GE Pension Plan definition
Examples of GE Pension Plan in a sentence
However, an employee eligible for such a payment, who is within one year of reaching optional retirement at age 60 under the GE Pension Plan, shall retain such previously accumulated service credits and continuity of service until such employee reaches optional retirement age notwithstanding the receipt of such a payment unless the employee retires before electing optional retirement at age 60.
This Article II sets forth the agreements of the Parties with respect to the GE Pension Plan, which is governed by the Constitutional Rules and Benefit Rules dated December 8, 2016 between GE Pension Trustees Limited and GEH Holdings (the “GE UK Pension Plan”).
As of the Closing Date, the Transferred Employees shall cease to accrue benefits, if any, under the GE Pension Plan (the “GEPP”) and the GE Retirement Savings Program (the “GERSP”), and the Business Subsidiaries shall cease to be participating employers in such plans.
This paragraph shall not alter any vested benefits to which the Employee may be entitled under the terms of the GE Pension Plan and/or GE Retirement Savings Plan.
Along with Social Security, the GE Company Match and personal savings, the GE Pension Plan helps provide an excellent level of replacement income for the full-career employee.
Newer employees, who are not eligible for the GE Pension Plan, also receive automatic Company Retirement Contributions (CRC) to help them build retirement income.
Each U.S. Transferred Employee as of the Closing shall be a participant in a U.S. GE Pension Plan pursuant to the terms of such plan; provided, that such participant makes contributions required in order to participate in the U.S. GE Pension Plan.
The GE Pension Plan uses two formulas to calculate benefits: The Regular Pension and the Guaranteed Pension.
Each Non-U.S. GE Pension Plan shall provide, upon the transfer of assets referred to below (or, if there is no transfer of assets with respect to a particular plan because the plan is not required to be funded under applicable Law, as of the Closing), that the accrued benefits for the Pension Plan Employees under such Non-U.S. GE Pension Plan shall in no event be less than their accrued benefits under the corresponding ▇▇▇▇▇▇ Pension Plan as of the Closing.
If you elect this survivor benefit, your Allowance will be paid as follows: The Allowance shown in (A) and (B) above shall be reduced in the same manner and be paid under the same terms and conditions as a pension is reduced and paid to provide a 50% survivor benefit under Section IX (1) of the GE Pension Plan to a participant who is age 60 and taking into account the difference in age between you and your spouse.