ge employee layoff benefits package
DESCRIPTION
GE is offering 160 employees it plans to lay off from its Bloomington plant a layoff benefits package, which includes health care, a pension and life insurance.TRANSCRIPT
Page 1 of 2 GE Appliances – September 9, 2013
GE Appliances
HOURLY PRODUCTION EMPLOYEE LAYOFF BENEFITS PACKAGE
GE HEALTH AND DISABILITY BENEFITS GE Health Benefits
• Coverage continues* for up to 12 months at no cost • After 12 months, the employee may purchase additional coverage at regular COBRA rates for the
remainder of your COBRA eligibility • Coverage may continue to age 65 for certain long-service employees; different plans are available
at age 65 • Conversion is available
Dental Care Options • Coverage continues* for up to 12 months at no cost • After 12 months, the employee may purchase additional coverage at regular COBRA rates for the
remainder of your COBRA eligibility Vision Care Option
• Coverage continues if employee’s GE Health Benefits coverage continues Health Care Savings Accounts
• See Your Benefits Handbook — Health Care Benefits Short-Term Disability
• Coverage continues* for 31 days after your pay ends Long Term Disability Income Plan
• Coverage continues* for up to 31 days. No contributions are required. In a temporary layoff, coverage continues.
• No contributions are required.
GE PENSION PLAN (IF ELIGIBLE) AND GE SAVINGS AND SECURITY PROGRAM (S&SP) BENEFITS Pension Plan (If Eligible)
• If employee is age 60 or older, normal plan benefits apply • If employee qualifies, he/she can retire under the Special Early Retirement Option (SERO) with an
unreduced pension Savings and Security Program (S&SP)
• Loans are still available* • Withdrawals, switching and dividend payout option are still available, even if employee’s
continuous service or service credits are not maintained • Make-up contributions with Company matching payments may be available upon employee’s
return to work • If continuous service terminates, employee’s account balance is available, now or later; payments
must begin after age 70½
GE LIFE AND OTHER INSURANCE BENEFITS Life Insurance
• Coverage continues* for up to 12 months • Conversion is available • Coverage may continue if employee becomes totally disabled • Continued eligibility is available for certain long-service employees
Page 2 of 2 GE Appliances – September 9, 2013
GE Appliances
A Plus Life Insurance
• Coverage continues* for up to 12 months with regular contributions • Coverage may continue if the employee become totally disabled • If the employee has A Plus Life — Term:
o Conversion is available when coverage ends • If the employee has A Plus Life — GUL:
o When coverage ends, policy is portable o Continued eligibility is available for certain long-service employees who retire (60% of
active coverage level) Dependent Life Insurance
o Coverage continues* for up to 12 months with regular contributions o Conversion is available o Continued eligibility is available for certain long-service employees
Personal Accident Insurance
• Coverage continues* without contributions for up to 12 months Long-Term Care Insurance
• Coverage continues with regular contributions Personal Excess Liability Insurance
• Coverage continues until the end of the policy term • Continued eligibility is available for certain long-service employees
Accidental Death or Dismemberment Insurance
• Coverage continues* for up to 12 months
OTHER GE BENEFITS Vacation
• With approval, available vacation days may be used before layoff starts Dependent Day Care Flexible Spending Account
• Participation ends when your pay ends • The employee can continue to submit expenses incurred during the calendar year against any
remaining account balance Work/Life Connections
• The employee remains eligible to participate* for up to 12 months following layoff Adoption Assistance Program
• The employee remains eligible to participate* for up to 12 months following layoff Individual Development Program
• Eligibility continues, as long as recall rights are retained Educational Loans
• Eligibility ends • The employee will be issued a coupon book to repay any outstanding loan
Emergency and Family Aid
• The employee remains eligible for grants, up to certain time limits Employee Product Purchase Plan
• The employee remains eligible* • Continued eligibility is available for certain long-service employees
Stock Redemption
• The employee remains eligible U.S. Savings Bond Purchase
• Participation ends
* While the employee’s continuous service or service credits are maintained.