY PLAN TYPEBenefit ObligationFair Value of AssetsDeficit/(Surplus)202420232024202320242023Principal Pension Plans:GE Aerospace Pension Plan (subject to regulatory funding)$21,010 $22