GE Increases Pension Payments to 130,000 Retirees
Posted on: Thursday, 8 November 2007, 18:00 CST
GE will increase its pension benefit payments to more than 130,000 eligible retirees, effective December 1, 2007, GE Chairman and CEO Jeff Immelt announced today.
"We are pleased to provide a pension increase that recognizes the past achievements of GE retirees," Immelt said. "This improvement provides the largest amounts for those who have been retired the longest and generally have the greatest need."
The increase will be paid to qualifying participants for the rest of their lives. Increase amounts are based on each pensioner's year of retirement and length of GE pension service. Many of those retired before 1993 will receive increases ranging from 10% to 20%.
Pension increases will go to those who retired directly from GE on or before June 1, 2003. Also eligible for the increase are many pensioners who left GE before retirement with 25 or more years of pension qualifying service and who started their pension on or before June 1, 2003. Surviving spouses of deceased eligible pensioners will also receive improvements. Retired GE executives are not eligible for this increase.
Letters explaining each individual's benefit increase will be sent to qualifying pensioners and surviving spouses this week.
This is the eighth voluntary improvement GE has made in payments to retirees since 1980.
About GE
GE is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, and media content, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Source: Business Wire
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