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GE Forms Trust To Pursue Financial Institution Benefits Market

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NU Online News Service, Oct. 8, 2003, 4:43 p.m. EST – GE Financial Employer Services Group, Enfield, Conn., has set up a special employee benefits program aimed at financial institutions with two to 1,000 employees.

The program, the Financial Institution Trust, is a multiple employer trust that will provide fully insured medical insurance as well as group life insurance, group disability insurance and other benefits. The cost of trust benefits will be low because most financial institutions have good risk profiles, GE Financial says.

GE Group Life Assurance Company will underwrite the group insurance policies that back the program, and J.P. Morgan Chase and Company, New York, has agreed to help market it.

GE Financial is a unit of General Electric Company, Fairfield, Conn.