NU Online News Service, Nov. 3, 2003, 5:09 p.m. EST – General Electric Company, Fairfield, Conn., will be making a voluntary, one-time payment equal to one month’s basic pension benefit to about 142,000 eligible retirees in December, the company says.
General Electric will give the payments to workers who retired directly from General Electric before Jan. 2, 2002.
The company also will send payments to workers who had at least 25 years of pension service with General Electric, left the company before they retired and started receiving their General Electric pensions before Jan. 2, 2002.
Retired General Electric executives are not eligible for the payments, but widows and widowers of pensioners who would have been eligible for the payments will receive the payments, the company says.
General Electric is making the payments because it decided in June that it could afford to do so, a company spokesman says.