General Electric will increase its pension benefit payments to more than 130,000 eligible U.S. retirees effective next month.

The increase will be paid to qualifying participants for as long as they live. Increase amounts are base on each pensioner’s year of retirement and length of GE pension service. Many of those retired before 1993 will receive increases ranging from 10% to 20%.

Pension increases will go to those who retired directly from GE on or before June 1, 2003. Also eligible for the increase are many pensioners who left GE before retirement with or more years of pension qualifying service and who started their pension on or before June 1, 2003.

Surviving spouses of deceased eligible pensioners will also receive improvements. Retired GE executives are not eligible for this increase.

This is the eighth voluntary improvement GE has made in payments to retirees since 1980.

To comment on this story, email craig.sebastiano@rci.rogers.com.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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