General Electric Co. Plans to Take $1.8-Billion Charge : Earnings: The company says it is adopting a new method of accounting for retiree benefits.

General Electric Co. announced Monday that it would restate its first-quarter earnings to reflect a one-time, $1.8-billion charge for adopting a new accounting standard for retiree benefits.

The change is expected to result in a first-quarter per share loss of 85 to 95 cents, according to GE spokesman George Jamison.

The after-tax charge on earnings represents less than 10% of GE’s equity and will not affect cash flow, the company said. Moody’s Investors Service and Standard & Poors have both informed GE that the adjustment will have no impact on its top-level debt ratings.

GE will adopt in the third quarter Financial Accounting Standard No. 106, which requires a new method of accounting for retiree benefits other than pensions. The rule, which must be implemented by all U.S. companies before the end of 1993, requires the companies to restate their first-quarter results, Jamison said. General Electric is one of the first companies to implement the new standard.

GE earnings for the first quarter totaled $999 million, or $1.15 per share, on revenue of $13.3 billion. That compared to earnings of $950 million, or $1.06 per share, on revenue of $12.6 billion for the same period in 1990.

GE said earnings-per-share calculated before the one-time charge are expected to increase in the third quarter and fourth quarter and for the full 1991 fiscal year. The second quarter will be unaffected, Jamison said.