General Electric

GE freezes pensions in latest bid to save cash

General Electric workers in front of a factory
Photo: Sebastien Bozon/AFP/Getty Images

General Electric said it will freeze pension plans covering about 20,000 U.S. employees and make other moves to help cut its debt and reduce its retirement fund deficit by $5 billion to $8 billion.

What it means: A pension freeze means employees no longer build up retirement benefits to reflect higher pay and additional years of employment. Employees stop earning some or all of their benefits from the point of the freeze onward.

General Electric wants sell off its venture capital arm

In this image, a man wearing a baseball cap walks in front of a building with a giant General Electric logo.
A General Electric employee walks past the GE headquarters in Belfort, France. Photo: Patrick Hertzog/AFP/Getty Images

General Electric is seeking to turn off the lights at its venture capital arm, which has invested in hundreds of companies since being founded in 2013.

Driving the news: CNBC's Christina Farr reported yesterday that GE Ventures "has been shopping itself for several months and is in discussions with other venture firms as well as groups of limited partners who invest in those funds," with Lazard managing the process.