Projected rate increase for typical
UE hourly worker is $4.19/hour
over term of the contract
Vacation
and New Holiday
New
holiday offered
Veterans Day established as a new
paid holiday, the first additional holiday since 1997. Holiday takes
effect in 2007.
Added
vacation for 2006 and 2007 hires.
Eligible hourly employees with one
year of service will be entitled to two weeks of vacation, effective June
18, 2007.
Hourly employees hired in 2006 will
be granted one additional week of vacation in 2007 for a total of two
weeks vacation. Hourly and nonexempt employees hired between January 1 and
June 17, 2007 will receive one week of vacation this year.
"Earn
As You Go" will be established June 18, 2007 for all hourly and nonexempt
employees hired after that date. Those hired after that date will receive
vacation based on a pro-rated table.
Current employees remain on present
accrual schedule.
Job
and Income Security
Early Retirement Options
Offered in 2007 and 2009
SERO window feature
Two early retirement windows
available for active SERO-eligible hourly and nonexempt-salaried employees
who are age 55 to 59 with at least 30 years of Pension Qualification
Service (PQS).
First window opens with applications
in August 2007 for retirements effective in October/November 2007.
500 opportunities in 2007
Second window opens with
applications in August 2009 for retirements effective in October/November
2009.
400 opportunities in 2009
Employees hired in 2007 as a
replacement due to the 2007window will be hired on the current benefits
package. If hired as a replacement due to the 2009 window, newly hired
employees will be under the New Hire benefits structure.
Retirements to be identified on a
Company-wide basis based on length of pension benefit service (PBS).
SERO
Special Early Retirement Option (SERO)
renewed and includes all pension improvements and higher supplements for
employees age 55 with 25 years Pension Qualification Service (PQS).
SERO continues to provide job loss
protection with full, unreduced pension benefits.
SERO
30 protection
"SERO 30" renewed with all features
and continues to protect hourly and nonexempt salaried employees under age
55 with at least 30 years of PQS directly impacted by a job-loss that
results in a layoff or a pay rate reduction of 18% or more in a 12-month
period. "SERO 30 Substitution" feature retained.
Plant
Closing Pension Option (PCPO)
Plant Closing Pension Option (PCPO)
renewed and includes all pension improvements and supplements for eligible
employees, including those under age 50 with at least 30 years of PQS.
Special
Supplement Benefit Option (SSBO)
Special Supplement Benefit Option
renewed for 25-year PQS employees affected by job loss.
Benefit increased to $375 per month
from $350.
Extends beyond 24 months to “bridge”
retirees to age when they are eligible to collect Social Security benefits
at 80% level. For employees born before 1955, this means an extra 12
months. Employees born in 1955 or later will be eligible for up to 24
months additional benefits if impacted during this contract.
SSBO early payment option continues.
Preferential
Placement
Relocation assistance boosted to
$3,500 from $3,000 for single employees; to $7,000 from $6,000 for
employees with dependents.
Reimbursement expenses increased for
attending interviews/selection procedures from $175 to $250 per visit.
The number of locations an employee
can designate for preferential placement has been doubled to 10. Employees
may no longer substitute or eliminate locations chosen, even if the
location has closed.
Employees who break service after 12
months on protected service due to layoff are now eligible to elect
Preferential Placement within 30 days of breaking service.
Enhanced
Bonus Opportunities
Increased voluntary layoff and
special retirement bonuses to $16,000 from $14,000.
Individual
Development Program (IDP) Reimbursements Hiked
Calendar year maximum raised to
$6,000, up from $5,000, for tuition assistance and other associated
education costs.
Added flexibility to program by
increasing tuition reimbursement for non-job related courses by 25%, to
$2,500 from $2,000.
Increased reimbursement for required
books to $250 from $200 per course.
Education and Retraining Assistance
Educational and Retraining
assistance increased to $12,500 from $10,000 for employees affected by a
plant closing.
Pensions
Lower pension contributions
Starting in 2008, 3% Personal
Pension Account (PPA) contribution begins at $70,000 (up from $60,000).
Reduced pension contribution adds up to $300 in annual take-home pay for
employees earning more than $60,000.
Employees can still make 3%
Voluntary Pension Account (VPA) contributions, up to $70,000 in annual
pay.
Guaranteed
Pension Table improved and expanded
New, improved guaranteed table,
effective July 1, 2007, increases monthly benefit range to $34-$70 (up
from $33-$60). This results in immediate benefit increase at all table
levels.
Based on highest average of 3
consecutive years of last 10 years.
Increases in guaranteed table
deliver an immediate, across-the-board pension boost and ensure higher
pension income for many longer-service employees with average earnings up
to $73,000 a year (was $64,000).
With additional service and higher
pay, the substantially improved table provides continuous growth in the
benefit level.
Regular
Benefit Formula improved
Covered compensation fixed at
$40,000 for term of contract keeps more pay at high end of formula.
Regular
Pension update formula adds to pensions for many long-service employees
UE members qualifying for update
receive average increase of $5,478 a year (25.6%).
Special pension update applied to
regular pension benefits earned through Dec. 31, 2006 for employees with
25 years or more of PQS and employees age 55 and older with 20 years of
PQS.
Based on best consecutive three-year
average earnings out of last six years from 2001 through 2006.
Formula designed to bring pension to
target "replacement" income.
All straight-time and overtime
earnings included in update calculations.
Regular
Supplement to increase twice
$17 per month per year of service
(up from $16) on or after July 1, 2007.
$18 per month per year of service
after July 1, 2009.
Special
Supplement renewed
Special Supplement increased to $375
per month, up from $350.
Supplement Extenders renewed
Regular and special supplement
"extender" renewed ― extends payment period for both supplements to
"bridge" retirees to age when they are eligible to collect Social Security
benefits at 80% level.
As a result, many employees who
retire at 60 during the next four years will enjoy supplements for three
full years.
New Survivor Benefit level added
Effective January 1, 2008, employees
can elect a 75% Survivor Benefit option; new option is in addition to the
current 50% or 100% survivor option.
Plan pays reduced benefit while
participant is alive, and then 75% of that amount to surviving spouse.
Health Care
(except where noted, all changes effective January 1, 2008)
Cost-sharing
rates
Increases medical coverage with
overall cost-share at about 20.5% for a typical union employee versus 26%
for all GE employees for HCP Family coverage (Employee plus two or more
dependents).
Lifetime Maximum Increased
Increase of lifetime maximum benefit
to $3 million (from $2.5 million) for each covered participant, effective
June 18, 2007
Preventive care provisions improved in GE Medical Benefits
Plan
Routine physicals now covered at up
to $100 for physician charges for adults and children over the age of 7.
New coverage for HPV vaccination
series to protect against cervical cancer for females age 9 to 26, has
been introduced with reimbursement up to $135 per dose and coverage for
the Shingle vaccination for participants age 60 and older up to $155.
Scheduled benefit allowances
increased for cancer screenings, well child and childhood immunizations,
bone density exams and adult immunizations.
Mental health/substance abuse treatment improved
Benefits now provided for treatment
at qualified halfway houses (residential facilities or programs).
Outpatient mental health visits
increased from 30 to 45 visits per year, subject to current plan
provisions.
Improvements to Dental Schedule Option
Schedules to be updated in 2009
increasing the allowance amount to reflect increases in average dental
charges.
Orthodontic lifetime maximum
increased from $2,000 to $2,500.
Maximum allowance for certain for
restorative and prosthodontic services increased to $2,500 every two
years.
Coverage for clinical trials expanded
Employees can now participate in
additional federally sponsored trials and non-federally sponsored trials
with significant scientific validity, which are performed at high-volume,
high-quality facilities.
New Vision Premium Option introduced
Premium plan is offered as option to
current GE Vision Care benefits.
Includes additional benefits such as
annual exams and lenses and a greater allowance for frames.
Includes a lifetime allowance for
laser vision surgery at $250 per eye.
Employees will pay a contribution -
deducted pre-tax - to participate in this plan.
Includes same features - Lens 1-2-3
availability, Vision Value Option - as GE Vision Care benefits.
New three-tier
prescription drug benefit introduced
Effective
for active employees and pre-65 retirees.
Prescription
drugs classified as generic, brand name and specialty drugs.
Generic co-pays remain at $12 for retail 21-day supply and $20 for mail
order up to a 90-day supply.
Co-pays for brand name drugs are $22 for retail 21-day supply and $50 mail
order up to a 90-day supply.
Co-pays for specialty drugs are $25 for retail 21-day supply and $50 mail
order up to a 90-day supply.
Prescription drug co-pay maximums increased to $2,250 per individual (from
$2,000) and $4,500 per family (from $4,000)
GEMB and HCP contribution
adjustments
Employee contribution rates for GEMB
and HCP will increase in 2008 and 2010. HCP participants earning more than
$51,000 will pay an additional $10.41 per week in 2008 and an additional
$7.76 per week in 2010 for family coverage (employee plus 2 or more
dependents). Smaller adjustments are made in lower wage brackets.
Certain HCP specialist office visits
will be raised $5 to $30. HCP outpatient surgical facilities and
outpatient radiology co-pays introduced at $100 each with a maximum of 2
co-pays per family in each category.
Working spouse contribution - for
employees whose spouse or same sex domestic partner does not enroll in
medical coverage offered by his or her employer - will increase. Average
hourly union employee will pay $30 per month; employees earning less than
$50,000 will pay a lesser amount.
Increase hospital co-pay from $150
to $300 per admission to hospital or treatment facility at preferred
hospitals, with a maximum of two co-pays per family per year. Co-pays for
GEMB non-preferred hospitals are increased from $250 to $400.
