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UE-GE National Contract Negotiations • Online Flier #4

More Pen$ion "Gold"
For the Golden Years

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".

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.

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.

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.

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.

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

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United Electrical, Radio and Machine Workers of America (UE)

One Gateway Center • Pittsburgh, PA 15222 • 412-471-8919

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