UETentativeAgreementwithGE

Sunday,June21,2015

FourYearContractTerm:June22,2015toJune23,2019

Wages
Approximately$15,500inadditionalcompensationduringfouryeartermofcontract

ThreeLumpSums(companyiscallingtheseAcceleratedCashPayments.)
$8,000incashpaymentspayabletoeligibleemployeesonactivepayroll.Payment
scheduleisasfollows:

LumpSum Dates
$3,500
Firstinstallmentof$1,500willbepaid
inJuly2015afterratification
Secondinstallmentof$2,000in
January2016
$2,250
January2018
$2,250
January2019

Lumpsumsarealsopayabletothosewhoreturnfromlayoff,fromillnessabsence
orotherapprovedleave,byspecifieddatesinthecontract.Secondinstallmentof
firstlumpsumispayabletothosemembersemployedbytheCompanyonboth
theJune2015andJanuary2016eligibilitydates.

LumpsumsincreasebothPensioncreditsandRSPcompanycontributions:
+ Addsatleast$280inCompanyContributionsforthosemaximizingthe
CompanyMatch
+ ForthoseeligiblefortheCompanyRetirementContribution(CRC),adds$240
inCompanyContributions
+ ForthoseintheGEPensionPlan,boostsannuallifetimepensionbenefitpaid
atretirementunderbothGuaranteedPensiontableandRegularBenefit
formula


RatificationBonus
$2,000bonusispayableuponnationalcontractratification,assoonaspracticable
afterJuly3,2015

OnegeneralwageincreaseandfourfixedCostofLivingAdjustments(COLAs)

June27,2016
20/hour FixedCOLA
January23,2017
60/hour Generalincrease
June26,2017
20/hour FixedCOLA
June25,2018
20/hour FixedCOLA
April22,2019
20/hour FixedCOLA
Total
$1.40

FixedCOLAsguaranteewageincreasesintimesofdeflationorlowinflation.
ExistingCOLAlanguageincontractispreserved.

GEPensionPlan

GuaranteedPensionTableimproved
GuaranteedPensiontableincreasesatallpaylevelsby$1,withthetoplevel
goingupevenmore,from$80to$85,anincreaseof6.25%effectiveJuly1,2015.
IncreaseinGuaranteedPensiontabledeliversanimmediateboostformany
employees.

RegularPensionupdateaddstopensionsformanylongserviceemployees
Unionmembersqualifyingforupdatereceiveaverageincreaseof$5,309ayear
(15.9%).
Basedonbestconsecutivethreeyearaverageearningsoutoflastsixyears
from2009through2014.
Allstraighttimeandovertimeearningsincludedinupdatecalculations.

RegularPensionFormulaimproved
Breakpointfixedat$50,000fortermofcontract.
Keepsmorepayathighendofformula.

RequiredPensioncontributionsreduced
Startingin2016,3%PersonalPensionAccount(PPA)contributionbeginsat
$100,000(upfrom$80,000currently).Increasesannualtakehomepayupto
$600peryear

Earlyretirementsupplementsrenewedandincreased
Expandspaymentperiodforbothsupplementstobridgeretireestoagewhen
theyareeligibletocollectSocialSecuritybenefitsat80%level.
RegularSupplementincreasedto$21permonthperyearofservice(from$20)
andSpecialSupplementrenewedandincreasedto$425permonthfrom$400.
EffectiveforretirementsonorafterJuly1,2015andonorbeforeJuly1,2019.

DisabilityPensionSupplements
Monthlysupplementincreasedto$100(upfrom$75);appliedtoGuaranteed
PensioninadditiontoRegularPension.
IncreaseDisabilityPensionSupplement,payableifyouaredeniedSocialSecurity
DisabilityInsurancebenefits.Receivethegreaterof:
o $150permonth(from$125);and
o $8amonth(upfrom$6)foreachyearofPQSupto25years.
EffectiveforparticipantsentitledtoDisabilityPensionwhoterminate
employmentbyreasonofpermanentdisabilityonorafterJune1,2015.

GELetterGuaranteesNoFreezetoPensionThrough2023
GEhasprovidedasidelettertoaddressconcernsaboutthefutureoftheGE
PensionPlan.
+ UponratificationoftheNationalContractagreementsbyboththeUE,the
companyagreesthatitwillnotmakeanyproposalsin2019negotiationsthat
wouldfreezeeithertheRegularorGuaranteedpensionbenefitsforthenext
contractperiod,UErepresentedparticipants.

GERetirementSavingsPlan(RSP)
AutomaticenrollmentbeginningJanuary1,2016forunionemployeeswhohave
notelectedtoparticipateandwhoareeligibleforCompanyRetirement
Contributions(CRCs)
o Enrolledat2%ofpayaspretaxemployeecontributions
o Advancenoticewithinformationaboutoptingoutwillbeprovidedtoall
affectedemployees

 Aonetime$300AdditionalCompanyRetirementContribution(ACRC)willbepaid
inJanuary2016tomembersaccountforemployeeswhowerehiredafter
January1,2012.
EffectiveOctober1,2015,participantscanmakepartialloanprepaymentsfor
anyoutstandingloansontheiraccount.
Appliesto36peopleinLocal506.

VRIP(VoluntaryRetirementIncentiveProgram)
TwoVRIPopportunitiesfor1,000GEemployeesnationwide
TwoVRIPsavailableforhourlyandnonexemptemployeesage60orolderwithat
least10yearsofcontinuousservice.
ThefirstVRIPwillbeavailableto500eligibleemployeesnationwidewho
voluntarilyterminateemploymentonFebruary29,2016.ThesecondVRIPwillbe
availableto500eligibleemployeesnationwideonFebruary28,2018.
VRIPparticipantsreceivecashpaymentequalto75%ofannualpay
(approximately39weeksofpay)andcanelecttoretirewithapplicableretiree
healthandlifeinsurancebenefits.
PriorityselectionbaseduponhighestPensionBenefitService(PBS)among
applyingGEemployeesnationwide.

JobandIncomeSecurity

SEROjoblossprotectionbenefitrenewedthroughthetermofthecontract
Protectsemployeesage5559withatleast25yearsPensionQualificationService
(PQS)whoareaffectedbyapermanentjoblossevent.

SERO30protectionrenewedthroughthetermofthecontract
ProtectsUEmembersunderage55withatleast30yearsofPQSwhoaredirectly
impactedbyapermanentjoblosseventthatresultsinalayofforapayrate
reductionof18%ormoreina12monthperiod.

PlantClosingPensionOption(PCPO)protectionrenewedthroughthetermofthe
contract
ProtectseligibleUEmembersaffectedbyplantclosings,includingthoseunder
age50withatleast30yearsofPQS.

EmployeeseligibleforPCPOanddirectimpactSEROandSERO30receive:
Immediateunreducedpensionwithallnegotiatedpensionimprovements;
EnhancedRegularandSpecialSupplements;and
Otherbenefitsavailabletosimilarlysituatedretirees,includinglifeinsuranceand
companysubsidizedpre65healthanddentalcoverage.

SpecialSupplementBenefitOption(SSBO)
SSBOrenewedforemployeeswhoareage59oryoungerwhodonotelecttotake
aSEROorPCPOandareaffectedbyapermanentjoblosseventonorafterJune
30,2015,andonorbeforeJuly1,2019.
Benefitincreasedto$425permonth,from$400.

JobSecurityImprovements
ATransferofWorknotcompletedwithin18monthsaftertheannounceddateof
thetransferauthorizestheUniontorequestanew30daydecisionbargaining
aboutcompletingtheremainingworkmorecosteffectivelythanattheother
location(s).
TheJobPreservationandGrowthCommitteewillmeetannuallytodiscuss
insourcingopportunitiesatsiteswithmorethan25employeesforsubcontracted
jobs.
NewSubcontractingNoticeprovisionrequiresthecompanytogive14days
noticetoUEpriortosubcontractingorfarmoutofproductionworkeventhough
thereisnojobloss.TheUnioncanrequesta14daybargainingperiodinwhich
localofficers/stewardscanmakethecasetokeeptheworkinhouse.
TheNationalUnion,LocalUnionleaders,andGECorporaterepresentativeswill
holdanannualmeetingtodiscussthestateofthebusinessateachsite.
Employeesaffectedbyaplantclosingshallhavetherighttohavetheirplant
closingdateadvancedinordertoassumePreferentialPlacementandaccept
placementiftheiroriginalplantclosingdatehasbeenexceededby12months.

PreferentialPlacement
Employeesmaydesignateupto12locations(upfrom10)wheretheywantto
work.
Relocationassistanceboostedto$4,500from$4,000forsingleemployeesandto
$9,000from$8,000foremployeeswithdependents.

 Reimbursementexpensesforinterviewsincreasedto$300from$275per
interview.
ReducethePreferentialPlacementwaitingperiodwhileonlayofffromsixmonths
tothreemonths.

IncomeExtensionAidimproved
Increasetheminimumbenefitfromtwoweeksofpaytofourweeksofpayfor
employeeswithbetweensixmonthsandoneyearofcontinuousservice.
Increasethemaximumweeklypaymentpercentageto90%from75%for
announcedpermanentlackofworkevents.(doesnotincreasetotalIEAbenefit)

HealthCare
Exceptwherenoted,allchangeseffectiveJanuary1,2016

Nopayrollcontributionincreasesin2016,increasesbeginningin2017
Noincreaseinpayrollcontributionsin2016.
Anemployeeearning$62,500andenrolledinHealthBenefitsOption1family
coveragewillpayanadditional$8.28perweekin2017,anadditional$9.32per
weekin2018andanadditional$10.48perweekin2019.
Anemployeeearning$87,500andenrolledinHealthBenefitsOption1family
coveragewillpayanadditional$10.36perweekin2017,anadditional$11.66per
weekin2018,andanadditional$10.48in2019.

Noincreasestodeductibleorcoinsurancemaximum
Deductiblesandcoinsurancemaximumsdonotincreaseoverthefouryear
contract.

Simplifiedprocessformedicalsavingsaccounts
Twonewfeatures:
o GEPharmacyCard:ReplacesCVSCaremarkcardandWageWorkscard,which
canbeusedtopayforprescriptionsatretailandmailorderpharmacies.
o AutoReimbursement:Automaticallysendsfromappropriatemedicalsavings
accountfunds(HRA,FSA,HAS)totheemployeebycheckordirectdeposit
aftertheclaimisprocessed;employeesthenpaysthedoctordirectly.
Noadditionalactionisneeded:nocomputer,receiptsorverification.

o UEandGEReviewofNewHealthCareClaimsProcessing:GEandUEwill
meetmidyearin2016toreviewnewsystemandtomakenecessarychanges
ifthesystemdoesnotworkproperly.

Expandedmedicalcoverage
Ambulanceservices(includingairambulance)coveredat100%,notsubjectto
deductible(Option1&2).
Nodeductibleoroutofpocketmaximumincreasesinthemiddleofthecalendar
yearwhenaddingadependentchild(birth,adoption,stepchild)tomedicalplan.
Deductibles,outofpocketmaximumsandHRAcreditswillnotchangeuntilthe
nextplanyear.

Pharmacychanges
Nocopayincreasesfortargeteddrugs:$12fora30daysupply,$24fora90day,
mailordersupplynotsubjecttodeductible(Option1&2only).
Certaincholesterolmedicationsaddedtotargeteddruglistwithcopays;not
subjecttothedeductible(Option1&2only).
Increaseinchargesforspecialtydrugs$90for30daysupplyand$270for90
daysupply.

Dentalbenefitsimprovements
Likethemedicalplan,dependentchildrencanremainonbothGEdentalplansup
toage26.
ScheduleofDentalBenefitsImprovedforGEsDentalScheduleOptiontoreflect
increasessincelastupdate,effectiveJanuary1,2017.
GEsDentalPremiumOptionwillcoverfillingsat100%ofreasonable,necessary
andcustomarycharges;paymentamountssubjecttothe$2,500annual
maximum.
Bothdentalplanseliminatethemissingtoothexclusion(preexistingcondition)
addingservicesforrestorativetreatmentfordentalissueswhichoccurredpriorto
enrollmentinGEDentalPlan.

Visionplanenhancements
GEsVisionStandardOptionwillprovideeyeexaminationseveryyearfor
employeesandcoveredadultdependents.
ImprovementstoGEsVisionStandardOptionbenefits:
ReducescopayforStandardProgressivelenses($65to$50);

ReducescopayforUltraProgressivelenses($195to$140);
EliminatescopayforPolycarbonatelenses;and
EliminatecopaysforEdgeTreatmentandTints.
GEsVisionPremiumoptionbenefits:
ReducescopayforUltraProgressivelenses($130to$75);and
EliminatescopayforPremiumandUltraAntiReflectivecoating.

Onsitehealthinsuranceadvocate
Atmajorlocations(includingErie),theCompanywillprovideanonsitehealth
insurancespecialisttoactasanadvocateforemployeesoninsuranceissues.

Post65RetireeHealthCareandRetireeLifeInsurance
Forthosehiredbefore1/1/08

Post65HealthCarePreserveBenefitforDurationofContract
GEwillofferaccesstoOneExchangetohelpfutureeligibleretireespurchase
prescriptiondrugandMedicaresupplementplans.
OneExchangeisaprivateMedicareexchangerunbyTowersWatson.
Itisstaffedbylicensed,noncommissionedbenefitexpertswhohelpretirees
understand,select,andenrollinanindividualMedicaresupplementplan.
AccesstoOneExchangewillbefreeforallretirees.

Forthosewhoretirebyage60orlaterwithatleast10yearsofservice(PCPOor
SERO)byJune23,2019,GEwillprovidefinancialassistancetopurchasetheseplans:
GEwillcredit$1,000annuallytoaRetireeReimbursementAccount(RRA):Helps
payforthecostfornewplanpremiumsandothereligiblemedicalexpenses.
Unusedamountscancarryoverfromyeartoyear.Eligiblespousesandsamesex
domesticpartnersalsoreceive$1,000annually.
GEPharmacyAssistanceFundcoverscatastrophicprescriptioncostsasdefined
bythegovernmentatnocosttoeligibleretirees.

RetireeLifeInsurancePreservesforLifeofContract
EmployeeswhoretirebetweenJanuary1,2016andJune23,2019willbeeligible
fortheircurrentCompanyprovidedlifeinsuranceinretirementupto$15,000
maximum.

DisabilityBenefits

ShortTermDisabilitybenefitenhancements
Maximumweeklyshorttermdisabilitybenefitswillincreasefrom$800to$850
fordisabilitiesbeginningonorafterJanuary1,2016.
FordisabilitiesbeginningonorafterJanuary1,2018,themaximumweekly
benefitwillincreasefrom$850to$900.
Minimumweeklyshorttermdisabilitybenefitswillincreasefrom$350to$375
fordisabilitiesbeginningonorafterJanuary1,2016,nottoexceedyournormal
rateofpay.
LongTermDisabilityIncomeenhancements
Themonthlybenefitminimumforhourlyemployeeswillincreasefrom$250to
$350(effectivefordisabilitiesbeginningonorafterJanuary1,2016).

SalaryContinuationProgramimproved
Themaximumweeklybenefitforextendedillnesspaymentsfornonexempt
employees,equalto60%ofpay,willincreasefrom$800to$850fordisabilities
beginningonorafterJanuary1,2016andto$900perweekfordisabilities
beginningonorafterJanuary1,2018.Eligibleemployeesmayreceivethese
payments,or50%ofpay,forupto26weeks,oranybenefitrequiredby
applicablestatedisabilitylawwhicheverisgreater.
StartingJanuary1,2016,thenewminimumweeklyshorttermdisabilitybenefit
willbe$375aweek,nottoexceedyournormalrateofpay.

Sick&PersonalPay

Sick&PersonalPayenhancements
UndertheSick&PersonalPayProgram,thenumberofhoursanemployee
receivesforeachcalendaryearisbasedonanemployeeslengthofservice.
Whenanemployeereachesserviceyearanniversaries1,15and25,theywillnow
haveavailabletheincrementalhoursofsickandpersonalpaybeginningJanuary1
oftheiranniversaryyear.

OtherBenefitImprovements

DependentLifeInsuranceeligibilityextendedtoage26

 DependentchildrenenrolledintheDependentLifeInsuranceplanwillremain
coveredundertheplanuntilthelastdayofthemonthinwhichthedependent
childturnsage26(effectiveJanuary1,2016).

Enhancedpayformilitaryservice
EmployeeswhoattendannualencampmentsortrainingdutyintheArmedForces
whohaveatleast30daysofcontinuousGEservicewillnowbeeligibleforupto
21daysofGEdifferentialpayandservicecreditsfortheentireperiod.

DeathinFamilybenefits
Theprovisionshavebeenexpandedtoincludelegalguardianandgrandchildfor
thefullfivedaysofbereavementleave.

AdoptionAssistance
Benefitincreasedto$10,000peradoption(upfrom$8,000).

EducationalLoans
Thelimitwillincreasefrom$6,000to$8,000perstudentperyear.Themaximum
outstandingloanbalancewillalsoincreasefrom$24,000to$32,000forone
studentandfrom$36,000to$48,000fortwoormorestudents.

ServiceShops
ImprovementsforServiceShops

Thedailyallowanceformealswillbeincreasedto$42aday,followedbya
secondincreaseonJune22,2017to$44aday.
Themaximumallowanceforjobrelatedtoolsandequipmentwillberaisedfrom
$325to$350;safetyshoeandotherpersonalprotectiveequipmentwillincrease
to$250peryear.

CompanytoRecommendSpecialPensionerIncrease

TheCompanywillrecommendtoGEsBoardofDirectorsastructuralincreaseto
thelifetimepensionbenefitsforeligibleretirees(butnotformerexecutives)
beginningDec.1,2015.
ThisincreasewillgotothosewhoretiredonorbeforeDecember2005.

10

Eligibleparticipantsandsurvivingspouseswillbenotifiedoftheincreasein
November2015.
Thelargestincreaseswillgotothosewhohavebeenretiredthelongest.

11

Pay $50,000$74,999Bracket
Date

Total

RatificationBonus

July2015

$2,000

LumpSum Installment1

July2015

$1,500

LumpSum Installment2

January2016

$2,000

June 2016

$0.20perhour

January2017

$0.60 perhour

Fixed COLA

June2017

$0.20perhour

LumpSum

January 2018

$2,250

Fixed COLA

June2018

$0.20perhour

LumpSum

January2019

$2,250

FixedCOLA

April2019

$0.20perhour

FixedCOLA
General Increase

Total Wages

$15,585

Total increaseinHCPremiums*

$2,806

NetAfter Healthcare

$12,779

*AssumingOption1withfamily(3ormore)coverage

Pay $75,000$99,999Bracket
Date

Total

RatificationBonus

July2015

$2,000

LumpSum Installment1

July2015

$1,500

LumpSum Installment2

January2016

$2,000

June 2016

$0.20perhour

January2017

$0.60 perhour

Fixed COLA

June2017

$0.20perhour

LumpSum

January 2018

$2,250

Fixed COLA

June2018

$0.20perhour

LumpSum

January2019

$2,250

FixedCOLA

April2019

$0.20perhour

FixedCOLA
General Increase

Total Wages

$15,585

Total increaseinHCPremiums*

$3,511

NetAfter Healthcare

$12,074

*AssumingOption1withfamily(3ormore)coverage