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• GE just announced a one time, extra monthly pension check, or a "13th check," which will be distributed to 142,000 GE retirees.
• Companies Trim Health Benefits for Many Retirees as Costs Surge(May 10)
• The association of belltel retirees gets big votes in Minneapolis!!
• Retirees Fight for Changes at Top of Verizon Through Three Proxy Proposals (Mar 21)
• Negotiated Contracts Shattered, Corporate Broken Promises Continue (Feb 10)
• GE Retirees' Justice Fund Plans Action (Feb 10)
• Enron Robs Retirement Money From PGE Employees (Jan 30)
• Pention Change Puts the Burden on the worker(April 5)
• Judge Refuses to Dismiss Pan Am Suit
• E-mail for Cash Balance Complaints
• House Moves to Prevent Proposed Pension Rules(September 10)
• Many Ties Link Pension Lobby to Regulators (September 10)
• Critics Charge Pension Bill Favors Highly Paid Workers(April 10)
• Wealth Versus Health (April 19)

GE just announced a one time, extra monthly pension check, or a "13th check," which will be distributed to 142,000 GE retirees.

Extra money is always welcomed!

However, to best understand the value of this gesture by the GE corporate office, for the retirees, we need to look a little deeper.

The "GE RETIREES' JUSTICE FUND" which is Co-Chaired By Helen Quirini, and Kevin Mahar, have consistently requested that any pension offerings must take three points into consideration.

1.) Current minimum pension levels for new retirees are at $33 dollars per year of service. This scale is adjusted upward for employees on an ongoing basis that in part, reflects the higher cost of living, etc. The vast majority of GE retirees are being paid at $18 a month, per year of service. This represents 45% less than a new retiree may be expected to receive. It does not end there.

2.) In order for a pension to maintain its cost of living protection, one would expect an annual Cost of Living Adjustment, (COLA)

A one time cost of living increase, does not begin to deal with the problem. Considering the low pensions of the retirees affected by this one time deal, it is totally inadequate.

3.) According to the last annual report from GE, the pension trust was worth $33.3 billion dollars with a surplus of $4.5 billion dollars.

The retirees who will be affected by this one time deal deserve to receive the current minimum pension available to present retirees. It is unjust and a tragedy that older retirees are discriminated against in this manner. Adjusting the minimum standards across the board would represent $400 to $500 more a month on an ongoing basis. Many retirees are presently receiving less than $600 a month....

Futhermore, retirees who had less than 25 years of service, and left GE before normal retirement due to layoffs, etc., will not share in these announced increases.  These same employees have been excluded from previous adjustments as well.  This class of GE retirees have been completely abandoned, not even a crumb of bread.  This situation needs be addressed now.

Co-Chair Helen Quirini, "I received a letter from a widow who states, "I find it difficult to keep up with all that I pay out for rent, medicines [I have glaucoma and take eye drops twice a day--2 different kinds, high blood pressure pills 3 a day) I had to borrow money to have needed dental work done. I receive $461.84 a month." Her husband retired after 43 years of service. She is hoping that many wonderful GE retirees achieve equitable support from GE management.

Helen continues. "I speak to many retirees. They constantly ask "when is the company going to share the huge surplus in our fund with us?" They can't understand the attitude of the company that they spent a lifetime working for and the way they are treated .I hurt with them. We have demonstrated in front of the company each year for the 23 years I have been retired, with other retirees also demonstrating for many years as well.

I have spoken at the last five annual shareholders meetings. The $18 a month for every year of service adjustment was made many years ago.

I have submitted a proposal for the upcoming share holders meeting where again I will appeal to the shareholders and the company to do the right thing and raise the pensions of the people who built this company. I hope that this time, the company will show some compassion and give substantial raises to retires while we are still alive. "

(Additional information on pension charts and the "Hall of Shame" segment can be located on the left side bar. The GE Retirees' Justice Fund Co-Chairs can be reached at:

Co-Chair Helen Quirini, HQuirini@aol.com

Co-Chair,Kevin Mahar, KMahar5063@aol.com )

GE To Make Special One-Time Pension Payment to 142,000 Retirees

FAIRFIELD, Conn., Nov 3, 2003 (BUSINESS WIRE) -- GE will make a special
one-time payment equal to one month's basic pension benefit to about 142,000
eligible retirees in December. The payment will be included in pensioners'
December pension checks.

The special payment will go to those who retired directly from GE on or before
January 1, 2002. Also eligible are pensioners who left GE before retirement with
25 or more years of pension service and who started receiving their pensions on
or before January 1, 2002. Surviving spouses of deceased eligible pensioners
will also receive the payment. Retired GE executives are not eligible for the
payment.

Letters explaining each individual's payment will be sent to eligible pensioners
and surviving spouses this week.

GE (NYSE:GE) is a diversified technology and services company dedicated to
creating products that make life better. From aircraft engines and power
generation to financial services, medical imaging, television programming and
plastics, GE operates in more than 100 countries and employs 315,000 people
worldwide.

CONTACT: General Electric, Fairfield

Gary Sheffer, 203-373-3476

gary.sheffer@corporate.ge.com