Many GE retirees hit hard by dividend cuts

For thousands of people who spent decades working at and investing in General Electric, the financial dependability they were promised for their retirement years is gradually being dismantled. That harsh truth was made even clearer in October, when the company announced that it would drop its quarterly dividends to a penny per share next year, cutting a crucial source of income for thousands of people, including many GE retirees in southwestern Connecticut. “A lot of our people, our retirees and dependents are hurting,” said John Phelps, who worked more than 40 years at GE’s plant in Waterford, N.Y., which was sold in 2006.

from Business https://www.ctpost.com/business/article/Many-GE-retirees-hit-hard-by-dividend-cuts-13435072.php