2011 Contract Q&A

 

 

GE CONTRACT 2011 -2015 (Q & A’s ON SOME ITEMS)

 

BONUS FOR CURRENT EMPLOYEES

 

Q. When is the employee $5,000 bonus check going to be paid out?

A. It was paid out on Friday July 22 to those with direct deposit on active payroll and on Monday July 25 for others on active payroll.

 

Q. Who is eligible for it?

A. Full time members on active payroll as of June 20, 2011, members on layoff status and return without loss of service credits or continuity of service no later than October 1, 2011; members on Company approved leave and return without loss of service or continuity of service by no later than December 31, 2011; and **certain other members on company approved leave that return no later than June 24, 2012. (** We are still trying to confirm exactly what situations this last section applies to)

 

.RETIREES 13th CHECK

 

Q. Is their a Pension increase for retirees in this contract?

  1. No, there is NO pension increase. There is a one time 13th check to be issued in 2011 for some retirees, vestees and surviving spouses, following the expected approval

from the GE Board of Directors.

 

Q. Who is eligible for the 13th check?

A. Pension participants who retired on or before June 1, 2007 with a normal, optional or disability pension; vestees who started their pensions on or before June 1,

2007 if they had completed 25 years of qualifying service; and surviving spouses of eligible participants will receive an amount equal to the monthly survivor annuity (including

surviving spouses of eligible employees who died in active service where the survivor annuity began on or before June 1, 2007).

 

Q. When can I expect this check to be sent to me?

A. December, 2011

 

VRIP PROGRAM

 

Q. What is the VRIP program?

A. It is the Voluntary Retirement Incentive Program. In addition to normal retirement benefits, you shall get a single lump sum payment equal to 75% of your “annual wage” using your hourly wage rate (as of

November 30th, 2011 multiplied by 2080. Pieceworkers use their average earnings rate. The VRIP program is similar to past ones offered.

 

Q. Who is eligible?

A. Employees on active payroll that are at least age 60 with 10 or more years of continuous service by November 30, 2011. However, there are only 400 nationwide available

opportunities.

 

Q. How will the 400 be chosen?

A. The 400 people that apply, with the highest Pension Benefit Service (PBS) (as of Dec. 31, 2010), have the first opportunity for the Program slots.

 

Q. How much PBS will it take to have a chance?

A. This is impossible to answer as you would be guessing how many people will apply and how many then will accept it. Some have guessed that it may take “at least 40 years PBS’

but it is just a guess. No matter how many years you have, the safest route is to apply and see what happens. The Union will attempt to get a National list by PBS to get some idea

of members chances but we will likely not have that until August or September.

 

Q. When will the local application process start?

A. It likely will not start to September or October. It will be announced.

 

Q. If I apply and make it – when can I retire?

A. You must retire December 1, 2011.

 

Q. When would I get paid the 75% of “annual pay” bonus check?

A. By no later than Dec 31st, 2011

 

Q. Does it get credited towards my Pension, S &SP, or any other GE plans?

A. No, it is not creditable compensation under any GE Plan.

 

Q. Do I get my vacation pay and sick time for 2012?

A. No

 

Q. Do I stay in my current Health Care plan or do I go into the new Health Choice Plan on Jan 1, 2012

A. You would stay in your current Health Care plan (GE HCP or GEMB) until you hit age 65 and then you go on Medicare with the GE post 65 supplement plans. If you are 65 or over , you have to enroll in Medicare

And would go on that immediately with the GE post 65 supplement plans

 

Q. If I hang around in hopes of being in the top 400 nationwide and do not make the cutoff – what happens?

A. You can either stay working OR you could decide to retire January 1, 2012 and get your 2012 vacation pay and sick time, as well as remain in your current Health Care Plan until you

you hit 65. You just would not get the 75% annual pay lump sum.

 

SERO “WINDOW” PROGRAM

 

Q. What is the SERO “WINDOW” Program?

A. This program is identical to the past SERO “Window” program and is an early retirement program where you get an unreduced pension accrued to your age of retirement,

along with rights to all pension supplements, health insurance and benefits similar to a regular optional retirement of someone that retires at age 60.

 

Q. Who is eligible?

A. Employees who are on active payroll who are at least 55 and under age 60 by November 30, 2011. However, there are only 400 opportunites nationwide (independent slots from

the 400 slots available under the VRIP Program).

 

All of the other comments made above for the VRIP program would apply for the SERO program except that it is likely to take less PBS to get a SERO “Window” as it a younger eligibility group Also, if you do not make one of these 400 SERO slots for Dec. 1, 2011 – you would not be able to retire Jan 1, 2012 unless you happen to turn 60 during December, 2011.