GE Ups Pension Benefits. Again.
November 16th, 2007
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Every so often, in an era when too many CEOs are paid too well and retirees are not, a company does something which is both right and useful. GE, the huge international conglomerate, has announced that it will INCREASE retiree pension benefits.
We say bravo to GE.
Could more companies do this? You bet. Just reduce unjustified salaries for ranking officials. Believe me, no one in the executive suites will miss a meal.
The release from GE is below:
FAIRFIELD, CONN. – November 8, 2007 – 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.
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