Plant closing/permanent layoff benefits for eligible BPO employees

Special job package provisions apply to Bloomington Production Operations, LLC (BPO)
employees affected by a plant closing. The following is a high-level summary of the major
elements of the package available to eligible employees under current plan provisions. The Plan
document governs in all cases.
Severance
Lump-sum severance payment: Employees with 15 or more years of service receive a
lump-sum severance payment equal to two weeks of pay for each year of service. For
example, an eligible employee with 25 years of service making $1000 a week would
receive a severance payment equal to $1,000 x 2 weeks x 25 years for a total payment
of $50,000.
Employees with one to 14 years of service receive one-and-one-half weeks of pay for
each year of service calculated on the same basis. The minimum severance payment for
eligible employees equals at least four weeks of pay.
Special Early Retirement Option (SERO)
Eligible employees who are ages 55 through 59 with 25 or more years of pension
qualification service will have the opportunity to elect early retirement with full pension
benefits. Benefits include full pension earned as of the date of the plant closing. In
addition, supplements of $21 a month for every year of pension benefit service, plus
$425 per month, are paid to the age when an employee is eligible to begin receiving
80% of his or her Social Security benefit. Benefits for those retiring under this option are
the same as those available to long-service employees who retire at age 60. Severance
benefits are reduced or eliminated by value of SERO and cost of future health benefits.
Plant Closing Pension Option (PCPO)
Eligible long-service employees, not eligible for SERO who meet the following age and
service requirements by the end of the calendar year in which service terminates
because of the plant closing, will be eligible for the same pension benefits as those
available to long-service employees who retire at age 60 or under SERO, including
pension supplements. Severance benefits are reduced or eliminated by value of PCPO
and cost of future health benefits.

IF YOU ARE . . .
Less than 50
50 years old
51 years old
52 years old
53 years old
54 years old
55 or older

YOU MUST HAVE PQS (Pension

Qualifying Service) OF AT LEAST . . .
30 years
25 years
22 years
19 years
16 years
13 years
10 years

Continued medical and dental benefits

All employees receive continued medical and dental coverage under the GE Appliances
plans for one year from the date of employment termination. After one year, continued
coverage under GE Appliances medical benefits is provided to eligible retirees who are

age 60 or older with 10 years of service, those age 50 or older with 25 years of service,
and those under age 50 with 30 years of service. For hourly employees hired before
1/1/08 with at least 10 years of service to be eligible for post-65 coverage, they must
retire with at least 30 years PQS or be at least 50 years old with 25-29 years
PQS. Those eligible employees will receive a $1,000 annual company contribution to a
Retiree Reimbursement Account to help pay for new Medicare supplemental and
or/prescription drug plan premiums and other eligible medical expenses. They will also
be eligible to participate in the Pharmacy Assistance Fund.
Continued life insurance
Life insurance coverage equal to two-and-one-half times annual pay continues for one
year from the date of employment termination. After one year, continued coverage up to
$15,000 maximum is provided to eligible retirees who are age 60 or older with 10 years
of service, those age 50 or older with 25 years of service, and those under age 50 with
30 years of service.
A Special Supplement Benefit Option
Provides $425 per month to employees under age 60 with 25 or more years of pension
qualification service who do not elect SERO or PCPO. The $425 per month supplement
is paid from age 60 to the age at which the individual is eligible for 80% of his or her
Social Security benefit. An eligible participant can choose to receive the same number of
monthly payments under this supplement before age 60 - as early as six months after
the date of termination.
An Accelerated Pension Payment Option
Provides employees under age 60 with 25 or more years of pension qualification service
and who do not elect SERO or PCPO to begin receiving pension payments as early as
age 55 at a permanently reduced level.
My Savings Plan (401(k)) MSP
Prior to their plant-closing termination date, employees may make in-service withdrawals
under certain circumstances, subject to taxes. In-service loans may also be available.
Upon terminating service, employees may request a total distribution of their account
balance, leave the account balance in My Service Plan (MSP) for later distribution or
elect a partial distribution of MSP savings. However, distributions must begin after age
70-1/2. Those who leave savings in the plan remain eligible for investment switching.
Education and Retraining Assistance
Up to $12,500, payable within three years, is available for education and retraining
expenses to help prepare an employee for a new job or occupation. Programs beginning
within 12 months of the employees termination date are eligible.
Employment Assistance Program
A special program is established to provide job placement assistance services, such as
individual skills development and training programs, job search counseling, job
availability information, resume preparation, and interviewing techniques. Counseling is
provided to help employees in making benefits choices.