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More Pen$ion "Gold"
For the Golden Years
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Most of us look forward to retirement to enjoy what’s known as our "golden years."
But those years will be badly tarnished unless we can be assured of a comfortable and dignified retirement. As things stand now,
most GE workers and retirees are a long way from that goal. A typical GE hourly worker with 30 years stands to receive a basic
pension (excluding supplements) of only about $1,200 a month. And while some will do better, many will do considerably
worse.
Inadequate pensions are made worse because of no protection from inflation after retirement. It’s now been over
three years since the last retirees increase, and those retiring since July, 1997 have yet to receive anything. Meanwhile
what is supposed to be our pension plan has in fact become a very profitable business for GE. As we learned during
Watergate, you just have to "follow the money".
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The bloated GE Pension fund contains total assets of over $37 Billion despite the worst stock
market in 30 years. That’s more than the total assets of USX, Honeywell, Whirlpool, or United
Technologies to name a few. |
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Plan assets exceed all present and projected future obligations by nearly $5 Billion.
This overfunded portion of the Plan by itself is bigger than all but a handful of private pension
plans in the U.S. |
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While GE has not put one penny into the pension fund since 1987, we’re still
forced to contribute. In the last three years alone employees have paid in to the tune of $438 Million. |
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Because of accounting rules favorable to overfunded pensions, GE’s bottom line has been the
recipient of billions in profits emanating from the plan. In the last three years GE has grossed $5.4 Billion in
profits from the pension fund! That’s more than lighting, appliances, plastics, or transportation among other GE divisions. |
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GE workers have to wait too long to retire and don’t get enough pension when
they do. It’s time to put more of the GE Pension Fund "GOLD" where it belongs - with GE workers who
need and deserve:
• Substantial Pension Benefit Increases
• Earlier Retirement With No Reduction
• An End to Employee Pension Contributions
• Pension COLA For Past and Future Retirees
United Electrical, Radio and Machine Workers of America (UE)
One Gateway Center • Pittsburgh, PA 15222 • 412-471-8919
www.ranknfile-ue.org
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