Analysts said the move would largely offset the rise in GE's pension obligations due to lower interest rates and was in line with other steps Chief Executive Officer Larry Culp has taken over the past year to raise cash and pare down $105.8 billion in debt.
Culp has slashed GE's quarterly dividend to a penny and has sold - or announced plans to sell - non-core businesses, slimming the once-sprawling company to focus just on power plants, jet engines and windmills, plus related equipment and services.
GE's pension plans are among its biggest liabilities and were underfunded by about $27 billion at the end of 2018.